The NFT reboot: How some are reimagining its future

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.”