非同質化代幣（NFT）市場突然重現生機。單日之間，NFT市值激增逾10億美元，由約51億美元跳升至63億美元——升幅達23%，出乎市場意料。長期低迷的日成交量亦同步爆升3至4倍，24小時內攀升至約3,700萬美元。這種突如其來的活躍，令加密貨幣界熱議：「NFT真係返嚟？」市場甚至憧憬這或標誌著曾極受熱捧的數碼收藏新一輪週期的開始。經歷一年多熊市的洗禮，即使復甦跡象仍猶豫不決，市場重現正面情緒與審慎分析並存。
藍籌NFT帶頭急升
根據CoinGecko，頂級NFT系列單日普遍錄得大升，CryptoPunks領跑，Pudgy Penguins、Bored Ape Yacht Club等亦大幅攀升。
今次NFT反彈主要由藍籌系列帶動，這些高價值、早已建立聲譽的項目象徵著整個NFT領域。經典的CryptoPunks（自2017年起發行的1萬件像素藝術收藏）24小時內底價狂飆近16%，升至約47.5 ETH（約179,000美元）。在這波行情之中，逾80個CryptoPunks成功易手，新買家紛紛「撈底」收集這些具歷史地位的NFT。緊接其後，Pudgy Penguins頭像系列單日上升約15%，底價衝上16.6 ETH（約63,000美元）。大量Pudgy Penguins NFT被瘋搶，反映市場看好其持久吸引力和成功走進主流IP授權。至於曾經代表NFT瘋潮的Bored Ape Yacht Club（BAYC），當日底價亦回升約7–10%。其它以太坊系列如Moonbirds（像素貓頭鷹）、Lil Pudgys（Pudgy Penguins分支）甚至錄得17%至34%的底價升幅，不過起點較低。最矚目要數Memeland旗下極罕「YOU THE REAL MVP」小系列（僅420枚），底價瞬間瘋漲逾1,200%至約69 ETH，反映投機情緒依然未絕。
這場藍籌資產廣泛反彈，極大提振NFT市場指數及買家情緒。據CoinGecko，當日NFT總市值飆升21–23%，高達約63.4億美元。與數月前形成鮮明對比——2025年初季度NFT成交量創多年低位（2025年第一季比上一季跌61%），市場一片冷淡。如今藍籌NFT再度成為搶手貨，不論底價或成交量均見回升，顯示有部份收藏家及投資者已重返市場。「我哋真係返咗嚟喇？」一位NFT社群成員在社交平台笑言——更說有人買入Mutant Ape NFT即刻將個人簡介改為「全職Web3顧問」，重現上次牛市盛況。雖然半開玩笑，卻很貼切道出市場情緒由放棄轉而重燃希望。不過，資深分析師提醒要謹慎：NFT整體規模遠遜昔日，要確定這股升勢是否能持續仍需觀察。
復興動力：以太坊、巨鯨入場及宏觀利好
多項推動因素同時引爆NFT復甦。首先是整體加密貨幣市場正在反彈。以支撐大部份NFT的區塊鏈平台Ethereum近期強勢，過去一個月大升逾55%，最近攀至3,814美元，是自2023年底以來最高。NFT通常以ETH定價，以太升值自然提高市場信心和購買力；回望2021年底一輪大牛市，亦與ETH破新高近4,600美元同時發生。Animoca Brands主席蕭逸強（Yat Siu）點出：「ETH上次創高……亦即NFT季節。今次如NFT於ETH上再起，除咗財務因素，我們可望見到全新高位。」他強調NFT是「以太文化經濟的骨幹」，真正價值來自文化、身份、歸屬感，而不單是投機。換言之，NFT活躍度攀升，有助推動以太坊社群和區塊鏈使用，從而正向反饋推高ETH價值。美國近期加密友好監管措施亦提升市場情緒。2025年中美國通過具劃時代意義的GENIUS法案，作為首部規管穩定幣的聯邦法律，加密資產正式納入主流金融體系，監管明朗化令更多機構、公司願意佈局ETH，間接利好NFT市場，吸引大戶進場儲備ETH。
另一關鍵推手是「巨鯨」回歸——即極具財力的收藏家或基金，可以左右市場。NFT暴漲當日，區塊鏈追蹤發現有個新錢包在數小時內動用2,082 ETH（570萬美元）掃貨45枚CryptoPunks，這種藍籌大規模掃貨多年未見。此舉即時收窄Punks供應，抬高底價，間接引發其他買家FOMO（錯失恐懼），大戶掃貨也象徵這些資產被低估，猶如精明投資者熊市撈底。「市場突然火起來……幾個月來最大升勢」，一份報告指出NFT成交量單日衝至六個月高位。日均二手成交量由1,000萬美元暴升至超過4,000萬美元，升幅達300–344%。大部份增長來自上述頂級系列，可見巨鯨、老牌收藏家信心回歸。
整體加密幣投資情緒近月亦轉趨極度樂觀，利好外溢至NFT這些「高Beta」類資產。比特幣首次突破10萬美元大關（近日觸及約119,000美元），受潛在比特幣ETF獲批及宏觀環境提振。當比特幣、以太同破頂，整個數碼資產市場氣氛升溫，帶動NFT重現「NFT季節」。Blockworks聯合創辦人Jason Yanowitz評論：「NFT正如將推出NFT基金類產品般激烈炒作」，暗示投資界正揣測有機會出現NFT指數基金、NFT金融工具等機構級產品。正如ETF吸引主流資本湧入比特幣，若NFT出現同類投資工具，精明資本將提前吸納NFT，形成推升動力。即使這些產品現時多屬設想，單是「機構錢」準備入場的傳聞，已足以帶動加密市場炒作。
值得留意是最近的NFT升浪，質優多於量擴——活躍買家人數遠不及2021牛市高峰。數據顯示NFT獨立活躍買家按年仍跌逾五成，整體成交數量亦下降12%。換句話說，目前市場寬度明顯較窄——以幾個巨鯨及有心收藏家主導升勢，並非全面散戶入場熱。這波升浪究竟標誌長期復甦還是一時「反彈」仍待觀察。但更強勢的ETH、巨鯨出手、文化熱潮回歸，起碼令NFT重新進入市場焦點。就連2021年曾以NFT售出6,900萬美元並成為象徵人物的著名數碼藝術家Beeple，見證這波大反彈後亦發佈新作品《BIG SWEEP》，以掃帚掃起像素Punk頭像，輕鬆諷刺巨鯨「掃貨」熱潮。連Beeple也開始拿現時NFT走勢來創作，市場轉強之徵已明顯勝過前一段時期的沉寂。
文化與社群：NFT重申非財務價值
這波市場初步回暖，背後是NFT文化及社群層面的重拾。2021年瘋狂投機時代，人們容易將NFT當成炒賣致富工具。經歷暴跌後，支持者重新強調NFT的價值來自社群、身份及創意表現——即文化——而非單靠金錢升值。Animoca的蕭逸強說：「NFT是以太坊文化經濟的骨幹」，指出比起代幣和DeFi，NFT才真正代表Web3社群中的身份及地位。確實，擁有某些NFT可進入專屬圈子（網上及現實俱有）、展示身份（Twitter頭像、Discord職級等），並標示自己對某種潮流或審美認同。即使在熊市，這層意義依然存在，專注NFT的社群仍然持續舉辦聚會、 collaborate on creative projects, and nurture their subcultures while prices were down. Now, as interest returns, those social foundations could prove vital in sustaining a more organic, sticky growth phase for NFTs.
