Animoca Brands collaborates with Yat Siu: NFT market still supported by affluent collectors

Yat Siu, co-founder and executive chairman of Animoca Brands, stated that although the NFT market has significantly cooled down from its peak in 2021/2022, it is not "dead" and the current market is mainly driven by affluent digital art collectors. He pointed out that the monthly transaction volume of NFTs has fallen from over $1 billion at its peak to about $300 million, but it is still growing from zero compared to five years ago. Yat Siu emphasized that many high net worth buyers are "holding rather than reselling", forming a community culture similar to Picasso art, luxury cars, or watch collectors. Although his NFT investment portfolio has fallen by about 80%, he sees it as a long-term asset rather than a short-term transaction. He believes that the cancellation of the NFT Paris event in France is due to the overall shift towards a more anti crypto regulatory stance in France and Europe, as well as recent security incidents targeting cryptocurrency practitioners and investors that have weakened market confidence and willingness to attend.