非同質化代幣（NFT）市場驟然死灰復燃，僅一天內市值暴增超過 10 億美元，從約 51 億美元躍升至 63 億美元，漲幅高達 23%，令眾多市場人士跌破眼鏡。日成交量長期低迷後，也在 24 小時內暴漲至約 3,700 萬美元，成長 3-4 倍。此現象引發幣圈熱議：NFT 真的回來了嗎？這會成為數位收藏品新一輪牛市的開端嗎？在歷經一年以上的熊市折磨後，即使是曙光初現，也讓市場同時充滿希望與審慎觀望。
藍籌 NFT 領軍突襲
CoinGecko 數據顯示頂級 NFT 收藏品單日大漲。CryptoPunks 領漲，Pudgy Penguins、Bored Ape Yacht Club 及其他主流 NFT 亦強勁上升。
這波 NFT 急升由藍籌項目主導。舉例來說，象徵 NFT 元老級地位的 10,000 件像素藝術珍藏 CryptoPunks，地板價一天內激升近 16%，達 47.5 ETH（約 17.9 萬美元），當天即有超過 80 件易手，大量新買家進場「抄底」這批經典 NFT。緊隨其後，呆萌可愛的 Pudgy Penguins 頭像（PFP）系列地板價也飆升約 15%，達 16.6 ETH（約 6.3 萬美元），數十件於搶購潮中被一掃而空，市場看好其持久魅力與近期授權商業化突破。就連曾是 NFT 狂熱象徵的 Bored Ape Yacht Club（BAYC）也獲得 7–10% 的地板價反彈。其他以太坊 NFT，如 Moonbirds（像素貓頭鷹）、Lil Pudgys（Pudgy Penguins 衍生作）地板價升幅更達 17% 至 34%，雖多屬低價位起跳。最搶眼的還數 Memeland 推出的稀有系列「YOU THE REAL MVP」，全網僅 420 枚，地板價竟暴漲超過 1200%，瞬間衝上 69 ETH，顯示投機熱潮餘波未盡。
這輪全面性藍籌 NFT 上漲明顯提振 NFT 市場指數與交易者信心。CoinGecko 指出當日 NFT 總市值躍升 21–23%，達 63.4 億美元，與數月前形成強烈反差——2025 年初季度 NFT 交易量還降至多年低點（2025 年第一季較前一季大減 61%），市場一片低迷。如今藍籌 NFT 再起、成交增加，顯示部分收藏家與投資人重返市場。有 NFT 社群用戶在觀察新買氣後打趣：「我們真的回來了」，更笑稱有人買了 Mutant Ape NFT 馬上把社群簡介改成「全職 Web3 顧問」，宛如上次牛市盛況。雖是戲言，卻凸顯市場氛圍從消極轉向看好。不過資深分析師提醒要謹慎，NFT 整體規模仍遠遜高峰，目前的強彈是否真的可持續，尚未可知。
反彈催化劑：以太幣、巨鯨與宏觀利多共振
此次 NFT 復甦，與加密貨幣大盤上漲息息相關。支撐主流 NFT 的區塊鏈——以太坊，近一個月大漲超過 55%，近期觸及 3,814 美元，創下 2023 年底以來新高。由於 NFT 通常以 ETH 計價，幣價上升直接推升購買力與信心。回顧 2021 年底上輪 NFT 牛市，恰巧也是 ETH 屢創歷史高點時期。Animoca Brands 主席蕭逸（Yat Siu）即點出：「上次 ETH 飆頂，就是 NFT 季。若 ETH NFT 又熱起來，將再創新高。」他強調 NFT 承載以太坊的文化經濟價值，不僅僅是金融投機，更是身分、地位、社群的象徵。換言之，NFT 帶動社群、活絡區塊鏈生態，與 ETH 價值形成正向循環。美國近期對加密市場的監管進展也帶來助力。2025 年中，國會通過史上首部聯邦加密貨幣法（GENIUS Act），以穩定幣為焦點，被視為虛擬資產納管邁入主流的重要一步。法規明朗促使機構與企業加速參與以太幣生態，間接帶旺 NFT 市場，高資本玩家為資產配置搶持 ETH。