在價格低迷的時候，大家可以一齊合作搞創意項目，同時培養屬於自己嘅小圈子。依家，市場興趣回升，呢啲社交基礎可能好關鍵，幫到NFT行業維持一個更加自然同持久嘅增長階段。
Several recent developments reinforce the cultural resurgence around NFTs. For one, web3-native art and collectibles have started permeating mainstream platforms again, but in new ways. In July, legendary rapper Snoop Dogg – one of the earliest celebrity NFT enthusiasts – managed to sell out a drop of nearly 1,000 NFT “passes” on Telegram in under 30 minutes. This creative sale (tied to a weed-themed digital collectible) combined Snoop’s cultural cachet with an accessible distribution channel (Telegram chat app), sparking conversations about NFTs finding novel paths to audiences. It indicates that even outside the crypto bubble, demand for culturally relevant NFTs (especially when pushed by major influencers or brands) is still present. Likewise, major brands and personalities have continued to experiment with NFTs as a way to engage fans, even if earlier hype had faded. For example, ticketing giant Ticketmaster quietly rolled out features to integrate NFTs into the live events experience. By 2023, Ticketmaster had minted nearly 15 million digital collectible ticket stubs for the NFL and other events on the Flow blockchain – turning attendees’ tickets into free commemorative NFTs. Then in a pilot with rock band Avenged Sevenfold, Ticketmaster introduced NFT-gated ticket sales, allowing holders of the band’s NFT fan club passes to get exclusive early access to concert tickets. The trial was a success (about 1,000 tickets sold to NFT holders without scalpers involved), and Ticketmaster opened the token-gating feature to any artists with an NFT community. This kind of integration points to a future where NFTs function as digital membership cards or fanclub passes, unlocking real-world benefits for holders. It’s a far cry from the pure speculative flipping of cartoon JPEGs – instead, the NFT acts as a bridge between creators and their audience, reinforcing loyalty and experience.
最近有幾個發展，都再一次證明NFT文藝復興嘅氣氛。其中一個例子係Web3本土藝術同收藏品再次用新嘅方式滲入主流平台。2023年7月，傳奇級rapper Snoop Dogg——即係最早一批NFT名人支持者之一——喺Telegram成功賣出接近1,000張NFT「入場證」，仲要半個鐘內賣晒。今次創新嘅發售（同大麻主題數碼收藏品有關）結合咗Snoop嘅文化影響力同簡單嘅分發渠道（即Telegram），即刻引起咗NFT用新渠道觸及群眾嘅討論。反映出就算脫離加密圈，具文化共鳴嘅NFT（尤其係有大Influencer或者品牌推動）依然有市場。另一方面，大品牌同名人都仲繼續用NFT嚟同粉絲互動，雖然早期炒賣熱潮已經淡化。例如賣飛龍頭Ticketmaster靜靜雞加入咗NFT元素去增強現場活動體驗。到2023年，Ticketmaster已經喺Flow區塊鏈上為NFL同其他活動鑄造過近1,500萬張數碼收藏飛——即係將門票變成紀念用嘅NFT。之後同搖滾樂隊Avenged Sevenfold試行NFT限定售票，只要你有佢地NFT Fanz Club通行證，就可以優先買演唱會門票。結果相當成功，NFT持有人買咗1,000張飛，冇黃牛參與。Ticketmaster仲開放呢個Token gating功能比所有擁有NFT社群嘅藝人。呢種整合同表明，將來NFT可以做數碼會員卡或者粉絲證，為持有人解鎖現實世界福利。完全唔係純炒賣卡通JPEG咁簡單，NFT變成創作者同觀眾之間嘅橋樑，加強粉絲忠誠度同「體驗」。
The notion of “NFTs as community infrastructure” is gaining steam. Rather than focus on one-off pricey art sales, many projects now emphasize building a brand and universe that engages NFT holders over the long term. A standout example is Pudgy Penguins, the cute cartoon penguin PFP collection that, against all odds, became a bear-market comeback story. Pudgy Penguins leaned heavily into community-driven IP (intellectual property) – allowing NFT holders to utilize their penguin characters for creative projects and merchandise – and the strategy has paid dividends. In late 2023, Pudgy Penguins launched “Pudgy Toys” – physical plushies and figurines based on the NFT characters – and secured distribution in major retailers like Walmart. The toys turned out to be a hit: by early 2024, over 750,000 Pudgy Penguin toys had sold (>$10 million in sales) and the line expanded to 3,100 Walmart stores nationwide. Each toy includes a QR code that lets the buyer claim a digital Penguin avatar or item, subtly onboarding new users into the NFT world. Importantly, original NFT holders benefit from this success: Pudgy Penguins instituted an IP licensing program where if your specific Penguin NFT’s artwork is used in a toy, you receive a royalty (up to 20% of net sales). Thus, the community’s interests are aligned with the brand’s expansion. This culminated in Pudgy Penguins’ NFT floor price rising 5X over a three-month span in late 2023, even as the broader market sagged. By spreading into mainstream culture (toys, social media content, etc.) while rewarding its community, Pudgy Penguins showcased a sustainable model for NFT projects. As one analyst noted, Pudgy Penguins thrived “amid a gradually sinking market for tokenized collectibles” by bringing products to larger audiences and returning value to holders. Their success even earned them the title of 2023 NFT Project of the Year in some circles. This story underscores how NFTs, when viewed as brands and communities rather than pure assets, can endure and prosper through an otherwise harsh market.
