Despite a significant downturn in NFT valuations since their peak in 2021/22, the market remains vibrant, driven by wealthy collectors, according to Yat Siu, co-founder of Animoca Brands. Speaking at the CfC St. Moritz crypto conference, Siu emphasized that NFTs continue to attract affluent digital art enthusiasts, likening the community to collectors of traditional art or luxury items. He noted that while his own NFT portfolio has decreased by 80%, these assets are long-term investments. Siu highlighted that current monthly NFT sales are approximately $300 million, a substantial figure compared to the market's inception. He cited billionaire Adam Weitsman's public acquisitions of NFTs like Otherdeed lands and Bored Apes as examples of ongoing interest. Siu also addressed the cancellation of NFT Paris, attributing it to France's shifting stance on crypto and security concerns, rather than a decline in NFT interest.