The NFT Saga: Still Alive!

So, what’s up with NFTs? You’d think they’ve pulled a Houdini and vanished, right? With values tumbling down faster than my New Year’s resolutions, they seem to be on a “permanent vacation.” Plus, the big fancy NFT Paris event was scrapped faster than a bad Tinder date. But hold your horses! Yat Siu, the co-founder of Animoca Brands, says they’re not dead, just taking a breather.

Wealthy Collectors Keep the Fire Burning

According to Yat—who, by the way, is a big NFT fan himself—some rich folks are still hunting for digital treasures like it’s Black Friday. He compared it to how a Picasso lover would bond with fellow art buffs. It’s a club, folks! A digital bling club where the entrance fee is a Bitcoin or two. You know, just your regular millionaire stuff.

Sui’s Own NFT Rollercoaster

Our man Yat confessed that his own NFT stash is down about 80%. Ouch! But those aren’t quick flips for him. He’s in it for the long haul. Think of them as investments that are a bit more, let’s say, abstract (getting it?). Just like those collectible cat pictures from 2017—ah, the memories!

The Rise, Fall, and Whatever Comes Next

Remember when NFTs were all the rage, raking in over a billion dollars monthly at their peak? Well, now we’re looking at about $300 million a month. Still a pretty penny, but it’s all about perspective. Yat pointed out that just five years ago, the market was worth a grand total of zero. So, let’s keep the drama in check, shall we?

Paris: The City of Lights and Cancelled Events

Back to Paris—yes, that Paris. Yat thinks the cancelation of the NFT event isn’t a sign that NFTs are on their deathbed. Nope! It’s more about France doing a dramatic flip on crypto. Once a crypto darling, the French authorities have done a 180, putting up barricades around anything related to digital assets.

Security Concerns in the City of Love

But wait, there’s more! Yat noted that security is a huge deal in France lately. With crypto execs facing some serious threats, even the hype around events can’t shake off the gloomy vibes. A lot of people, including Yat himself, are dodging Paris like it’s a game of dodgeball.

The Bottom Line

So, are NFTs really taking their last breath? Nope, they’re just in a phase where they’re chilling out in the backseat while the collectors keep the scene alive. The data’s out in the open, and it’s all about how you interpret it. Stay tuned, because this rollercoaster ride is far from over!