「NFT作為社區基建」呢個睇法愈嚟愈受重視。唔係淨係追求一場過高價成交，而係著重建立品牌同世界觀，長遠同NFT持有人互動。Pudgy Penguins正正係超級成功嘅例子——呢個可愛企鵝卡通PFP系列，竟然喺熊市走勢中翻身變成經典。Pudgy Penguins大搞社區共治IP，你持有嘅NFT企鵝可以拎嚟用喺創意項目或者出周邊，效果好好。2023年底出咗「Pudgy Toys」——即係根據NFT角色設計嘅實體公仔、擺設——仲成功入駐Walmart等大型零售商。結果成績突出：到2024年頭，已經賣超過75萬隻Pudgy Penguin公仔，銷售收入超過千萬美金，全美3,100間Walmart有售。每隻玩具都有QR碼，買家可以領取數碼Penguin虛擬角色或者虛擬物品，低調導入新客入NFT世界。原本NFT持有人都直接受益，計劃設有IP授權制度——如果你隻企鵝NFT嘅Artwork用咗做公仔，你分得高達20%凈銷售分紅。所以社區同品牌利益一致。結果係，Pudgy Penguins NFT地板價2023年底三個月內升咗五倍，雖然大市仍然低迷。將品牌帶入主流文化（玩具、社交媒體內容等），同時回饋社區，證明到NFT都可以有可持續發展模式。有分析講得啱：「Pudgy Penguins喺Token化收藏品市場慢慢沉底嗰時，反而靠擴大受眾搵到出路，回饋持有人。」佢哋嘅成功甚至有地方封佢為2023年度NFT項目。呢個故事證明只要NFT當品牌同社群咁營運，而唔係純粹炒資產，就可以穩中向好，捱過逆市。
Other blue-chip NFT communities have similarly doubled down on building long-term utility and cultural relevance. Yuga Labs, the company behind Bored Ape Yacht Club, spent the bear market developing a metaverse gaming platform called Otherside and expanding the BAYC franchise into new media. By 2024, however, Yuga faced reality: Bored Ape NFT floors had collapsed about 90% from their peak in April 2022, and the hype around virtual land deeds (Otherdeed NFTs) had fizzled – trading at just 0.2 ETH floor (also down ~90%). In response, Yuga Labs announced a major restructuring and “back to basics” pivot. The team aimed to become leaner and more “crypto-native,” cutting peripheral projects to focus on delivering the core vision of Otherside and reinvigorating the Ape community. This included selling off some game initiatives and refocusing on what BAYC holders originally valued: exclusive experiences, creative storytelling, and status within a premier crypto community. The market reacted with cautious optimism – BAYC and Mutant Ape NFT prices actually ticked up 10–20% on news of the renewed focus. This illustrates that even at lower valuations, blue-chip NFT holders remain deeply invested in the future potential of these communities. If the companies behind them can execute on promised games, events, or partnerships (essentially building the “Disney of Web3” as Yuga aspires), then the NFTs could regain their cachet. Similarly, projects like Doodles (colorful characters) and Azuki (anime-themed NFTs) have been transitioning to broader entertainment ventures – from music and animation studios to fashion collaborations – attempting to turn their NFT IP into recognizable franchises. The immediate financial rewards of these efforts are uncertain, but they signal a maturation: NFT teams are playing the long game, trying to create genuine cultural brands that outlast the speculative bubbles.