另一個直接催化劑則是巨鯨（大戶）回歸。NFT 價格暴漲當天，鏈上監測發現一新錢包短短數小時內豪擲 2,082 ETH（約 570 萬美元）掃貨 45 枚 CryptoPunks，這種藍籌項目集中大掃貨場面多年未見。供給瞬間縮減，價格扶搖直上，隨之引發其他買家 FOMO 的連鎖效應。大戶「抄底」藍籌 NFT 被解讀為對資產價值的高度信心，猶如股市高手趁低吸納龍頭股。有分析報告指出，NFT 交易量單日衝上半年高點，市場久違「沸騰」。原本日成交不到 1,000 萬美元，突然暴漲 300–344%，突破 4,000 萬美元，主要來自旗艦項目的大宗成交，顯示資深玩家與「巨鯨」信心重燃。
整體加密市場信心大幅翻多，並外溢至 NFT（通常被視為高風險高 beta 資產）。比特幣歷史性突破 10 萬美元（近期達 11.9 萬美元），原因包括比特幣 ETF 批准預期與全球經濟新趨勢。BTC 與 ETH 同步衝高，正所謂「一榮俱榮」，NFT 順勢受惠。有評論者在 X（Twitter）宣稱「NFT 季」再度降臨。Blockworks 聯合創辦人 Jason Yanowitz 表示：「NFT 現在的走勢，彷彿 NFT 指數型基金即將問世。」意指機構級 NFT 投資工具（如 ETF、指數基金等）可能後續出現，吸引精明資金提前佈局，就像 ETF 讓比特幣獲主流資本加持一樣。雖然目前照舊傾向於預期心理，但一旦「機構資金」介入傳聞發酵，就足以推動市場狂熱。
值得留意的是，這波 NFT 反彈重質不重量，活躍買家數仍遜於 2021 年高峰。資料顯示，獨立活躍 NFT 買家比一年前仍減少超 50%，總交易數量下降 12%。換言之，漲勢由少數巨鯨及堅定收藏者推動，零售散戶尚未大舉回歸。究竟這波反彈是持久復甦還是曇花一現，仍待觀察。但以太幣強勢、巨鯨掃貨與文化熱度復甦，至少已讓 NFT 再度成為聚光焦點。就連數位藝術家 Beeple——2021 年三月以 6,900 萬美元成交作品、象徵上輪牛市——也為這波復甦作畫：新作「BIG SWEEP」把被掃把捲走的 CryptoPunk 頭像趣味呈現（暗指巨鯨「掃地」行情）。當連 Beeple 都再次「惡搞」 NFT 市場題材，可見社群討論氣氛已明顯回暖。
文化與社群：NFT 再度突顯非財務價值
這波市場復甦的核心，是 NFT 文化與社群意義再受重視。2021 年狂熱時期，NFT 常被簡化成「一夜致富工具」；如今經歷崩盤，擁護者又重申 NFT 價值來自社群、身分與創意，亦即文化，金錢並非唯一標準。Animoca 蕭逸表示：「NFT 是以太坊文化經濟的骨幹。」相較 DeFi 與代幣，NFT 更象徵 Web3 社群的地位、歸屬感。例如，特定 NFT 等同入場券、彰顯社群身分（如推特 PFP 或 Discord 專屬角色），傳達對某文化運動或美學的認同。就算熊市低潮，這種社群力量也未曾消逝，許多 NFT 社群仍繼續舉辦線上線下聚會， 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.
在價格低迷時期，他們能夠協作參與創意項目，並培養自身的次文化。現在，隨著市場興趣回溫，這些深厚的社群基礎很可能成為推動 NFT 發展更自然、更持久的重要關鍵。
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.
