NFTs are not dead: Wealthy crypto collectors are still driving the market, says Animoca Brands’ Yat Siu
Market Activity and Sales Trends
Sales of non-fungible tokens are down from the $1 billion a month at the 2021/22 peak, but still close to $300 million in the past 30 days.
Community of Collectors
The Animoca Brands co-founder, who is also an avid NFT collector, said there’s a community of owners who bought to own, not sell.
Drivers of the Market
According to Yat Siu, a subset of “collectors” with “deep pockets” continues to drive the market. These collectors are motivated by cultural participation in emerging digital movements and community membership.
Market Sentiment and Comparisons
Yat Siu affirmed that NFTs are still favored by wealthy collectors, drawing parallels to the resonance among Picasso and other art icons.