其他藍籌NFT社群都同樣加大努力，專注發展長遠用途同文化價值。Bored Ape Yacht Club背後嘅Yuga Labs，就喺熊市期間加緊開發元宇宙遊戲平台Otherside，同時搵途徑令BAYC擴展到新媒體。去到2024年，Yuga現實面對新挑戰：Bored Ape NFT地板價由2022年4月巔峰跌咗九成，虛擬土地（Otherdeed NFTs）熱潮亦消退，地板只剩0.2 ETH，都係跌咗成九成。作為回應，Yuga Labs宣布大規模重組，同「回歸基本」。團隊重點係做得更精簡、更貼地區塊鏈文化，砍走周邊項目，專注實現Otherside主線，同重振Ape社群。當中包括賣咗啲遊戲業務，專注BAYC持有人最重視嘅專屬體驗、創意內容、同喺頂尖加密社區嘅地位。市場反應審慎樂觀，BAYC同Mutant Ape NFT消息一出升返大約10-20%。顯示即使估值跌咗，藍籌NFT持有人對社群未來仍然好有信心。如果背後公司做到承諾遊戲、活動、合作（實現「Web3版迪士尼」理想），NFT都可以拾回魅力。Doodles（色彩繽紛角色）、Azuki（動漫主題NFT）等項目都密鑼緊鼓發展更闊嘅娛樂產業——由音樂、動畫工作室到時裝聯乘——希望將NFT IP變成大眾熟悉嘅品牌。即時回報未必清楚，但可見NFT團隊已決心打長線牌，要建立持久文化品牌，唔止炒一波就散。
Under the hood, the infrastructure and user experience for NFTs have also been improving, driven by lessons from the boom-and-bust. For one, high transaction fees on Ethereum – which were a major pain point during the 2021 frenzy – have been mitigated by the rise of Layer-2 networks and alternative blockchains for NFTs. Many NFT minting and trading activities have migrated to networks like Polygon, Arbitrum, and Immutable X, or to Ethereum “rollups”, which offer much lower fees and faster confirmation times. This has enabled new NFT use cases (gaming, in particular) to flourish without prohibitive costs. Even the Bitcoin blockchain joined the NFT party in 2023 through the advent of Ordinals, which allowed Satoshi-level inscriptions of images and created a wave of Bitcoin NFTs. Interestingly, while most NFT categories saw prices and volumes plummet in 2022–24, Bitcoin-native NFTs bucked the trend – average prices for Bitcoin-based digital art surged nearly 900% from 2023 to early 2025. This suggests a growing collector interest in “historical” or alternative-chain NFTs, expanding the ecosystem beyond Ethereum. Cross-chain NFT marketplaces and bridges are popping up, hinting at a future where a user might not even know (or care) which chain their NFT is on, as long as it confers the desired utility or ownership.
基礎設施同用戶體驗亦不斷進步，吸收過往瘋牛熊市教訓。例如，以太坊交易費用（GAS費）以前係2021年大牛市最頭痛之一，而家因為Layer-2網絡同其它區塊鏈興起大大改善。好多NFT鑄造或交易已經搬晒去Polygon、Arbitrum、Immutable X，又或者以太坊「Rollup」網絡，交易費平咗好多，確認又快咗，成為新用例（尤其遊戲）嘅溫床，唔使被高成本拖死。連Bitcoin區塊鏈2023年都加入NFT浪潮，靠Ordinals协议令Satoshi單位都可以刻圖像，催生比特幣NFT新熱潮。特別奇怪地，2022-24年多數NFT價格同交易量下挫，比特幣原生NFT反而逆市而上——比特幣數碼藝術品平均價格2023年至2025年初升幅近九倍。反映收藏家對「歷史性」NFT或者非以太坊鏈NFT越來越有興趣，生態圈開始唔止局限以太坊。多鏈NFT市場同橋樑服務亦陸續出現，暗示日後用戶未必知／關心NFT喺咩鏈，只要有想要功能或擁有權就得。
Additionally, the NFT marketplace landscape has undergone a shake-up that may ultimately benefit collectors and creators (albeit with some controversy). During the bear market, upstart trading platforms like Blur aggressively courted high-volume traders with reward incentives, overtaking OpenSea in trading volume by offering zero trading fees and only minimal royalties. This sparked a “race to the bottom” on fees industry-wide: by mid-2023, OpenSea dropped its 2.5% marketplace fee and made creator royalties optional (essentially tip-based), bowing to market pressure. While this was a blow to NFT artists (as one Verge headline put it, “a key feature of NFTs has completely broken”), it also lowered friction for buyers and possibly kept the market more liquid during the downturn. Creators understandably protested – the promise of perpetual resale royalties had been part of the NFT value proposition, and now that promise was being abandoned. “This is fundamentally wrong and hurts the entire NFT space,” one NFT founder told The Verge in August 2023, noting that many artist-run projects had counted on those royalties for revenue. In the long run, the community may seek technical solutions to enforce royalties or new revenue models (like NFT projects doing more primary drops or offering premium tiers). For now, however, the lowered fees have arguably made NFT trading more accessible for newcomers and removed an element of market distortion (where traders would avoid certain platforms or wrap NFTs to evade royalties). More transparent pricing and competition among marketplaces could help the NFT space mature, even if it came at the cost of early idealism about automatically paying artists. The ongoing debate has spurred innovation too – for instance, some projects experimented with “on-chain enforcement” of royalties or social agreements that collectors voluntarily honor creator fees. The way this issue is resolved will influence the creative economy of NFTs moving forward.
NFT買賣市場格局亦有新變動，或最終有利收藏家與創作者（雖然唔少爭議）。熊市時，好似Blur咁嘅新晉交易平台大舉送獎勵吸納大戶，憑住零手續費同基本版權費，交易量反壓OpenSea一頭。於是全行陷入「手續費大削價」，OpenSea到2023年中掉咗2.5%平台費，版權費亦改為非強制（即打賞模式），被市場壓力逼住跟。對NFT藝術家嚟講係一大打擊（Verge新聞標題話：「NFT關鍵特色已經壞晒」），但買家成本減少，可能守住流動性。創作者強烈不滿——NFT本來最大賣點之一就係轉售可收永續版稅，家下無咗承諾，有D獨立藝術家靠嗰啲錢嚟搵食：「呢啲做法根本唔啱，連累成個NFT圈」，一位NFT項目創辦人2023年8月對The Verge咁講。長遠社區可能搵技術方案強制收取版稅，定開發新收入模式（如多做Primary Drop或者設高級會員級別）。短期呢，手續費低咗令人入場易咗，市場合理化（唔再有人專門避某D平台或者包NFT去逃避付版稅）。收費更公開透明，各平台競爭激烈，NFT圈咁樣雖然犧牲初創理想，但成熟幾耐都需要改變。爭議同時都推動新創意——有項目試過寫死版稅條款落鏈（on-chain enforcement），又或者以社群自覺方式，買家自發畀創作者費。呢個問題點解決，會直接影響NFT未來創作經濟方向。
Challenges and Changes: What’s Different in the 2024–25 NFT Landscape?
