NFTs are not dead: wealthy crypto collectors are still leading the market

NFT sales have sharply declined compared to the peak period of 2021–2022, when the market recorded over $1 billion USD per month, but still maintained nearly $300 million USD in the past 30 days. In this context, the NFT Paris event – considered the leading industry conference in France – was canceled just one month before the opening date.

According to Yat Siu, co-founder of Animoca Brands, the NFT market is currently in a lull but not “dead.” He believes that demand mainly comes from wealthy collectors, those with long-term ties to digital art, similar to how traditional collectors are attached to Picasso paintings or luxury cars.

Yat Siu admits that his personal NFT portfolio has significantly decreased in value from its peak but emphasizes that these are long-term investments, not for quick profits. Currently, large NFT transactions are still driven by wealthy collectors, with prominent names like billionaire Adam Weitsman publicly purchasing collections such as Bored Ape and Otherdeed.

Regarding the cancellation of NFT Paris, Yat Siu suggests that the reason is not due to the appeal of NFTs or the quality of the event, but reflects a change in attitude of France and Europe towards crypto. Additionally, security concerns following a series of kidnapping and threats targeting crypto leaders and investors in France over the past year have also caused many to hesitate to attend, contributing to the decision to cancel the event.