January 29, 2025 | Read Online

From The Met's Art Links gamifying art history to Emergence redefining franchise storytelling, crypto is knocking on the door of creative industries. A sideshow, maybe, but at least a refreshing break from the trenches of wash traders or pump-and-dump schemes.

Pump-and-dump schemes on the rise:

Source: Chainalysis

In 2024, 4.52% of newly launched tokens exhibited patterns linked to suspected pump-and-dump schemes, according to Chainalysis. The stat continues an uptrend from previous years.

This surge comes amid an explosion of token launches — over three million total on Ethereum, Base and BNB Chain — with 42.54% listed on DEXs. Nearly all these tokens are now inactive — just 1.7% have seen active trading in the past 30 days, signs of abandonment or deliberate exploitation.

Chainalysis did not include data from Solana, although it plans to in the future.

The analysis firm suggests that 89% of these schemes involve liquidity providers who rugged their own pools, and the remaining 11% "appear to be rugged by the addresses that were funded by the pool or token deployer," according to the report.

— Macauley Peterson

Code alongside peers in a high energy hackathon. Get hands on with the tools and tech defining the onchain world. Meet collaborators who could shape your next big breakthrough. Brooklyn in the summer will just hit different. Build with us at Permissionless IV.

📅 June 24–26 | Brooklyn, NY

Buy tickets

A crypto spin on art and storytelling

From the storied halls of The Met museum to crafting a new generation of hallowed Hollywood stories, crypto is making inroads. Two novel projects — The Met's Art Links and Incention's Emergence — hint at how crypto is evolving audience engagement with art and narrative.

The Metropolitan Museum of Art in New York has launched its first blockchain-powered experience, Art Links, in an effort to gamify art history. This interactive game invites players to explore The Met's collection by identifying thematic connections between artworks. Art Links rewards players with NFT badges and real-world perks, such as private museum tours and exhibition catalogues. Built on Base, the experience offers some in-game purchases using crypto, alongside free NFTs for players.

The Met's project is one that falls in the "Phigital" category — blending digital and physical experiences in a bid to modernize the museum-going experience. The inclusion of "Web3" as one of four connection types in the game shows "how artists across time have engaged with core concepts underpinning the blockchain, such as randomization, security and ledgers," according to the developer TRLab.

In its first week, Art Links recorded nearly 20,000 plays, with over 1,600 NFTs claimed. A new game is set to roll out each Thursday at 12:01 am ET for the next three months.

Emergence: Collaborative storytelling

While The Met is gamifying art appreciation, Incention and Story Protocol are looking to redefine franchise storytelling. Their new sci-fi project, Emergence — developed with The Dark Knight and Foundation creator David S. Goyer — offers a blockchain-powered platform where fans and creators can co-develop expansive narrative universes.

The project uses Story's blockchain, which recently launched a developer mainnet, to ensure that all contributions — such as characters, worlds and plotlines — are recognized and compensated via smart contracts.

Incention's AI co-pilot, Atlas, is also part of the creative process, supporting the ability to generate ideas, visual assets and narratives. The goal is to allow intellectual property holders to open their worlds to collaborative storytelling while maintaining clear licensing and revenue-sharing models. Is this yet another instance of AI-boosted productivity that streamlines Hollywood's relationship with digital content creation? Or will AI-driven contributions dilute the originality and emotional depth that comes from human writers?

Either way, powerhouse institutions like The Met and Hollywood embracing these tools is indicative of where we're headed — the lines between creator, audience and collector will continue to blur.

Crypto's applications are primarily financial, but it's worth being on the lookout for novel ways the provenance of a distributed, shared ledger can unlock new experiences and shape culture in era digitalis.

— Macauley Peterson

DeFAI: Onchain Agent Terminals

Blockworks Research analyst Danny K distinguishes what's real from the hype when it comes to crypto and AI.

DeFAI platforms are evolving beyond simple token swaps, leveraging LLM chat interfaces to streamline DeFi services such as lending, liquidity provision and perpetual futures. Despite the promise, the sector remains in early stages, with high valuations driven by speculation rather than fundamental revenue generation.

DEX trading bots currently process over $400m daily, creating a multi-billion dollar revenue opportunity. However, leading DeFAI platforms like Griffain and Orbit rely on backend LLMs with predefined functions rather than truly autonomous agents, making some marketing claims exaggerated. Competitive pressure from established Telegram bots like Trojan and Photon — which already dominate the space — could challenge DeFAI adoption.

Many projects, including Griffain ($306m FDV), bypass traditional fundraising in favor of rapid token launches with accelerated unlock schedules, thus effectively turning retail buyers into early investors. Meanwhile, AI-driven trading terminals like Orbit and AIXBT offer sophisticated cross-chain capabilities, enabling users to execute trades across networks with simple prompts.

Despite the hype, DeFAI faces structural risks: Open-source development limits defensibility, and rapid AI advancements make differentiation difficult. While LLM integration simplifies user interactions and enhances accessibility, sustained adoption and revenue capture remain key hurdles in validating the sector's long-term viability.

For the in-depth review of the current DeFAI landscape, see Blockworks Research's latest report.