While green shoots are appearing, the current NFT landscape differs significantly from the 2021 boom era, and it faces a new set of challenges. First and foremost is the sheer scale of the market correction that preceded this revival. It cannot be overstated how drastic the collapse in NFT trading activity was from the peak to the trough. According to a March 2025 report by DappRadar, overall NFT trading volumes fell by 93% from 2021’s highs to early 2025. In the specific
雖然開始有新氣象，但依家NFT生態其實同2021年大牛市時期好唔同，面對新一輪挑戰。首當其衝就係之前市場大調整規模非常誇張。NFT買賣活動由高峰跌落谷底，跌幅之大可謂難以想像。根據DappRadar 2025年3月報告，整體NFT交易量由2021年高位跌咗93%去到2025年頭。至於細分…realm of art NFTs, the numbers are even more sobering: what was a $2.9 billion annual market in 2021 shrank to just $197 million for the entire year 2024. By Q1 2025, quarterly art NFT sales were a mere $23.8 million. The report also noted active NFT art traders dwindled 96% from over half a million at the peak to under 20,000 by 2025. And it’s not just fine art – most NFT collections have effectively died on the vine. One analysis found that by late 2023, 95% of NFT collections had a market cap of zero (no one trading them), leaving an estimated 23 million holders of “worthless” NFTs worldwide. The glut of thousands of trivial PFP projects and random memes minted during the craze has largely lost all liquidity and value. This shakeout was painful but necessary, many experts say, to purge excess and allow truly valuable projects to shine. It echoes the dot-com bust, after which only the companies with real utility survived and thrived.
在藝術NFT領域，數字更加令人冷卻：2021年本來有29億美元的年市場規模，去到2024年全年僅剩1.97億美元。去到2025年第一季，藝術NFT的季度銷售額只得2,380萬美元。報告亦指出，活躍的NFT藝術交易者由高峰時超過50萬人大跌96%，去到2025年只剩不足20,000人。而且不只係純藝術——大部分NFT項目其實都已經名存實亡。一項分析發現，到2023年底，大約95%的NFT系列市場價值為零（無人買賣），導致全球大概有2,300萬人手持「一文不值」嘅NFT。在熱潮期間鑄造嘅成千上萬個PFP小項目同隨機meme，基本上都無流動性同價值。專家認為，今次大洗牌雖然痛苦，但係必要——可以清理過剩，再令真正有價值嘅項目突圍而出。情況好似互聯網泡沫爆破後，只剩到真係有實用性的公司可以生存，而且慢慢壯大。
The reputational hit to NFTs over the past two years has also been significant. As prices crashed, mainstream skepticism towards NFTs grew – often viewing them as a speculative fad at best, or at worst a breeding ground for scams and fraud. High-profile controversies did little to help. For example, in early 2023 luxury brand Hermès won a closely watched lawsuit against an artist who had created “MetaBirkin” NFTs depicting Hermès’ famous handbags with furry textures. A U.S. jury found that these NFTs infringed Hermès’ trademarks, rejecting the defense’s argument that it was just artistic expression. The court not only awarded damages but issued a permanent injunction banning the sale of MetaBirkins. The case signaled that traditional IP law fully applies to NFTs – a warning to NFT creators that appropriating real brands or likenesses can lead to legal trouble. Around the same time, the U.S. Securities and Exchange Commission (SEC) cracked down on NFTs in another precedent-setting way: in August 2023, the SEC brought its first enforcement action against an NFT project. It charged a Los Angeles-based company, Impact Theory, with conducting an unregistered securities offering by selling NFTs that essentially functioned like investment contracts in the company. Impact Theory had marketed its “Founder’s Key” NFTs to buyers as a stake in the company’s future success – even comparing itself to Disney – implying holders would profit if the company did well. The SEC deemed this a violation of securities laws, and the case was settled with a $6 million fine and a requirement that the company destroy all remaining NFTs and compensate investors. Two SEC commissioners even issued a statement dissenting in part, worried that this could set a precedent for treating many NFTs as securities. Regardless, the message was clear: NFT projects making financial promises will face regulatory scrutiny. This has likely put a damper on overtly investment-like NFT schemes, but it also helps push the industry toward more genuine utility and transparency.
