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While it’s evident that NFTs lost the glory they once had, Animoca Brands co-founder Yat Siu defended the non-fungible token market during a Bloomberg interview with host Caroline Hyde.

According to Siu, the NFT world remains strong despite the faded activity. He highlighted that the industry continued to rake up massive sales. He revealed that the non-fungible token industry made $24 billion in sales in  2022.

The co-founder stated that 4.7 billion of NFT sales took place in Q1 2023. That means individuals continue to see value in these assets. Moreover, NFT owners and creators enjoy 90% of the generated value.

Siu compared NFTs to one of the largest creative sites globally, Spotify. While pointing out that musicians cannot earn on Spotify, the streaming platform only paid $7 billion in 2022.

While slamming Spotify, Yat Siu stated that artists, gamers, and traders could earn income with non-fungible tokens. Nonetheless, only individuals that know how the space works can reap big. The co-founder said;

“People who don’t understand the Metaverse are very easy to throw rocks at it. But once you enter it, nobody ever comes out.”

“Well. The issue for regulators on the other hand. For instance, I think in Europe, they can defeat many of the privacy issues if they actually embrace blockchain.”

Yat Siu trusts regulators have made it challenging for small firms to join the blockchain technology, citing expensive requirements. He added that blockchain ensures inclusive accessibility.

Moreover, individuals have control over their data. Siu believes regulatory frameworks should consider data an asset for fair and proper monetization.

The post Animoca Brands co-founder explains why NFTs aren’t dead appeared first on Invezz.

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