Yat Siu, co-founder of Animoca Brands, has strongly rejected claims that the NFT market is dead, asserting that digital collectibles continue to thrive among wealthy investors. In a recent interview with CoinDesk, Siu emphasized that the sector, while experiencing stagnation, remains a vibrant and sustainable community, much like traditional collectors’ circles for paintings, luxury cars, or watches. He likened owning NFTs to joining an exclusive club, where collectors share a sense of connection over high-value assets.
Despite acknowledging that his personal NFT portfolio has decreased by roughly 80%, Siu framed these holdings as long-term investments with intrinsic value rather than speculative assets. Monthly NFT trading volume currently hovers around $300 million, driven by high-profile buyers such as Adam Weitsman, who actively purchases premium NFTs, including Bored Apes and Otherdeed virtual land plots. Siu noted that while the market’s capitalization was nonexistent five years ago, the sector’s growth is evident and entirely transparent through blockchain data.
Siu also addressed the cancellation of NFT Paris, a major industry event, clarifying that the decision stemmed from security concerns and regulatory tightening in France, rather than a decline in interest or demand. He described a series of kidnappings related to the sector in the country and explained that many participants, including himself, were cautious about attending due to safety considerations.
The broader NFT market has faced significant challenges since its peak in 2021-2022. At that time, the sector’s capitalization exceeded $17 billion, with total sales surpassing $23 billion. As of January 2026, the capitalization stands at roughly $3 billion, and monthly sales have fallen to $123 million, reflecting a dramatic contraction. Floor prices for popular collections have plummeted, with CryptoPunks dropping from 113.9 ETH to 28.3 ETH, and Bored Ape Yacht Club falling from 128 ETH to 5.9 ETH. Similarly, Pudgy Penguins, the third-largest collection, saw its floor price drop from 25.2 ETH to 4.9 ETH.
The prolonged correction forced several exchanges and major companies, including Bybit, Kraken, and GameStop, to close their NFT trading platforms. Christie’s has shifted its focus to broader 20th and 21st-century art, while marketplaces such as OpenSea now emphasize multichain aggregation for a wide range of crypto assets. Magic Eden recently announced a pivot toward projects that merge finance with entertainment, reflecting the evolving market landscape.
Among emerging NFT sectors, Telegram-based NFT gifts have shown notable growth, with capitalization rising from 6.3 million TON in April 2025 to 92.1 million TON by January 2026. Yet skepticism remains in some corners of the industry, with Solana Labs CEO Anatoly Yakovenko calling meme coins and NFTs “digital junk” last year.
For investors and collectors, Siu’s perspective reinforces that the NFT space, while deeply corrected from its highs, still offers long-term opportunities for those seeking digital collectibles with enduring value. The market’s evolution may increasingly hinge on niche segments, innovative platforms, and continued participation from dedicated collectors who view NFTs as more than fleeting speculation.
