Non-fungible token ($NFT) The sector faces renewed debate about its long-term relevance, with different views emerging on whether the market is in decline or in transition. Eli Scheinman, a senior advisor at Art Basel, said NFTs as a category are no longer back to previous levels of activity, saying the market is effectively over in its previous form.
However, he said the underlying technology is still being developed, particularly for use cases including digital ownership and new forms of art and collectibles. At the same time, Raul Pal argued that blockchain-based art continues to retain value, citing scarcity, cultural relevance, and social consensus as key factors influencing pricing and long-term demand.
Art is not dead.
Art on blockchain is rare. It’s not dead either.
Art that reflects contemporary culture deserves to be permanently recorded on the blockchain.
Rare art on blockchain with social consensus is valuable.
Prices reflect this.
Not all NFTs are equal…
— Raoul Pal (@RaoulGMI) April 6, 2026
These opposing views come from a broader perspective $NFT The market is showing lower valuations compared to the highs of 2021 and 2022. Activity has slowed and industry momentum has weakened, which is due to $NFT Paris just before the release date.
Collectors remain active despite market downturn
Yat Siu, co-founder of Animoca Brands, said NFTs are still widely held among wealthy collectors. Speaking at the virtual currency conference held in St. Moritz, he said, $NFT This market is maintained by a community of participants who purchase assets for ownership rather than resale. he compared $NFT When collecting in traditional markets such as fine art and luxury goods, ownership often reflects common interests among collectors.
Siu said something personal $NFT He noted that the portfolio had declined by about 80%, but these were long-term holdings.
Pudgy penguin expands beyond digital collectibles
Separately, Pudgy Penguins has introduced Pengu Card, a Visa-backed crypto debit card. This card allows users to spend cryptocurrencies such as: $hostageUSDC, and USDT at over 150 million merchants worldwide with automatic conversion to local currencies.
The product is offered in multiple tiers with various cashback and yield features, and integrates with Apple Pay and Google Pay for contactless payments. In addition, Pudgy Penguins has released physical collectibles embedded with NFC chips, allowing owners to verify ownership of associated NFTs.
Related: Stubby penguin ($hostage) claim top $NFT Spot is up 546% in 4 weeks
