NFTs Rise from the Grave? Crypto Experts Clash Over Their Future

Just when you thought NFTs were buried, they're back—sparking heated debates among crypto's brightest minds.

Punks, Apes, and Skeptics Collide

The same JPEGs that crashed 90% from their 2021 highs are suddenly flashing green. Trading volumes doubled last quarter—though that’s still pocket change compared to the bull market frenzy.

VCs whisper about 'utility' while degens FOMO into new token-gated drops. Meanwhile, Bitcoin maxis smirk and hedge funds quietly accumulate blue-chip collections (for the 'art,' of course).

One thing’s clear: Whether this is a dead-cat bounce or Web3’s phoenix moment depends entirely on who’s holding the bag.

‘It’s About Belonging’: NFT Supporters Push Back

argues that NFTs are far from dead. He believes they tap into powerful emotional and social dynamics. Projects like Pudgy Penguins, he says, are proving the space is evolving:

It’s mainly a cult-like community and a feeling of belonging to something. The best NFT communities are incredibly supportive and helpful. They all came for the same purpose and support each other in their growth. They even help build the project and become part of the team.

According to data from NFTPulse, the number of active NFT users across blockchains has nearly doubled since early summer. While Solana led the pack initially, Base now accounts for more than 50% of total activity.

Ethereum (ETH) has also seen renewed momentum. Since June, it has surpassed Solana in NFT user count, possibly due to Pudgy Penguins running on Abstract, an ethereum Layer-2.

Čepulis also sees real utility for NFTs beyond speculation. He points to growing use cases in gaming, art, and marketing:

Of course, there is a purpose. In gaming, you can easily transfer assets. Art has also become fractionalized and digital. We haven’t used the full potential of NFTs yet, but they already serve casual users in many ways.

As for long-term growth, he sees signs of real progress. Pudgy Penguins, for example, has managed to turn NFTs into a real business:

It all comes down to adoption. Pudgy Penguins is a great example. Luca, the founder, is bringing NFTs into the world and showing new ways to monetize and improve the industry step by step.

Even when the market treats NFTs like a punchline, Čepulis says they play a serious role in onboarding:

It increases every day. NFTs are the top buy and the best joke of every crypto cycle. But there are people building regardless of market speculation. In my eyes, our future is tokenized, and we are here to make it happen.

‘Digital Receipts’ With No Utility?

But not everyone is convinced.says most NFTs and meme coins still lack utility:

They were created without intrinsic value, legal rights, or lasting utility. These assets are speculation-first products. They’re often ‘digital receipts’ whose prices are largely dictated by HYPE cycles, influencer marketing, and viral trends rather than technological merit.

Raina acknowledges they’ve achieved something few technologies have: pulling millions into digital ownership through a shared cultural experience:

Speculation might get people through the door. But as we see time and time again. It’s the fusion of culture, AI, and true utility that will keep them there.

He believes the future of NFTs lies in combining cultural appeal with tech-driven personalization, verification, and value creation.

takes a balanced view. She agrees that many NFT drops are driven by hype and offer little more than entertainment, but that doesn’t mean they’re worthless.

Yakovenko’s ‘digital trash’ jab isn’t wrong if we’re talking about hollow, hype-only drops. But the demand is real, and that makes them valid. Even if it’s just limited-edition digital loot boxes.

Despite a steady rise in NFT users over the summer, the revenue side tells a different story. According to NFTpulse, earnings in the NFT space peaked back in January. Since then, the trend has largely been downward, with only modest signs of recovery in recent weeks.

She sees potential in real-world NFT applications like event tickets, memberships, and gaming — even if mainstream adoption is still slow:

Tokens in general can be applied in meaningful ways. It’s just a matter of building those use cases.

NFTs continue to divide the crypto community. Some still see a market dominated by hype with limited real-world value. Others point to strong communities, growing user activity, and early use cases in gaming, art, and ticketing. For now, NFTs remain a high-risk, high-interest part of the ecosystem. But with new experiments and platforms gaining traction, their next chapter may already be taking shape.