Originally published on: December 12, 2024
The chairman of Animoca Brands, Yat Siu, is confident that non-fungible tokens (NFTs) are set to make a significant comeback and outperform their previous peak in 2021.
In an interview at the Bitcoin MENA event in Abu Dhabi, Siu shared his belief that NFTs will be “even bigger” in 2022 than they were in 2021 when monthly volumes reached up to $6 billion. Despite a recent decline in NFT sales volumes and the closure of some high-profile projects like Kraken and RTFKT, Siu remains optimistic about the future of NFTs.
While acknowledging the setbacks faced by some NFT projects, Siu emphasized that failures are a natural part of business evolution and should not define the entire NFT space. He believes that NFTs will continue to rise as coveted status symbols, comparable to luxury goods that convey cultural and symbolic capital.
Siu highlighted the significance of NFTs as reputation-based investments, similar to owning a valuable painting like a Picasso. Projects like Bored Apes, Pudgy Penguins, and CryptoPunks are seen as status symbols that contribute to an individual’s reputation and offer unique opportunities.
As the NFT market evolves, Siu’s confidence in the resurgence of NFTs remains unwavering, predicting a bright future for these digital assets. Stay ahead of the NFT trends and emerging opportunities by subscribing to the Nifty Newsletter, your go-to source for all things NFT-related. Subscribe today to unlock the potential of the growing NFT landscape!
