Yat Siu, the co-founder of Animoca Brands, says wealthy crypto collectors buying NFTs to own rather than sell are keeping the market alive. Siu explained in an interview at the CfC St. Moritz crypto conference that NFT collectors have a connection to digital artwork, just as traditional art collectors do with Picassos.
Siu, who is also an avid NFT collector, noted that although the NFT market appears to be dwindling, it still reached monthly sales of about $300 million, driven mainly by wealthy digital art collectors. That is a notable drop from the $1 billion in monthly sales at the 2021/22 peak. However, NFTs were a zero-dollar market five years ago.
Meanwhile, Siu pointed out that NFT collectors share similar insights with others in the space and have an affinity for one another. He mentioned billionaire Adam Weitsman, who has been publicly buying NFTs like Otherdeed lands. The NFTs represent land deeds in Otherside, a 3D, blockchain-based virtual world created by Yuga Labs and Bored Ape Yacht Club.
Siu’s personal NFT portfolio drops nearly 80%
According to the Animoca co-founder, his own personal NFT portfolio is already down roughly 80%. However, he emphasizes that he was never going to flip his NFT purchases, adding that they are long-term assets that matter.
Siu further explains that the NFT market depends on the perspective investors take. He notes that 2025 exposed how much crypto’s momentum is tied to expectations rather than fundamentals. He also argues that the next phase of crypto will be shaped more by infrastructure than by personalities, especially as political hype fades.
Meanwhile, the Animoca co-founder believes NFTs will continue to come in waves, just as other crypto trends have. Siu further notes that the best part is that all the regulated data is available on the blockchain for everyone to see.
As of publication, NFT sales volume over the past 24 hours was up 27.08% to $8.5 million, and NFT buyers surged 33.03% to 21,272. NFT sellers also increased by 37.3% to 17,198, while NFT transactions went up 30.89% to 117,890.
Siu links NFT Paris cancellation to broader issues
Siu claims that the cancellation of the NFT Paris event just a month before its opening is an indictment of France, referring to the country’s shifting stance on NFTs and crypto more broadly. He noted that France is moving away from its previous support for crypto, as seen in the recent scrutiny of NFT projects like Sorare. The fantasy soccer game is under scrutiny by French gambling regulators.
The Animoca co-founder also cited security concerns, noting that a sense of insecurity has led some people to avoid visiting Paris for the NFT event in recent months. High-profile individual players in the crypto space have recently been targeted by kidnappers in France.
Meanwhile, the RWA Paris event was also cancelled for the year, ending a four-year run that made Paris one of the leading Web3 gathering hubs in Europe. The organizers cited the severe impact of the prolonged crypto market downturn in the past few months as one of the primary reasons for the cancellation. They noted that the crypto industry had been hit hard by the market collapse despite cost cuts and months of trying to pull off the event this year.
According to Tsydenkov, all tickets will be refunded within 15 days. However, he noted that nothing could be done for people who had already booked flights and hotels. He also explained that the organizers will do all they can to close this chapter properly.
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Source: https://www.cryptopolitan.com/animoca-brands-yat-siu-nft-market/
