Animoca founder: “NFTs aren’t dead yet…wealthy collectors are driving the market”

The non-fungible token (NFT) market is in a slump but is still alive, with a handful of wealthy collectors continuing to lead the market, according to a recent assessment.

According to crypto-focused media outlet CoinDesk on the 19th (local time), Yat Siu, co-founder of Animoca Brands, said in a recent interview, “It’s true the NFT market is going through a downturn, but it’s by no means dead.”

He explained, “With the mass speculative frenzy having faded, the current NFT market is now centered on a subset of collectors with deep pockets and a long-term perspective,” adding, “It’s similar to heirs from prominent families collecting Picasso works.” He went on to emphasize that “people who own Picasso works feel a strong bond with one another, and NFTs likewise are assets that form a ‘club’ and a community in a digital environment.”

Siu also cited his personal investment experience. “The value of my NFT portfolio is down about 80%, but that’s not an issue because I didn’t buy them for short-term gains in the first place,” he said, adding that “NFTs are still assets with value from a long-term perspective.”

Meanwhile, while public interest has waned amid a sharp drop in trading volume and price corrections, some say the high-end collectibles market centered on art, gaming, and brand IP—as well as community-driven ecosystems—remains intact.