Yat Siu, the co-founder of Animoca Brands, says wealthy crypto collectors buying NFTs to own rather than sell are keeping the market alive. Siu explained in an interview at the CfC St. Moritz crypto conference that NFT collectors have a connection to digital artwork, just as traditional art collectors do with Picassos.

The NFT sector may be experiencing stagnation, but it is certainly not dead.

Animoca Brands has acquired gaming and digital collectibles company Somo, adding Somo’s playable and tradable collectibles to its broader portfolio of blockchain-based projects.