Are NFTs Dead? High-Net-Worth Collectors Keep the Market Alive, Says Animoca Brands' Yat Siu

The brief answer: No, NFTs are not dead. While the market has contracted significantly from its euphoric peak, current monthly sales still hover around $300 million—a far cry from the $1 billion monthly volumes during 2021-2022, but hardly a collapse for what was essentially a zero-dollar market just five years ago.

This more nuanced take comes from Yat Siu, co-founder of Animoca Brands, the Web3 development and venture capital firm known for investing in real-world asset tokenization. Speaking at the CfC St. Moritz crypto conference, Siu offered a perspective that cuts through the doom-and-gloom narrative dominating headlines about the sector.

Why the Market Looks Weaker Than It Is

To understand why people ask “are NFTs dead,” you have to look at the numbers in context. Peak mania saw monthly NFT sales exceed $1 billion during 2021 and early 2022. Today’s $300 million monthly figure represents an 70% decline—dramatic on its surface, but misleading without perspective.

“Remember that five years ago this was a zero dollar market,” Siu pointed out. The existence of a thriving $300 million monthly NFT marketplace in 2024-2025 would have seemed miraculous to skeptics just a few years prior. Moreover, the data tells a complete story: everything transacts on blockchain, making all activity fully transparent and verifiable on-chain.

The real question isn’t whether the market exists, but rather who is sustaining it. The answer, according to Siu, reveals why reports of NFT’s death have been greatly exaggerated.

The Collector Mentality: Why Wealthy Investors Still Buy

High-net-worth cryptocurrency collectors represent the anchoring force in today’s NFT market. These aren’t casual speculators trying to flip quick gains—they’re collectors in the traditional sense, viewing digital assets much like family offices view Picasso paintings or Rolex watches.

“Have NFTs remained popular among wealthy collectors? Yes, absolutely,” Siu said. “I’m a big collector myself, and I share similar insights with my peers in this space. It’s a community.” The comparison is apt: just as Picasso collectors form an affinity group sharing values and appreciation, so too do NFT collectors form their own ecosystem of high-net-worth individuals united by aesthetic and speculative conviction.

Billionaire Adam Weitsman exemplifies this trend, publicly purchasing prestigious NFT collections including Otherdeed lands (digital property in the Otherside blockchain-based metaverse created by Yuga Labs) and Bored Apes. These purchases represent long-term positions rather than quick trades.

Even Siu himself, despite his portfolio being “down like 80% or something,” maintains his position. “These are long assets that matter,” he emphasized. The distinction matters: true collectors hold through cycles, similar to how art collectors endure market downturns.

Yat Siu’s Market Assessment: Correction, Not Collapse

The broader pattern of NFT adoption since 2017 reveals cyclical waves rather than permanent decline. The market first gained attention through Cryptokitties (the original blockchain-based collectible cat game launched in late 2017), then largely disappeared before resurging around 2021 with more development infrastructure and capital behind it.

Current conditions represent another wave in this cycle: a correction following euphoria, not an extinction event. Wealthy collectors provide the bedrock demand that prevents market collapse, while the broader speculative crowd recedes during bear cycles.

The transparency of blockchain transactions means that all market activity remains visible and verifiable. For those tracking NFT health by monitoring on-chain data, the picture is clear: the market persists, driven by a smaller but more committed cohort of participants.

Geopolitical Headwinds: France’s Crypto Freeze and Security Concerns

One symbol of the market’s current contraction: NFT Paris, the flagship annual conference, was canceled just one month before it was scheduled to open. But according to Siu, the cancelation reflects something beyond market dynamics—it signals geopolitical shifts against cryptocurrency more broadly.

“France has completely veered away from crypto,” Siu said. “They were pro-crypto at one point, but now that’s completely changed.” The shift manifests in regulatory scrutiny: fantasy soccer game Sorare faced investigation from French gambling authorities, exemplifying the broader anti-crypto posture.

This hostility extends across Europe more broadly, creating a chilling effect on major industry events. But security concerns represent an even more acute problem. France experienced a notable spike in kidnappings and abduction attempts targeting crypto executives and investors over the past year—a serious concern that convinced many industry participants, including Siu himself, to avoid Paris events.

“NFT Paris wasn’t just a victim because they couldn’t get sponsors,” Siu noted. “A lot of people, including myself, have been trying to avoid Paris a little bit just because of security issues.”

These external pressures—regulatory hostility, security threats, geopolitical reorientation—create headlines that dwarf the more stable story of wealthy collectors methodically building positions in long-term NFT assets.

The Real NFT Status: Alive but Changed

So are NFTs dead? The data suggests a more measured conclusion: the asset class is experiencing a maturation phase characterized by lower trading volumes, reduced hype, and a shift toward serious collectors. The collapse of speculative mania doesn’t equal market death, especially when a $300 million monthly marketplace persists driven by committed high-net-worth participants.

The cyclical nature of blockchain-based collectibles, combined with the bedrock demand from serious collectors, suggests that those asking if NFTs are dead may be confusing a market correction with an extinction event. The market has transformed from speculative casino to collector’s marketplace—a transition that looks like death to traders obsessed with volume, but feels very much alive to the collectors who drive it.