NFTs Are Dead (Except When They're Priceless): Experts Continue to Do Expert Things

The eternal NFT debate has resurfaced, because apparently we haven't learned our lesson and the blockchain needs content.<br><br>Eli Scheinman, senior advisor at Art Basel, dropped the bearish take: NFTs as a category are no longer returning to prior activity levels. The market, in its earlier form, is effectively over. But hey, the underlying tech is still cooking — digital ownership and new forms of art and collectibles aren't going anywhere. RIP JPEG flipping, hello digital property rights or whatever.<br><br>Meanwhile, Raoul Pal is having none of it. Blockchain art still holds value, he says. Scarcity, cultural relevance, and social consensus keep demand alive. His exact words: "Art is not dead. Art on blockchain is scarce. It is also not dead. Art that reflects the culture of today, permanently recorded on the blockchain is valuable. Scarce art on blockchain that has social consensus is priceless. Prices reflect this."<br><br>Pick your fighter. Place your bets. May the best bull or bear win, or whatever happens in this circus.<br><br>The backdrop: valuations have dropped from 2021-2022 highs, activity has slowed, and NFT Paris got cancelled right before launch. Ouch. Nothing says "we're totally fine" like an event cancellation and a 90% drawdown.<br><br>But wealthy collectors are still holding. Yat Siu, co-founder of Animoca Brands, told attendees at a St. Moritz crypto conference that the NFT market is sustained by buyers who actually want ownership — not just flippers. He compared it to fine art and luxury goods, where collectors collect because they love the thing. His personal portfolio? Down roughly 80%. But he's not selling. Long-term play, apparently. Diamond hands meet diamond prices.<br><br>In other news, Pudgy Penguins is out here doing Pudgy Penguins things. They just launched the Pengu Card — a Visa-backed crypto debit card that lets users spend $PENGU, USDC, and USDT at over 150 million merchants worldwide. Automatic fiat conversion, Apple Pay and Google Pay integration, multiple tiers with cashback and yield features. The degens really can buy groceries now. Breadline HODLers, assemble.<br><br>Oh, and they also dropped physical collectibles with NFC chips. Scan to verify your NFT ownership. The phygital dream lives on. Because nothing says "digital ownership" like physically touching your JPEG.