Animoca co-founder says NFT market not dead, led by wealthy collectors

The non-fungible token (NFT) market is not dead, according to Yat Siu, co-founder of Animoca Brands. In an interview with CoinDesk, Siu stated that while the market has entered a downturn, it is still being driven by a number of wealthy collectors. He compared this dynamic to heirs of prominent families collecting Picasso's works, who feel a sense of camaraderie with other collectors, effectively forming a club. Siu described NFTs as a digital version of this, representing a community. He also added that although the value of his personal NFT portfolio has declined by about 80%, he is unconcerned as he did not buy them with the intent to resell, viewing them instead as assets with long-term investment value.