過去兩年，NFT聲譽受損都好明顯。隨著價格暴跌，主流對NFT更加懷疑——最多只當係一時投機潮流，最壞就覺得係騙案同詐騙溫床。幾宗引起公眾關注嘅爭議亦無幫到忙。例如2023年初，奢侈品牌 Hermès 深受關注嘅官司勝訴——對象係創作咗「MetaBirkin」NFT（用咗Hermès標誌性手袋加毛絨紋理作為主題）嘅藝術家。美國陪審團判斷，呢啲NFT侵犯咗 Hermès 商標，唔接受被告辯稱純粹係藝術創作。法院除了判賠償外，仲發出永久禁令，禁止買賣MetaBirkin。呢單案向業界發出咗明確信號：傳統知識產權法例對NFT亦完全適用，NFT創作者如果用真實品牌或肖像很容易惹上法律問題。同一時期，美國證監會（SEC）亦首次圍剿NFT項目。2023年8月，SEC對洛杉磯公司 Impact Theory 提出執法行動，指控該公司出售類似投資合約的NFT，屬未經註冊證券發售。Impact Theory向買家推銷其「Founder’s Key」NFT好似係公司未來成功嘅股份，仲自比迪士尼，即係話如果公司做好，持有人會賺錢。SEC認為呢啲行為違法，最後以600萬美元罰款、公司要銷毀餘下NFT及賠償投資者和解。更有兩名SEC專員發表部分反對聲明，擔心此做法會令更多NFT被視為證券。無論如何，訊息已經好明確：NFT項目如果公開作財務承諾，就會被嚴格監管。呢點可能令明顯投資類NFT計劃降溫，但同時亦促進行業轉向更真實用途及透明度。
Despite these headwinds, NFT builders have not been sitting idle. If anything, the bear market forced a refocus on innovation and tangible use-cases beyond the hype. 2024 did not bring a massive bull run, but it did see the steady development of NFT applications in areas like ticketing, gaming, virtual fashion, and loyalty programs. Major enterprises showed interest in leveraging NFTs for real business needs: A June 2023 CoinDesk report noted that “major players have opted to use NFTs to power loyalty, membership and ticketing services, signaling positive signs for mass adoption.”. For instance, Starbucks launched an NFT-based extension to its hugely popular loyalty program in late 2022, called Odyssey, where users could earn collectible “stamps” (NFTs) by completing challenges and redeem them for perks. This was a big deal – a household name using NFTs to engage millions of regular consumers, mostly under the hood on Polygon blockchain. However, by early 2024 Starbucks unexpectedly decided to shutter the Odyssey beta program. The company gave no clear reason, saying only that they need to rethink and “make room for new initiatives” while evolving the program. The NFT and crypto press speculated that perhaps the program’s traction wasn’t meeting expectations, or that Starbucks wanted to avoid regulatory uncertainties. The shutdown coincided with similar retreats by other big firms: GameStop, which had launched an NFT marketplace during the hype, also closed that venture in 2023 amid broader company cutbacks. Meta (Facebook/Instagram) infamously rolled out NFT profile picture features and a digital collectibles marketplace in early 2022, only to disable all NFT features by early 2023** as part of a corporate pivot and cost-cutting, barely 10 months after launching. These reversals were certainly discouraging in the short term – they suggested that perhaps the mainstream wasn’t quite ready to embrace NFTs at scale, or that the timing was poorly matched to the depths of a crypto winter.
不過面對呢啲逆境，NFT從業員都無見死唔救。事實上，熊市反而迫使大家重點發展創新同實際應用，而唔再只追求炒作。2024年雖然無出現大牛市，但NFT應用穩步發展，尤其係門票、遊戲、虛擬時尚、會員計劃等方面。好多大企業都想利用NFT解決實際業務需要——2023年6月有CoinDesk報導指，「主要市場玩家開始用NFT推動會員、忠誠度同門票服務，為大眾普及化帶來正面信號。」好似Starbucks咁，2022年底推出NFT擴展嘅Odyssey會員計劃，俾用戶完成任務攞到獎勵「stamps」（NFT形式），換取優惠。呢個舉措好具代表性——有名大型品牌真係用NFT攪到唔少普通用戶參與，大部分都係用Polygon鏈作支援。不過去到2024年初，Starbucks突然決定終止Odyssey測試版，未有明確解釋，只話要重新部署同「預留空間俾新計劃」，同時發展會員業務。NFT同加密貨幣媒體估計，可能係成效唔如預期，抑或Starbucks唔想涉及監管風險。今次收檔，啱啱又同其他企業撤退出場一樣：GameStop於NFT熱炒期開設NFT市場，2023年亦已經關閉，原因涉及大範圍企業收縮。Meta（Facebook／Instagram）亦曾於2022年初高調推出NFT頭像功能同數碼收藏品市場，結果不足10個月就因業務轉型及節流，2023年初已經全面關閉NFT功能。咁一齊撤退，短期睇嚟梗係令行業士氣低迷——可能代表主流市場尚未準備好大規模接納NFT，又或者時機完全無法配合熊市低谷。
And yet, even as some doors closed, others opened. The lessons learned from those pilots are invaluable and are being applied to the next generation of NFT initiatives. Companies aren’t abandoning the underlying idea of digital ownership; rather, they’re adjusting the approach. Nike, for example, has pressed forward with its .SWOOSH platform – a Web3 marketplace for virtual Nike sneakers and apparel as NFTs – aiming to blend sneakerhead culture with digital collectibles in a way that complements the physical product drops. The first .SWOOSH sneaker NFT collections in 2023 drew a modest but solid response, and Nike continues to iterate on creating interactive experiences around them (like games or AR). Reddit likewise had surprising success with “Reddit Avatar” NFTs (collectible profile avatars) in 2022, onboarding millions of users to Polygon without many even realizing they were using NFTs. While the trading frenzy for Reddit avatars cooled, the concept proved that large Web2 platforms can integrate NFTs as a fun feature rather than a speculative asset – a model that could be replicated by others (Twitter/X is rumored to be exploring NFT integrations more deeply, for instance, beyond the hexagonal PFP verification they tried).
