Animoca Founder Yat Siu: NFTs Have Not Disappeared, Monthly Sales of 300 Million, Wealthy Buyers Are Scrambling to Purchase

Animoca founder Yat Siu states that NFTs have not disappeared. Monthly sales dropped from $1 billion to $300 million, but five years ago, they were zero. His personal investment portfolio has fallen 80% but he still does not sell, emphasizing that these are long-term assets. Wealthy collectors buy NFTs like collecting Picasso, forming exclusive communities. NFT Paris was canceled due to changing attitudes in France and security concerns.

NFT Monthly Sales Drop to $300 Million but Market Still Exists

The once booming non-fungible token (NFT) market seems to have entered a lull, with token valuations only a fraction of their 2021/22 peaks, not to mention the flagship event in France, NFT Paris, being canceled a month before opening. Yat Siu, co-founder of Animoca Brands, says that although the market is currently subdued, it has certainly not vanished. Animoca Brands is a Web3 development and venture capital firm that has ventured into tokenization of real-world assets.

NFTs are a class of unique tokens that first appeared on the Ethereum blockchain in late 2017, initially as collectible cat images. Like other crypto trends, NFT development has experienced ups and downs, starting with CryptoKitties, then rebounding with more development and funding, reaching a peak in 2021/22 with monthly sales exceeding $1 billion.

In an interview at the CfC St. Moritz Crypto Conference, Siu said wealthy collectors are driving the NFT market’s boom. Some investors develop interest in certain types of digital art, similar to how family office heirs might collect Picasso works. Siu pointed out that today, NFT monthly sales are close to $300 million, mainly driven by wealthy digital art enthusiasts.

“Don’t forget, five years ago, this was a zero-dollar market,” Siu said. “So everything is relative, depending on your perspective. Of course, the beauty is that all data can be seen on the blockchain.” The trajectory from zero to $300 million in monthly sales itself proves the vitality of NFTs as an emerging asset class. Although down 70% from the peak, $300 million in monthly sales still represents a significant market size.

Evolution of the NFT Market Size

End of 2017: CryptoKitties launched, market size near zero

Peak in 2021/22: Monthly sales over $1 billion

Current in 2025/26: Monthly sales around $300 million (down 70%)

Market shift: From speculative frenzy to collector-led

Long-term Holding Logic of Wealthy Collectors

“Are NFTs still popular among wealthy collectors? Of course. I am also a seasoned collector, and I share similar views with my peers in this field. It’s a community,” Siu said. “For example, Picasso collectors feel a kinship with other Picasso collectors; you are part of this circle. The same goes for Ferrari, Lamborghini, or Rolex watches. It’s just the digital version.”

This collector mentality is fundamentally different from that of speculators. Speculators buy NFTs for short-term profit and panic-sell when prices start to decline. Collectors buy NFTs for ownership and appreciation, and price fluctuations do not shake their commitment to hold. This long-term holding behavior provides a stable demand base for the NFT market.

Siu pointed out that wealthy collectors buy NFTs not only for the assets themselves but also to join exclusive communities. When you own a blue-chip NFT project (like Bored Apes or CryptoPunks), you automatically become part of that community, able to attend exclusive events, interact with other collectors, and even gain business opportunities. This social value is a unique advantage of NFTs compared to traditional art.

For example, billionaire Adam Weitsman publicly purchased NFTs like Otherdeed Lands (representing land deeds in Yuga Labs’ blockchain-based 3D virtual world Otherside) and Bored Apes. Such public purchases are a social declaration, showing membership in the circle. For the wealthy, multi-million dollar NFT purchases are not just investments but also symbols of status and social tools.

Yat Siu’s Personal Portfolio Down 80% but Still Not Selling

Siu said his personal NFT investment portfolio has “fallen about 80%,” but he added that these NFTs were never intended to be sold quickly. “They are important long-term assets.” This stance is highly illustrative for the market. As a co-founder of Animoca Brands, Siu is one of the most influential figures in the crypto and NFT space.

His frank admission that his portfolio has dropped 80% reveals the harsh reality of the NFT market. Even insiders with the best information and resources cannot avoid the impact of a bear market. However, his choice not to sell and to emphasize these as long-term assets provides confidence to other holders.

Animoca Brands is also an avid NFT collector. Siu said some NFT holders buy for ownership, not for resale. This “buy to own” mentality is a core feature of the collectibles market. Whether traditional art, luxury watches, or luxury cars, true collectors buy these items for long-term holding and appreciation, not short-term profit.

This mindset is especially important during the NFT bear market. When the market is filled with panic and sell-offs, these long-term holders provide liquidity bottoms. They will not rush to sell just because prices fall, preventing a bottomless collapse. In the long run, these steadfast holders will be the beneficiaries of the next bull run.

NFT Paris Cancellation Reflects France’s Changing Attitudes and Security Concerns

Regarding the flagship NFT Paris event, Siu said the cancellation was not a criticism of NFTs or the well-organized conference itself. “I think it’s a protest against France; France used to be very supportive of cryptocurrencies,” Siu said. “But France has completely distanced itself from crypto. As for NFTs, platforms like Sorare, a fantasy football game, are under scrutiny by gambling regulators. Moreover, we see similar anti-crypto stances in other parts of Europe.”

Siu said another key issue in Paris is security. Over the past year, France has seen a series of kidnapping and attempted kidnapping incidents targeting crypto executives and investors. “The failure of NFT Paris is not just because they couldn’t find sponsors. Many of us, including myself, are avoiding Paris due to security concerns,” Siu said. These security worries are increasingly serious in the crypto industry, as blockchain transparency makes wealthy holders more identifiable and vulnerable.

France’s attitude shift reflects a broader tightening of European regulatory environment. Frameworks like MiCA provide compliance pathways but also increase costs and restrictions. For innovative and boundary-blurring assets like NFTs, regulatory uncertainty is especially prominent. The scrutiny of Sorare by gambling regulators is a typical example, showing that regulators still debate how to classify NFTs.