Is the NFT Hype Dead or Just Taking a Nap? Rarible’s Salnikov Weighs In

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Ah, the good old NFT boom of 2021. The year when artists, investors, and collectors rode a wave of excitement, only to watch it crash, leaving many questioning whether the entire thing was just an illusion.

Alexander Salnikov, co-founder of Rarible, thinks all the fuss isn’t about a collapse, but more of a… “shift.” In a rare moment of optimism, Salnikov shared his thoughts on the state of NFTs in 2025 and where they might be headed. Spoiler alert: he’s not completely convinced it’s the end of the line.

Are NFTs Still Relevant in 2025, or Have They Completely Disappeared into the Digital Abyss?

Well, if you thought NFTs were a flash-in-the-pan, you’re not entirely wrong. They exploded onto the scene, fueled by an absurd level of hype and excitement, and sure, there was bound to be a correction. The tech world is nothing if not cyclical.

Take the latest DappRadar report, for example. In 2021, the art NFT market raked in a stunning $2.9 billion. Yet, by Q1 of 2025, that number had plummeted to just $23.8 million. Ouch. That’s a 93% drop. Guess that’s what happens when people realize it’s not all about buying pixelated apes.

And traders? Well, in 2022, there were a record 529,101 active traders. Fast-forward to Q1 of 2025, and only 19,575 remain. That’s a 96% drop. Looks like they got the memo that it’s time to leave the party.

Not to mention that 2024 was basically the NFT market’s version of “the year we all tried to forget.” According to a study, 98% of NFT projects from that year are now, well, “dead.” But hey, who’s counting?

Despite this, Salnikov is still all sunshine and rainbows when it comes to the future of NFTs. He’s not throwing in the towel just yet. His stance? NFTs need purpose. A clear one. Not just “let’s make a fortune off a doodle.”

“Remember the early days of the internet? After the .com bubble burst, people said the internet was just a fad. Now, we’re all addicted to it,” Salnikov said, almost as if he was talking about NFTs in the same breath as Wi-Fi.

Salnikov continued, pointing out that when NFTs are viewed merely as speculative assets, trust flies out the window. But when they serve a clear purpose—such as fostering community engagement or offering real-world value—they actually make sense.

Instead of calling it a collapse, he prefers to call it a “recalibration.” Because, of course, what we’re really seeing is a shift from overblown hype to something that may just have legs.

“The speculative phase is over. Now, NFTs are evolving into infrastructure—tools creators use to build communities, products, and new digital economies,” he mused. Sounds fancy, right? Maybe even a little too optimistic?

NFTs Beyond the Hype: Time to Make Them Actually Useful (Imagine That)

Salnikov insists that utility is no longer some far-off dream. NFTs are already being used for membership, loyalty programs, and player identities. Can’t wait to tell your grandkids you were a digital warrior in 2025!

He also pointed out that NFTs are making their way into the real world—yes, really. Tying digital assets to physical merchandise, events, and even real-world properties seems to be the new trend. According to Binance Research, people are serious about this crossover.

Some prime examples? Azuki’s physical-backed NFT with Michael Lau, The Sandbox’s Jurassic World collab, EGGRYPTO’s anime characters with Eparida, and Sony’s partnership with LINE to create Web3 mini-apps. Because, who doesn’t want a dinosaur NFT?

“The next wave isn’t about chasing trends—it’s about unlocking ownership and access for the internet generation,” Salnikov quipped. Just don’t ask him how he feels about *yet another* digital dinosaur.

Of course, some companies are not feeling quite so optimistic. Major platforms like Bybit, X2Y2, and Kraken have already bid their NFT services farewell. But fear not! Some are diversifying, like Magic Eden, which branched out by acquiring Slingshot. However, Salnikov is having none of that.

“We’re not slapping on random features just to look busy. We’re building NFT commerce that actually fits the communities,” he said, probably rolling his eyes.

In case you didn’t catch that, Salnikov’s approach focuses on customizable, on-chain marketplaces—tailored for whatever niche your community fits into. Gaming? Check. Legacy brand? Check. Random meme collection? Well, that’s your call.

“NFTs are the feature—they just need the right framing,” Salnikov declared. Finally, a little clarity!

When Celebrities Get Involved: The Shiny, Sparkly, Yet Fading Trend

Ah, celebrities. They’re always late to the party but somehow make it *feel* like they’re the reason it’s happening. Justin Bieber, Madonna, and Neymar all dabbled in the NFT craze, but as we know, their investments have not exactly been the gold mine they expected.

Take Bieber’s purchase of Bored Ape #3001. He spent 500 ETH (around $1.3 million at the time) on this gem from Yuga Labs’ Bored Ape Yacht Club. Fast-forward, and the same NFT is worth a mere 13.51 WETH (about $24,174). A drop of 98.1%. Ouch. At least he’s still got the fame, right?

Salnikov is quick to point out that celebrity drops are fleeting. “Celebrity drops will come and go—it’s the culture behind them that determines if they stick,” he said, probably adding, “You can’t just throw your name on a monkey and call it art.”

He also emphasized that real value lies in the creative direction behind the NFTs, not just the star power. If a drop taps into music, fashion, or fandom, then, and only then, does it have the potential for lasting value.

“We’re more interested in creators who are building for the long haul than just chasing headlines,” Salnikov said, because, of course, someone has to be the grown-up in this situation.

And for those interested in actually using NFTs (gasp), Salnikov stressed the importance of making the process accessible. He wants onboarding to feel more like buying a coffee and less like navigating an old Windows XP machine.

Rarible’s focus is on making each marketplace something people *want* to use. You know, with fiat onramps, low-cost mints, a clean UI, and, oh, content people can actually connect with. Because if no one cares about the content, what’s the point?

“We’re not selling NFTs—we’re powering experiences that just happen to be onchain,” Salnikov concluded, throwing in the mic drop.

So, is the NFT market in a new phase of growth, or are we just waiting for the next crash? Only time will tell, but hey, at least it’s interesting, right?

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2025-04-23 16:13