Animoca Brands co-founder Yat Siu: The NFT market is still supported by wealthy collectors
Show original
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.
0
0
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!
You may also like
Trending news
MoreAccording to the latest filing disclosed by the U.S. Securities and Exchange Commission (SEC), some existing shareholders of electric aircraft manufacturer Archer Aviation Inc. plan to sell up to 5.3 million shares of the company's Class A common stock.
According to the latest filing disclosed by the U.S. Securities and Exchange Commission (SEC), some existing shareholders of electric aircraft manufacturer Archer Aviation Inc. plan to sell up to 5.3 million shares of the company’s Class A common stock.
Crypto prices
MoreBitcoin
BTC
$70,889.18
-2.61%
Ethereum
ETH
$2,075.37
-2.61%
Tether USDt
USDT
$1
-0.01%
BNB
BNB
$648.09
-1.60%
XRP
XRP
$1.4
-1.87%
USDC
USDC
$0.9999
-0.01%
Solana
SOL
$88.83
-2.48%
TRON
TRX
$0.2851
-0.69%
Dogecoin
DOGE
$0.09359
-5.86%
Cardano
ADA
$0.2690
-2.68%
How to buy BTC
Bitget lists BTC – Buy or sell BTC quickly on Bitget!
Trade now
Become a trader now?A welcome pack worth 6200 USDT for new users!
Sign up now