不過有啲門關咗，總有新路開。前一輪試驗汲取嘅經驗對行業未來好寶貴，愈來愈多新一代NFT項目攞嚟用。企業其實無放棄數碼擁有權這個核心概念，只係有調節方法。例如Nike繼續大力推行.SWOOSH平台——一個以Web3為基礎，主打虛擬Nike波鞋、服飾NFT的市場，目標令球鞋文化同數碼收藏相結合，補足實體發售吸粉。首批.SWOOSH鞋NFT於2023年推出，反應唔算爆炸，但勝在穩陣，Nike不斷加強產品互動體驗（如遊戲、AR互動等）。Reddit同樣喺2022年靠「Reddit Avatar」NFT（小頭像收藏品）出奇地走紅，用Polygon鏈吸引咗數百萬用戶參與，甚至大部分人都無覺察用緊NFT。雖然頭像買賣炒風已經冷卻，但成功證明大型Web2平台可以用NFT作為有趣功能（而非投機資產）——呢個玩法其他平台（例如Twitter/X傳聞都想更深入做NFT整合，唔止於過去嗰個六角形PFP認證）未來係有可能仿傚。
Crucially, developers and Web3 startups have not given up on NFTs as building blocks for the future internet. Investment and development in NFT-centric startups (marketplaces, infrastructure, creative studios) continued through 2024, even if valuations were lower. Smart minds in the space are working on “NFT 2.0” concepts: dynamic NFTs that can change based on external data (imagine an NFT artwork that evolves over time or a character that levels up in a game), fractional ownership and NFT ETFs, better identity and soulbound token implementations for reputation, and cross-app interoperability standards so that an item you own can seamlessly move between virtual worlds. While these efforts fly under the radar compared to bull market headlines, they are gradually laying the groundwork for a more mature NFT ecosystem. One potential catalyst mentioned by analysts is the tokenization of real-world assets (RWA) via NFTs. In theory, any unique asset – a house deed, a luxury watch, a piece of fine wine – could be represented as an NFT, providing proof of ownership and an easier way to transfer or collateralize it. This idea picked up steam in late 2023, with even U.S. Congressman Patrick McHenry highlighting the promise of “RWA tokenization” in financial hearings. DappRadar’s analyst Sara Gherghelas noted that new catalysts are needed for the next NFT rebound and pointed specifically to real-world asset NFTs as a likely driver for renewed growth. Already, we’ve seen experiments: property sales via NFT (a house in South Carolina was sold as an NFT in 2022, for example), gold bullion custody NFTs, and companies like Siemens issuing NFT-based bonds. If regulatory hurdles are cleared, such use cases could bring a wave of more serious, utility-driven value to the NFT space – quite distinct from cat pictures and cartoon apes.
更重要係，開發者同Web3初創團隊都無放棄用NFT作為未來互聯網的重要基石。即使市值跌咗，但以NFT為中心初創公司（市場、基建、創意工作坊等）到2024年都繼續有投資及研發。行內有好多人推動所謂「NFT 2.0」概念，包括：會隨外部數據變化的動態NFT（例如藝術品會隨時間或實際事件演變、遊戲角色升級）、分割擁有權及NFT ETF、更完善身份資料及「靈魂綁定」聲望代幣、跨平台互通標準（令用家物品可以喺不同虛擬世界自由流通）。雖然呢啲新方向短期之內無咩炒作聲勢，但逐步為NFT打好基礎，奠定成熟生態系統。有分析員指出，一個重要推動因素可能係現實資產（RWA）通過NFT進行上鏈代幣化。理論上，任何獨特資產——如樓契、名錶、美酒——都可以NFT表示，方便證明擁有權及資產轉讓或抵押。呢個構想2023年底開始被重視，連美國眾議員Patrick McHenry都喺金融聽證會提到「RWA代幣化」前景。DappRadar分析師Sara Gherghelas亦指，下一輪NFT復甦需要新催化劑，重點提到現實資產NFT可能推動新成長。事實上，這方面嘅實驗不斷：美國南卡一間物業2022年以NFT形式售出、黃金託管NFT、Siemens等發行NFT債券。如果監管障礙清除，呢類用例可以吸引新一批追求真正實用性價值的參與者，與貓狗卡通圖像完全不同。
Is a Sustainable NFT Revival on the Horizon?
Considering all the above, the NFT market’s recent $1B single-day jump in value can be read in two ways. Optimists will argue it marks the beginning of a new cycle: a turning point where the excesses of the last bubble have burned off, leaving stronger projects to lead a more sustainable uptrend. They point to signs like increasing institutional acceptance of crypto (e.g. big brands and even governments dabbling in NFTs), improvements in infrastructure (making NFTs cheaper and easier to use), and the steadfast commitment of core communities as reasons why NFTs as a technology are here to stay. The cultural resonance of true digital ownership – empowering artists, gamers, and collectors in novel ways – remains a revolutionary idea that has not been fully realized yet, but inching closer. In this view, the current rally could indeed snowball into a full-fledged NFT renaissance as broader crypto market momentum returns. If Ethereum continues rising some predict new highs above $5k on the back of ETF approvals and network upgrades), it could lift blue-chip NFT prices in tandem, creating positive headlines and drawing retail interest back. More regulatory clarity (like the stablecoin law and other crypto bills) could reduce the legal gray areas that made companies like Starbucks or Meta hesitate, perhaps encouraging them to restart NFT ventures. And importantly, a new crop of NFT applications – from gaming skins to event tickets to metaverse items – might capture the public’s imagination in a way profile picture collections did in 2021. Each crypto cycle tends to have a fresh narrative (DeFi in 2020, meme coins, etc.), and perhaps NFTs in 2024–2025 will be driven less by pure collectibles and more by integrated utility (imagine an NFT that’s simultaneously your concert ticket, your VIP club
總結上述情況，NFT市場近日單日躍升10億美元，可以有兩種解讀。樂觀派會認為，呢係新一輪週期開始：經歷過上一波泡沫清洗，剩低較強的項目，可以帶動可持續升勢。他們指例如加密貨幣被金融機構日漸接受（大品牌甚至政府都涉足NFT）、基建改良（NFT更平、易用）、核心社群堅持等，都是NFT技術「長做長有」的證據。真正數碼擁有權的文化意義——令創作者、玩家和收藏家得以全新方式獲賦權——仲未完全落實，不過漸近現實。按此角度，今次反彈未必唔會成為NFT新文藝復興，只要整體幣市勢頭回歸。如果Ethereum進一步上升，有分析預計ETF批出同網絡升級會刺激創新高（超過5,000美元），藍籌NFT亦有望齊升，帶動話題及散戶回流。多啲監管明確（例如穩定幣法案、幣圈監管法）可以釋除法律灰色地帶，令Starbucks、Meta等企業願意重啟NFT業務。新一代NFT應用（由遊戲皮膚、活動門票、元宇宙道具等）有機會好似2021年頭像系列咁刺激公眾想像。每個加密週期總有新故事（2020年DeFi、meme幣等），或許2024到2025年NFT更著重實用性——例如一張NFT同時用嚟做演唱會門票、VIP會所member卡等等——而唔單純係收藏品。membership, and a tradable collectible).
