My portfolio has dropped 80%, but I am still accumulating. Why does Animoca co-founder坚持NFT?

Yat Siu, co-founder of Animoca Brands, recently expressed a truth that is often overlooked in the current NFT market. In an interview at the St. Moritz Cryptocurrency Conference, he candidly shared that his NFT portfolio has declined by about 80%, but these assets were never intended for short-term arbitrage. This is not an isolated personal stance but reflects a broader difference in understanding among wealthy collectors regarding the intrinsic nature of NFTs.

NFT Collector Mindset

From Short-term Speculation to Long-term Holding

Yat Siu uses the example of Picasso collectors to explain the mindset of NFT collectors—shared appreciation for the same collection philosophy creates a specific community. This analogy is crucial as it illustrates that for true collectors, NFTs are never just trading tools but a category of assets.

According to the latest news, the NFT market still receives strong support from the core community—collectors who focus on holding NFTs rather than profiting from trading. The overall market slowdown does not affect their holding strategies. This exemplifies the long-term value of NFTs—after a bubble bursts, genuine assets and speculative assets will be distinguished.

Why an 80% decline cannot shake holders

Behind Yat Siu’s steadfastness lies a clear logic: these assets were never meant for short-term arbitrage. This means their investment framework is inherently long-term, with price fluctuations within expected ranges. In contrast, investors who entered at high levels expecting quick profits are the ones truly defeated by the decline.

This difference in mindset reflects an important market shift. According to relevant information, the crypto market is transitioning from “Trump moments” (politically driven speculation) to fundamentals-driven growth. In this shift, short-term traders lose political narrative support, while long-term collectors’ strategies appear more resilient.

Market Background Shift

From Political-Driven to Fundamentals-Driven

Yat Siu’s recent series of insights reveal a deep transformation in the crypto market. 2025 has been heavily promoted as the “Trump Year” for crypto, but policy noise (tariffs, macroeconomics, regulation) has not resulted in price movements. Traders treat crypto as a political windfall, but that’s not the reality.

What does this shift mean for NFTs? It indicates that NFTs no longer need to rely on political hot topics to stay popular, nor do they need FOMO-driven capital inflows. Their value must come from more fundamental aspects—practical utility, community, scarcity, and aesthetic value.

Fundamentals of NFTs and Crypto Gaming

Yat Siu emphasizes that the fundamentals supporting the continued growth of crypto gaming remain solid. The market size is huge, with over 3 billion users. The familiarity with virtual goods and currencies, along with the importance of digital-first and native experiences, is evident.

This perspective is important because one of the main application scenarios for NFTs is in gaming. When fundamentals are strong, it indicates genuine user demand supporting NFT value. Virtual assets are no longer purely speculative items but part of digital life.

Future Positioning of NFTs

From Asset Class to Lifestyle

Against the backdrop of the market shifting from political to fundamental drivers, the positioning of NFTs will become clearer. The steadfastness of wealthy collectors, combined with the fundamentals of 3 billion gamers, shows that NFTs are evolving into a real asset class, not just a speculative tool.

Yat Siu himself exemplifies this shift. His 80% decline did not shake his holdings because he was never in it for speculation from the start. This mindset will become more common as the market moves toward fundamentals—genuine value seekers and speculators will be distinguished.

New Narrative for Crypto Assets

It’s also noteworthy that Yat Siu emphasizes the trend of AI and crypto integration. He believes that crypto is inherently a natural asset class of AI agents. This suggests that the future of NFTs will extend beyond collectibles and gaming, potentially into new applications of digital assets in the AI era.

Summary

Behind Yat Siu’s stance of “80% decline and not selling” lies several key shifts in the NFT market:

• Mindset Shift: From short-term speculation to long-term holding, with wealthy collectors leading market pricing
• Market Shift: From political-driven to fundamentals-driven, NFTs no longer rely on hot topics
• Fundamental Stability: The gaming market with 3 billion users provides genuine application scenarios for NFTs
• Positioning Upgrade: NFTs are gradually evolving from speculative items into a true asset class

In this context, the market correction is not the end but a return to fundamentals. Steadfast collectors are waiting for the market to re-recognize the true value of NFTs. This process may be longer than political hype, but it will be more sustainable.