Animoca Brands co-founder Yat Siu: The NFT market is still supported by wealthy collectors
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Animoca Brands co-founder and executive chairman Yat Siu stated that although the NFT market has clearly cooled down compared to its 2021/2022 peak, it is not "dead," and the current market is mainly driven by wealthy digital art collectors. He pointed out that monthly NFT transaction volumes have dropped from over $1 billion at their peak to about $300 million, but this is still a development from zero compared to five years ago. Yat Siu emphasized that many high-net-worth buyers are "buying to hold rather than to flip," forming a community culture similar to collectors of Picasso artworks, luxury cars, or high-end watches. Although his own NFT investment portfolio has dropped by about 80%, he regards it as a long-term asset rather than a short-term trade. Regarding the cancellation of the French event NFT Paris, he believes the reason lies in France and Europe as a whole shifting towards a more anti-crypto regulatory stance, as well as a series of recent security incidents targeting crypto practitioners and investors, which have undermined market confidence and willingness to participate.
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