NFT Market as Art: Why Wealthy Collectors Continue to Lead

Although the global trading volume of non-fungible tokens has significantly decreased from the peak years of 2021 to 2022, the art created on the blockchain continues to attract the most powerful players in the industry. Monthly sales have now reached approximately $300 million in the past thirty days, but professional collectors and high-net-worth individuals remain the main force in the market.

Digital Art in the World: More Than Just a Trend

The decline in NFT trading volume from $1 billion per month during the previous phase should not be understood as proof of the sector’s death. Yat Siu, co-founder of Animoca Brands, a platform focused on Web3 development and digital asset tokenization, clarifies that the market is moving into a more mature phase. At a conference in CfC St. Moritz, Siu explained how cryptocurrency-based art follows the same dynamics as traditional collecting.

“Rich collectors will be interested in all other people collecting the same kind of masterpieces—you are part of an exclusive community,” Siu explained. “Just as Picasso collectors are connected, or how Ferrari and Rolex enthusiasts form networks, digital art follows exactly this pattern. It’s simply a modern interpretation of collecting.”

Market Movements: Growing Even as Selection Increases

Since Ethereum blockchain first offered NFT experiences in the last quarter of 2017, the trend has gone through many waves. Starting with collectible cats, it evolved into more sophisticated art and digital real estate. The peak of 2021-22 brought monthly volumes of $1 billion, but the current level of $300 million should not be seen as an end—this represents a consolidation phase.

Wealthier collectors are investing in strategic pieces. Adam Weitsman, a dealer of prestige NFT projects, actively acquires Otherdeed tokens—representing virtual land in Otherside, a blockchain-based 3D world created by Yuga Labs—as well as the Bored Apes NFT collection. These transactions demonstrate that real money continues to flow into the sector, as Siu confirms.

Blockchain Art: The Transparency Advantage

A key element of the NFT ecosystem that mainstream audiences have yet to fully explore is the built-in transparency of blockchain. Every transaction, metadata, and ownership history remains accessible and verifiable. “Five years ago, there was no place for such a sector,” Siu said. “All of this is relative and depends on your financial lens. But the beauty of blockchain-based art is the complete data transparency—no hidden histories or authentication doubts like in the traditional art market.”

Siu’s personal portfolio has dropped over 80% from peak valuations, but he admits that the NFT artworks he manages are not short-term holdings. “These long-term digital assets have value,” he added, indicating his commitment to a medium- to long-term outlook.

The France Crypto Challenge: Regulatory Pushback and Event Cancellation

The cancellation of NFT Paris—the flagship event for the sector scheduled to open in just one month—highlighted broader regulatory tensions in the European landscape. This is not a condition of the NFT market itself, but a symptom of France’s shifting crypto stance. French regulators have become more active in scrutinizing NFT-related businesses, with fantasy sports games like Sorare being classified as sports betting.

“France is clearly moving away from a crypto-friendly position,” Siu explained. “We see anti-crypto sentiment spreading across Europe, not just in the NFT space.” Security has become a secondary concern—in the past year, France experienced successive kidnapping and ransom attempts against prominent crypto executives and investors. Many stakeholders, including Siu, are actively avoiding Paris due to concerns over personal safety.

Although the market faces external pressures, the core community of wealthy collectors remains active, demonstrating that digital art has a sustainable future where quality and authenticity—guaranteed by blockchain—drive prices.