The Type of Family Connecting to NFTs: Why Wealthy Collectors Are the Key to the Market

Amid market changes and regulatory challenges, NFTs continue to grow thanks to a particular group — wealthy collectors with a deep interest in digital art. This concept of a “family type” supporting alternative assets is not just about investment but about building a community with a shared purpose.

From $1 Billion to a $300 Million Market: The Real Story of NFT Sales

The numbers speak for themselves. At the peak of 2021 and 2022, monthly NFT sales reached over $1 billion — a period many believed marked the start of a permanent boom in the industry. Today, the situation is vastly different.

In the past month, NFT transaction volume has fallen to around $300 million. This is a significant decline — nearly 70% from the peak — but it doesn’t mean the market is completely gone. Instead, this movement indicates a major shift: casual buyers and those entering just for quick profits have abandoned the space, while serious collectors remain.

The Digital Family-Type Collection: How the Wealthy Invent NFTs

According to Yat Siu, co-founder of Animoca Brands, the global collection follows the same pattern as traditional art patronage and luxury goods collection. “Are NFTs still popular among wealthy collectors? Yes, of course,” he said in an interview at a crypto conference in St. Moritz.

Its approach demonstrates a deep understanding of the “family type” dynamic that guides the luxury market. Just as a child in a family business might study Picasso collections because their parents are art enthusiasts, children of wealthy families are naturally connected to digital art and blockchain-based collectibles.

“This is like a Picasso collector — they will be interested in everyone else collecting Picasso. You become part of a community,” Siu explained. “The same logic applies to collectors of Ferrari, Lamborghini, or Rolex. It’s just the digital version of a family with shared values and interests.”

A concrete example is billionaire Adam Weitsman, who actively purchases high-value NFTs such as Otherdeed — digital titles in Otherside, a 3D virtual world built by Yuga Labs — and Bored Apes. These actions are not random; they are part of a larger investing philosophy seen as long-term asset ownership.

The Past Decade: How NFTs Evolved from Cryptokitties to Today

The story of NFTs didn’t start in 2021. In fact, the earliest use of non-fungible tokens occurred in late 2017 on the Ethereum blockchain, when digital collectibles like Cryptokitties went viral. Like other crypto phenomena, NFTs come in waves — full of excitement, hype, and periods of settling down.

This initial wave grew rapidly, reaching a peak expected in 2021-2022, where monthly volume exceeded $1 billion. But like everything else, momentum is not permanent. Newcomers, “flippers,” and those dreaming of quick riches gradually left.

Yat Siu himself has experienced this market volatility. His personal NFT portfolio has dropped by nearly 80%. “But,” he added, “those NFTs were not bought for flipping or quick resale. They are long-term assets — things like this are important to us.”

Why France and Security Are Holding Back NFT Paris and the Market

The postponement of NFT Paris — a major event scheduled to open in just a month — is not directly due to NFTs themselves. Instead, it reflects larger geopolitical and security concerns.

France has recently become anti-crypto. Regulatory agencies are scrutinizing innovative projects, including Sorare, a fantasy soccer game that has become regulated as gambling. “France has completely shifted away from cryptocurrency,” Siu said. “We see the same opposition across Europe, not just in the NFT sector but in the broader crypto landscape.”

Security issues have also increased. Over the past year, France has faced numerous kidnapping attempts and robberies targeting high-profile crypto executives and investors. “Many people, including myself, are actively trying to avoid Paris due to safety concerns,” Siu added. “NFT Paris was not targeted because of the sector — it became a victim of the larger security climate and the anti-crypto stance of the French government.”

The Family Type That Will Shape the Future of NFTs

While overall market volume has declined, the “family type” of wealthy investors — those with long-term vision and genuine interest in digital art — continues to build the ecosystem. This “family type” concept, where generational wealth and cultural values come together, will be the foundation of a sustainable NFT market.

Five years ago, there was no real USD market for digital collectibles. Today, even with lower volume, the market continues to grow. “All of this is relative,” Siu said, “and depends on how you look at it. The beauty of blockchain is transparency — all data is visible and verifiable.”

NFTs are not dead. They have simply transformed, from a speculative bubble into a more rational and sustainable market driven by genuine collectors and “family type” investors willing to commit to the long-term future of digital assets.