The NFT Rollercoaster: Still Riding High?

Ah, NFTs! Remember when they were the hottest thing since sliced bread? Well, it seems they’ve been taking a little snooze lately. Valuations have plummeted faster than your phone battery on a night out, and let’s not even talk about that France’s glittering NFT Paris event that decided to cancel itself out of existence just a month before the big reveal.

Yat Siu to the Rescue

But wait! Enter Yat Siu, co-founder of Animoca Brands, who swoops in like a digital superhero to declare, “NFTs are not dead!” According to him, while the everyday market might be a bit sluggish, the upper crust of crypto collectors is still splurging like it’s 2021.

Collectors or Club Members?

During his chit-chat at the CfC St. Moritz crypto conference, Siu not only reassured us about the health of NFTs but even shared his inner collector vibe. He compared it to how you might feel about owning a Picasso—you’re not just buying art; you’re joining an exclusive club! Think of it as a snazzy club for those who appreciate digital art just like they do Ferraris or Rolexes.

Sius’ Personal NFT Portfolio

Siu might have taken a hit with his NFT portfolio—down a whooping 80%—but he’s not crying into his crypto cereal. He sees these tokens as long-term love investments. So, they might be experiencing a bit of a lull, but they were never meant to be bought and sold like hotcakes.

A Quick History Lesson

For those of you who’ve just tuned in, NFTs—a unique breed of digital tokens—first popped onto the Ethereum blockchain scene in late 2017 with those adorable collectible cats. They surged, faded, and then exploded back into the limelight in 2021, with sales hitting over a billion dollars a month. Today, we’re looking at about $300 million a month, all thanks to our wealthy digital art lovers!

The Paris Plunge!

Siu even spills some tea about the NFT Paris fiasco. He assures us that the cancellation isn’t a nail in NFTs’ coffin but more a reflection of France’s rapidly changing stance on crypto. Once the shining knight of crypto, France is now acting like the grumpy neighbor who thinks lawn flamingos are tacky.

Security Concerns in the City of Love

But that’s not all, folks! Siu mentions that recent security issues—like dodgy characters trying to kidnap crypto moguls—are also giving Paris a bit of a bad rap. So, when it comes to hosting a large event in the city of love, maybe every crypto enthusiast should think about packing some extra security.

The Future of NFTs?

So, in Yat Siu’s eyes, as long as wealthy collectors are still at it, NFTs are merely catching their breath. Sure, they’ve hit a bit of a rocky road, but like the best rollercoaster rides, they’re bound to shoot back up again! Buckle up!