另一方面，懷疑者提醒現時斷言NFT「回春」為時尚早。他們指出，最近的反彈其實相當集中——主要只聚焦於少數幾個高端系列——有可能只是由一次性事件（如大戶入市、空頭被逼、或以太幣價格短暫波動）所觸發，而非需求真的全面回歸。用戶數量和流動性仍然遠低於高峰水平，反映NFT市場依然難以吸引新血。很多圈外人士對NFT只剩5%有價值的新聞標題，或有人因買JPG落得破產的故事心存芥蒂。要擺脫這些負面公關印象，勢必要靠時間和實實在在的成功案例。*規管同樣是一把雙刃劍：明確指引是好事，但更嚴監管可能會壓抑NFT一些創新或去中心化的特質。例如，如果所有能帶來分紅的NFT都被界定為證券，可能會阻礙以NFT做社區集資的新穎模式發展。還有整體宏觀經濟環境——呢個因素影響住所有高風險資產。如果全球經濟衰退或高息長期維持，對NFT的投機熱潮有可能一夜間消失。到時，NFT可能會繼續只係加密世界裡一個利基角落，直至大環境改善。
較大機會的是，如果出現新一波NFT週期，其面貌都會與上一輪大不同。2021年NFT熱潮是由天價簡單收藏品、鋪天蓋地新項目、名人帶貨同唔少非理性亢奮主導。相反，2024–2025年就有機會更加重視質素與功能。我哋可能會見到市值領先的項目，會由純藝術／頭像（PFP）項目，轉向有遊戲生態、強大品牌合作或獨特用途的NFT。例如，一個同時作為熱門遊戲角色或者流行域名的NFT（就好似ENS域名，目前有超過270萬宗登記）更加堅挺及有實際用途，遠勝過隨機頭像圖而已。互通性都有機會成為新階段的標誌——能跨平台使用的NFT（唔同遊戲可用、不同行業/社交媒體展示、或者換領數碼或實體福利）相對會更加吸引。基本上，未來用家少啲理會底層技術或者投機成分，而會更關心：「呢個NFT對我有咩用？」——無論係人脈Status、獨家權益、娛樂，或者盈利。
鼓舞人心的是，好多開發者已經同這個心態接軌。正如《衛報》早前分析NFT崩盤後的格局，指出長存下來的NFT要「唔係有歷史價值…就係真正的藝術，或者提供真實用途」。一啲唔入流嘅搵快錢項目基本已經被淘汰。得以存活的項目——CryptoPunks、BAYC、Art Blocks、World of Women等——大多具有歷史意義，或者建立了持續活躍的社群。現時新項目要面對的用戶比以往更識揀，不能再只靠懷舊或者FOMO去招徠。我哋由Web3遊戲領域都見到呢個情況：新推出的NFT遊戲，甚至連「NFT」這個字眼都盡量避開，主打遊戲體驗，只會將NFT元素包裝成副產品（如牢靠的遊戲資產擁有權）。如果其中一款區塊鏈遊戲能大規模打入大眾市場，N多人會開始用NFT而毫不自知，好似手機遊戲無意中推動app內購買一樣。又例如大型體育聯盟或娛樂品牌如果無縫地將NFT用來做收藏品或門票，球迷可能只係因為體驗提升（例如確保收藏品真偽，票務二手買賣更方便）而用NFT，而唔係為咗炒賣獲利。
未來數星期或數月，行內觀察者都會密切留意NFT市場復甦的可靠訊號。關鍵指標包括活躍用戶人數持續增加（唔單止成交額，因為幾單大交易可以誤導數據）、多個系列地板價穩步向上（唔只係一日升幅）、以及新項目銷售復甦（mint即日清袋，係因為真實需要，而唔係炒賣送贈所帶來的熱潮）。同時，觀察圈外反應都非常重要——藝術家會不會重投NFT創作？品牌會唔會再搞試點項目（例如Starbucks Odyssey吸收教訓後出2.0版本）？普通人會唔會都開始展示自己咁自豪既數碼收藏品，好似show對罕有球鞋或者演唱會門票一樣？如果以上事情逐步發生，就反映NFT市場真係走出崩盤陰霾，踏入新一輪（而且更健康、可持續）的成長階段。
至少現階段，NFT市場單日市值爆升 10 億美元這個大新聞就已經說明一點：NFT未死。佢地可能曾經冬眠、受創、亦被大眾唱衰——但可驗證數碼資產獨特性的理念依然充滿生命力。正如Yat Siu形容，下一浪NFT熱潮有機會帶動整個Web3領域升上新高，正正因為佢「唔只停留喺純金融炒作」。NFT將金融同文化、技術同藝術、社群同市場結合起來。呢種獨特融合，令佢地喺區塊鏈生態裡有特殊地位。如果可以壓制炒賣過度，將焦點回歸創造與實用性，NFT的確有機會迎來新文藝復興——雖然形式與上一輪不同，但變革威力可以同樣巨大。
總結反思： 2025年的NFT市場已經來到拐點復甦之初。在加密市場氣氛好轉、社群熱情再起的推動下，復興的火苗正逐漸熾熱起來。雖然崩盤陰影仍在，令大家保持謹慎，接下來幾個月很大機會會係「熱炒VS實幹」之間拉鋸。藍籌系列同一眾認真項目團隊已為NFT注入第二春——問題係，能不能將勢頭轉化為大規模復興？只要數碼資產大潮持續，NFT又能在藝術以外（如遊戲、身份認證、品牌互動等）證明其價值，基礎就已經建立好等翻身。加密世界永無百分百保證，但有一點可以肯定：NFT已經升級進化，故事遠未結束。*下一章正由開發者、藝術家、品牌和越來越講究的收藏者共同譜寫，內容只會比上集更曲折動人。