Yat Siu, the co-founder of Animoca Brands, stated that wealthy crypto collectors who purchase NFTs for ownership rather than immediate resale are instrumental in sustaining the market. In an interview at the CfC St. Moritz crypto conference, Siu drew a parallel between these digital art collectors and traditional art enthusiasts who acquire pieces like Picassos, highlighting a genuine connection to the assets.
Siu, who is also an active NFT collector himself, observed that despite a perceived decline, the NFT market still generates approximately $300 million in monthly sales. This revenue is primarily attributed to affluent collectors of digital art. While this figure represents a significant decrease from the market's peak of $1 billion in monthly sales during 2021/22, it's important to note that the NFT market was virtually non-existent five years ago.
Furthermore, Siu pointed out that NFT collectors often share similar perspectives and exhibit a sense of community. He cited the example of billionaire Adam Weitsman, who has publicly acquired NFTs such as Otherdeed lands. These NFTs represent virtual land deeds within Otherside, a 3D, blockchain-based metaverse developed by Yuga Labs, the creators of Bored Ape Yacht Club.
Siu's Personal NFT Portfolio Sees Significant Decline
The co-founder of Animoca Brands revealed that his personal NFT portfolio has experienced a depreciation of nearly 80%. However, he emphasized his long-term investment strategy, stating that he never intended to "flip" his NFT acquisitions, viewing them instead as valuable, enduring assets.
Siu elaborated on the NFT market's performance, explaining that its trajectory is heavily influenced by investor perspectives. He noted that the year 2025 highlighted how much of cryptocurrency's momentum is driven by anticipation rather than fundamental value. Siu also posited that the future evolution of crypto will be more significantly shaped by infrastructure development than by individual personalities, particularly as speculative hype diminishes.
Looking ahead, Siu anticipates that NFTs will continue to emerge in cycles, mirroring the patterns observed in other cryptocurrency trends. He also highlighted a key advantage of NFTs: the availability of verifiable, regulated data on the blockchain, accessible to everyone.
As of the time of publication, NFT sales volume over the preceding 24 hours had increased by 27.08% to $8.5 million. The number of NFT buyers also saw a surge of 33.03%, reaching 21,272. Concurrently, NFT sellers rose by 37.3% to 17,198, and NFT transactions climbed by 30.89% to 117,890.
Siu Attributes NFT Paris Cancellation to Broader Industry Challenges
Siu suggested that the cancellation of the NFT Paris event, occurring just one month before its scheduled opening, reflects broader issues within France's approach to NFTs and the cryptocurrency sector. He indicated that France appears to be shifting away from its previous supportive stance on crypto, citing the recent regulatory scrutiny faced by NFT projects like Sorare, a fantasy soccer game currently under review by French gambling regulators.
The Animoca co-founder also pointed to security concerns as a contributing factor, noting that a perceived lack of safety has deterred some individuals from attending the NFT event in Paris in recent months. This concern is amplified by recent incidents where high-profile figures in the crypto space have been targeted by kidnappers in France.
In related news, the RWA Paris event was also cancelled for the year, marking the end of a four-year run that had established Paris as a prominent hub for Web3 gatherings in Europe. The organizers cited the significant impact of the prolonged crypto market downturn over recent months as a primary reason for the cancellation. They acknowledged that the crypto industry has been severely affected by the market collapse, despite efforts to implement cost-cutting measures and to organize the event this year.
“After four editions bringing together the global Web3 community in Paris, we have to face reality: NFT Paris 2026 will not happen.”
– Alexandre Tsydenkov, the founder of NFT Paris and RWA Paris
According to Tsydenkov, all ticket holders will receive refunds within 15 days. However, he acknowledged that no compensation would be available for individuals who had already made travel and accommodation bookings. He also stated that the organizers would make every effort to conclude this chapter professionally.