NFT

Canada’s tax authority has stepped up crypto enforcement by focusing a probe on 2,500 Dapper Labs users linked to about C$72 million ($54 million) in suspected unpaid taxes, according to The Canadian Press. A court approved an “unnamed persons requirement” in September allowing officials to obtain user data. Despite recovering more than C$100 million through crypto audits over the past three years, the agency has not brought criminal charges in any crypto tax case since 2020.

The meme coin sector's market capitalization declined to $39.4 billion, down 66% from its January 5 peak of $116.7 billion. NFT valuations fell 43% over 30 days to $2.78 billion, the lowest level since April. Major tokens including Dogecoin, Shiba Inu, and Pepe recorded weekly losses exceeding 12%.

Coinbase announced on November 21, 2025, its plan to acquire Vector.fun, a Solana-based decentralized exchange, subject to closing conditions. The Tensor Foundation will operate independently and has acquired full ownership of the Tensor NFT marketplace. TNSR token surged over 200% to $0.27 on November 20, 2025, one day before the announcement, with trading volume reaching $1.36B.

Gaming activity on Web3 platforms reached 27.9% of total on-chain engagement in October, the highest share recorded this year. NFT trading volume increased 30% to $546 million across 10.1 million transactions. Decentralized finance total value locked declined 6.3% to $221 billion amid market liquidations and a $93 million loss at Stream Finance.

Blockchain gaming's pledge of "true ownership" has largely failed to materialize as game shutdowns expose regulatory gaps. Magnus Söderberg, CEO of Triolith Games, warns that Web3 studios face steep compliance costs when in-game assets become tradeable for fiat currency. This triggers financial service regulations that many developers cannot afford, forcing platforms to choose between multi-million dollar compliance infrastructure or unregulated operations that carry significant legal risks.