Animoca's chairman backs NFTs to push Ethereum to smash all-time high

Yat Siu, the chairman of Animoca Brands, believes non-fungible tokens (NFTs) could push Ethereum to a new all-time high (ATH). Siu said this while responding to a post about the Ethereum Torch to commemorate Ethereum’s 10-year anniversary.

According to Siu, the decision to create an NFT of the Ethereum Torch for the anniversary is only appropriate given the significance of NFTs to the Ethereum ecosystem. He noted that Ether reached its peak in November 2021 due to the NFT season, and he expects that a resurgence in NFTs could see Ether achieve a new ATH.

The crypto executive noted the importance of NFTs to the cultural ecosystem on Ethereum and called on the networked leadership, particularly its co-founder Vitalik Buterin, to start recognizing the importance of NFTs. He added that the more people who use NFTs, the stronger Ethereum’s network becomes.

He said:

“NFTs are the backbone of the @ethereum cultural economy much more than just financial, it’s about culture, status and ultimately belonging. There are many NFTs benefiting artists, creators, teachers and students too such”

His statement follows a resurgence in ETH value. While several factors have contributed to ETH’s comeback, including the DeFi sector, tokenization, and institutional adoption, Siu believes NFTs are a core feature, not just a side use case.

NFT trading volume slumps in Q2, but sales surge

Meanwhile, Siu’s stance contrasts with ongoing bearish sentiment around NFTs. Global NFT trading volume has declined significantly over the past few years, and the drop continues. According to Dappradar data, NFT volume fell 45% from $1.5 billion in Q1 to about $823 million in Q2 2025.

Interestingly, NFT sales increased during the period despite the decline in trading volume. In Q2 alone, NFT sale counts jumped by 78%, reaching around 12.5 million transactions. Analysts at Dappradar noted that this points to a change in market behavior.

Rather than fewer, high-value trades, buyers favor more modest purchases. According to on-chain data, the average NFT sale on Ethereum now ranges between $80 and $100. That suggests increased interest from casual users or those testing the waters at lower risk levels.

The number of monthly NFT traders increased by 20% from the previous quarter to reach an average of 668,598 users, proving that more users are returning to the NFT sector.

ETH makes a comeback as the NFT market sees a  resurgence

Meanwhile, a resurgence in ETH value appears to be positively affecting the NFT market. Over the past three months, the token has increased by more than 133% to surpass $3,800 for the first time since February 2024 and look primed to see further rise in value.

Interestingly, the total NFT market cap according to Cryptoslam is also near $11 billion after recent gains. While this is below the $15.6 billion peak of August 2021, it represents a positive development.

It is unclear what is driving the resurgence in NFT value, but there have been speculations that NFT treasuries might be in the plan. Blockworks co-founder  Jason Yanowitz noted that the assets have been moving like this with an upward trajectory in price movements.

However, many people believe that NFT treasuries are unsustainable in the current cycle, even though some acknowledged that recent price swings are not random. Ethereum will not be the only beneficiary of the resurgence in NFTs, with the network accounting for only 50% of total NFT volume.

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