Animoca Brands’ Yat Siu told Cointelegraph that NFTs can be considered an investment in one’s reputation, similar to a Picasso artwork.
Animoca Brands chairman Yat Siu believes that non-fungible tokens (NFTs) will make a comeback and perform better than they did during their peak in 2021.
Siu told Cointelegraph in an interview at the Bitcoin MENA event in Abu Dhabi that NFTs will be “even bigger” than during 2021 and 2022. Back then, NFT monthly volumes ranged from $1–5 billion, peaking at $6 billion in January 2022, according to data tracker CryptoSlam.
Since then, NFT sales volumes have declined, struggling to reach even $1 billion. Projects expected to succeed have also decided to close down. On Nov. 26, crypto exchange Kraken wound down its NFT business, while the Nike-owned NFT project RTFKT announced on Dec. 2 that it would shut down operations in January.
