NFTs are not dead: Wealthy crypto collectors are still driving the market says Animoca Brands Yat Siu

A once-fungible token (NFT) hyper market for non-funible coins (nFTs) is in the doldrums, with a fraction of 2021/22 highs on token valuations; not to mention that France’s flagship event for the sector, NFT Paris, was cancelled just one month before it was due to open.

Animoca Brands, a Web3 development and venture capital company that has become involved in tokenization of real-world assets, said Yat Siu, co-founder of ‘the doldrums but certainly not dead’.

In an interview at the CfC St, Sui said wealthy collectors are driving a vibrant NFT marketplace. The Moritz crypto conference is also known as a . The investor’s connection to some digital art will be a form of “family office” scion, like Picasso may collect artwork (e.g an artist who has been in the family office).

Did rich collectors still like “Have NFTs”? (Of course, of course). My big fan is I’m a huge collector, and I share similar insights with my friends here in this world. Sui said it’s a community,’ adding ‘It is.

Similarly, “A Picasso collector” would be attracted to all the other Picassos who collect Picasso; you’re part of that club. That’s the same thing with Ferrari’s, Lamborghinis or Rolex watches. Just a digital version of this is just the one that’s not in. , ” and.

Sui says his own NFT portfolio is “down like 80% or something” but adds these were never purchases he was going to flip. They’re long assets that matter,’ . – ’.

The first incarnation of the Ethereum blockchain in late 2017 with collectible cats was NFTs, a class of unique tokens that were introduced to the platform’s Ethereum Blockchain. In crypto, like other Crypto-currencies, NFTs have exploded into waves, becoming part of Cryptokitties and then returned with more development and capital behind them, peaking in the year 21/22, when monthly sales were over $1 billion.

In the main, Sui is a wealthy digital art eficionados who leads to monthly NFT sales of up to $300 million today. Billionaire Adam Weitsman has been buying NFTs like Otherdeed lands for example, NTFs representing land deeds in Otherside, an online 3D blockchain-based virtual world created by Yuga Labs – and Bored Apes were very publicly expressed.

Five years ago this was a zero dollar market,’ Sui said. So it’s all relative and depends on the perspective you take in a . Ultimately, this is the beauty of this and all that data on the blockchain can be seen. ” , ‘I’m sure it is worth reading.

But Sui said on the subject of the flagship NFT Paris event that cancelling is not an indictment of NTFs, nor to the conference — a good day for business.

But I think it’s an indictment of France, one that was very pro-crypto at one point,” Sui said. In a statement, “France has completely diverged from crypto” (the term for ). gambling regulators, and questioned things such as [fantasy soccer game] Sorare when it comes to NFTs. We see the same anti-crypto stance in Europe more widely, and we have that position of s. Paraphrast.

Security Another issue that Sui said is security, a key concern about Paris. Over the past year, France has been a victim of an epidemic of kidnappings and abduction attempts by crypto executives and investors in French.

They didn’t get sponsors, so it wasn’T just a victim for NFT Paris. Many of you, including myself, have been ‘kinda trying to avoid Paris for a little bit just because of security issues’ Sui said.

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