What does Bored Apes mean? Wealthy collectors are reshaping the landscape of the NFT market.

Once the once-glorious NFT market has fallen into silence. Monthly sales plummeted from a peak of $1 billion in 2021-2022 to recent levels of $300 million, a 70% shrinkage. This figure is enough to declare the death of this sector for many. But the truth is far more complex. Animoca Brands co-founder Yat Siu’s recent insights reveal a hidden secret behind the data: the NFT market has not vanished; it is undergoing a profound transformation.

From $1 billion to $300 million: NFT sales decline signifies evolution, not extinction

When we see NFT monthly sales drop from a historic high of $1 billion to $300 million, it’s easy to conclude “the market is dead.” But Yat Siu offers a completely different perspective. He pointed out at the St. Moritz Crypto Conference that this “decline” itself is a miracle — five years ago, this was a zero-dollar market.

More importantly, the current $300 million monthly trading volume is driven mainly by a select group of participants: wealthy digital art collectors and institutional investors. What does this mean? It indicates that the market is evolving from a phase of wild speculation to a more rational stage of collection and investment. Just like high-end collectors in traditional art markets, these NFT buyers are not purchasing speculative assets hoping to get rich overnight, but long-term assets that they genuinely recognize for their value.

Bored Apes, Otherdeed, and Pudgy Penguins: Top projects mean the market still has soul

Among numerous NFT projects, a few names consistently represent the resilience and innovation of the market: star IPs like Bored Apes and Otherdeed, as well as rising stars like Pudgy Penguins.

Billionaire Adam Wetzman’s investment choices speak volumes. He publicly purchased Bored Apes (a well-known ape series NFT created by Yuga Labs) and Otherdeed (NFT representing land rights in Yuga Labs’ virtual world Otherside). What does this signify? It means that truly high-net-worth individuals are validating these projects with real money — this is not retail speculation but institutional-level asset allocation.

Even more noteworthy is the rise of Pudgy Penguins. This project is demonstrating a stunning transformation from “digital luxury goods” to a “multi-dimensional consumer IP platform.” Pudgy Penguins’ strategy is highly instructive: first attracting users through mainstream channels like toys, retail collaborations, and viral media, then guiding them into Web3 ecosystems via games, NFTs, and the PENGU token. This ecosystem has crossed the physical-digital boundary, with retail sales exceeding $13 million, over 1 million items sold, and Pudgy Party, its game, surpassing 500,000 downloads in two weeks. All these indicate that NFTs are no longer just investment tools but foundational infrastructure for creating real business value.

The persistence of passionate collectors means NFTs are long-term assets, not speculative items

Yat Siu himself exemplifies this long-term mindset. He openly admits his NFT portfolio has “decreased by about 80%,” but this is not a problem for him because these were never assets intended for quick cash-out. “These are important long-term assets,” he emphasizes.

What does this attitude imply? It overturns the stereotypical image of NFT collectors. Siu uses a clever analogy to explain: owning Bored Apes is like owning Picasso artworks, Ferrari sports cars, or Rolex watches — collectors develop a natural affinity, as if entering an exclusive club. It’s not about quick profit but about identity, community belonging, and aesthetic appreciation.

This collector culture is driving the high-end ecosystem of the entire NFT market. They won’t panic-sell during downturns but will instead continue accumulating quality projects in lean times. This stable demand foundation is the core reason many traditional high-end markets (art, antiques, luxury cars) remain vibrant.

What does the cancellation of NFT Paris mean? Double pressures of regulation and security

But challenges facing the NFT market are real. The cancellation of NFT Paris is a symbolic event. Why was this industry flagship conference abruptly canceled? The surface reason is a lack of sponsors, but the deeper reasons are much more complex.

First, there has been a shift in regulatory attitudes. France once held an open stance toward the crypto industry, but that attitude has turned 180 degrees. Take Sorare — a fantasy football game based on NFTs — as an example. It once thrived in France but now faces scrutiny over alleged gambling violations. This indicates a growing “anti-crypto” regulatory trend across Europe, spreading from France to broader regions.

Second, security issues cannot be ignored. Over the past year, France experienced a series of kidnapping and extortion incidents targeting crypto executives and investors. Siu revealed that many industry insiders, including himself, deliberately avoid Paris — not only due to business risks but also for personal safety reasons. This external pressure suggests that the NFT ecosystem is quietly shifting geographically, moving from Europe to other more friendly regions.

The evolution of Web3 brands: from digital luxury goods to consumer IP platforms

It is worth noting that the frontier of the NFT market has already broken through traditional perceptions. Pudgy Penguins’ success model signals a new development path. It is no longer just a digital collectible but has evolved into a genuine consumer IP ecosystem — including tangible retail products, immersive gaming experiences, and distributed token incentive systems.

What does this evolution mean? It signifies that truly innovative NFT projects are connecting with the real economy. The virtual and physical worlds are no longer opposed but integrated. This is the essence of Web3 value proposition — breaking down the boundaries between digital assets and real-world assets to build a truly multi-dimensional economic ecosystem.

Conclusion: Bored Apes signifies vitality still exists

When projects like Bored Apes continue to attract high-net-worth collectors’ investments, when Pudgy Penguins can sell millions of dollars worth of merchandise through mainstream channels, and when industry leaders like Siu remain optimistic about the future, the true state of the NFT market becomes clear:

This is not a dead market but a market undergoing rebirth. The decline in sales does not mean the end; rather, it signifies the bursting of bubbles and the sedimentation of value. The projects that survive, the NFT applications that truly create community and business value, are proving that this industry is far from over.

What does Bored Apes mean? It means NFTs have evolved from speculative assets into recognized collectibles and foundational infrastructure for business. In this new phase, the market will be smaller but more stable; participants fewer but more professional; bubbles fewer but convictions stronger. This is the maturation process that any emerging industry must go through.