NFT Debate Deepens as Experts Clash on Market’s Future
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Eli Scheinman (Art Basel) says NFTs will not return to prior levels of activity, signaling a structural decline for NFT token performance and broader crypto adoption. Wealthy collectors continue to hold despite sharp valuation drops and reduced market activity, highlighting concentrated ownership and sustained price risk. Pudgy Penguins pivots to payments and utility with a Visa card and NFC-linked collectibles to push real-world adoption and on-chain use cases.
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- NFT debate grows as Eli Scheinman says market won’t return to past highs.
- Wealthy collectors continue holding NFTs despite sharp valuation drops and reduced activity.
- Pudgy Penguins shifts focus to payments and utility with a Visa card and NFC-linked collectibles.
The non-fungible token (NFT) sector is facing renewed debate over its long-term relevance, with different views emerging on whether the market has declined or is transitioning. Eli Scheinman, senior advisor at Art Basel, stated that NFTs, as a category, are no longer returning to prior levels of activity, describing the market as effectively over in its earlier form.
However, he noted that the underlying technology is still under development, particularly for use cases involving digital ownership and new forms of art and collectibles. At the same time, Raoul Pal claimed that blockchain-based art continu…
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