The NFT reboot: How some are reimagining its future

The NFT market has collapsed, but efforts are afoot to reinvent and repopularise the technology

Helmi Yusof
Published Thu, Oct 27, 2022 · 06:00 PM

THE global non-fungible token (NFT) mania has faded fast. Trading volumes has plunged by as much as 97 per cent from its US$17 billion peak in January 2022, according to Dune Analytics. But NFT advocates around the world are pushing for its reform and revival, in the belief that the technology offers a plethora of benefits no other technology can match.

In Singapore, creative entrepreneur Jaye Foo has just unveiled a virtual band named Manifest made up of CryptoPunk avatars from his NFT collection. This comes on the heels of Bored & Boozy, a beer line he launched with his co-partners, which features Bored Ape Yacht Club avatars on the cans. Then there’s his NFT bar and lounge on Owen Road called The Parlour Singapore where one buy a drink and an NFT at the same time.  

“The beauty of the Bored Ape/Mutant Ape Yacht Club NFTs,” says Foo, “is that you own its full Intellectual Property rights. So you can commercialise it any way you want.”


BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to



Get the latest coverage and full access to all BT premium content.


Browse corporate subscription here