近期有多項發展，強化了 NFT 文化復興的趨勢。首先，web3 原生藝術與收藏品開始以全新方式再度進入主流平台。2023 年 7 月，傳奇饒舌歌手 Snoop Dogg——最早一批 NFT 名人粉絲之一——在 Telegram 上僅花 30 分鐘便完售將近 1,000 個 NFT 通行證。這次創意發售（與大麻主題的數位收藏品連動）結合了 Snoop 的文化影響力及易於入手的分發管道（Telegram 聊天應用），促使大眾討論 NFT 如何用新方式觸及廣大受眾。這顯示，即使超出加密圈，具文化意義的 NFT（尤其是在大型網紅或品牌帶動下）依舊存在市場需求。同時，大品牌與知名人士也未停下 NFT 嘗試的腳步，把 NFT 作為粉絲互動新手段，就算早期熱潮已退。舉例來說，票務龍頭 Ticketmaster 便默默推出整合 NFT 的現場活動功能。到 2023 年，Ticketmaster 已經為 NFL 和其它賽事，在 Flow 區塊鏈上鑄造近 1,500 萬份數位收藏票根——將觀眾入場券變成免費紀念 NFT。之後，他們與搖滾樂團 Avenged Sevenfold 合作試行 NFT 門票鎖區，讓持有該團 NFT 粉絲俱樂部通行證的粉絲優先搶票。試驗大獲成功（約 1,000 張門票順利賣給 NFT 持有者，杜絕黃牛），Ticketmaster 也將這功能擴展，開放給所有有 NFT 社群的藝人。這類整合預示了 NFT 將作為數位會員卡或粉絲俱樂部通行證——為持有者帶來現實世界的實際好處。這和過去僅止於投機炒作卡通圖檔大不相同，如今 NFT 是連結創作者與受眾的橋樑，強化忠誠度與體驗。
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 作為社群基礎建設」這一概念逐漸受到重視。許多項目不再單靠高價單品藝術銷售，而是強調建立長期經營的品牌與生態系，持續吸引 NFT 持有者。最亮眼的案例莫過於「胖企鵝」（Pudgy Penguins）——這款超萌卡通企鵝頭像，在熊市逆勢翻身成為代表性故事。胖企鵝策略上大幅強調社群共創 IP（智慧財產權），讓 NFT 持有者有權用企鵝角色從事創作與商品販賣。結果這策略得到豐碩回報。2023 年底，他們推出「Pudgy Toys」——以 NFT 角色為本的實體絨毛玩具與公仔，並且成功打入 Walmart 等大型零售通路。這些玩具大受歡迎：到 2024 年初，胖企鵝玩具已賣出超過 75 萬隻（銷售額逾 1,000 萬美元），商品線拓展到全美 3,100 家 Walmart。每個玩具還附帶 QR 碼，買家能領取對應數位企鵝頭像或裝備，潛移默化吸引新用戶進入 NFT 世界。更重要的是，原始 NFT 持有者也能直接受益：胖企鵝設立 IP 授權方案，只要你的 NFT 企鵝被選入實體玩具，即可分得版稅（最高佔淨銷售額 20%）。社群與品牌擴張目標因此完美對齊。這一切推動胖企鵝 NFT 地板價於 2023 年底短短三個月內激增 5 倍，儘管整體市場持續低迷。憑藉切入主流文化（玩具、社群媒體內容等）並持續回饋社群，胖企鵝樹立了 NFT 項目的永續經營典範。正如一位分析指出：「胖企鵝能在綑綁型收藏品市場逐漸下沉時脫穎而出，是因為他們把產品帶到更多受眾，持續回饋持有者。」他們甚至被部分圈內人士譽為 2023 年度 NFT 項目。這說明了，如果將 NFT 視為品牌和社群而非純資產，其實可以在嚴苛市場中持續發展、繁榮下去。
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 社群同樣加大力度，致力於建構長期實用性及文化價值。Bored Ape Yacht Club（無聊猿遊艇俱樂部）背後公司 Yuga Labs，在熊市期間全力開發名為 Otherside 的元宇宙遊戲平台，同時拓展 BAYC IP 至新型態媒體。然而到了 2024 年，Yuga 直面現實：BAYC NFT 地板價自 2022 年 4 月高點暴跌約九成，與土地相關的 Otherdeed NFT 熱潮退散——地板價只剩 0.2 ETH，也下跌近九成。針對這一局勢，Yuga Labs 宣布重組大調整，回歸本業核心。團隊目標變得更加精實且「加密原生」，裁撤旁枝項目，專注實現 Otherside 的遠景、重振猿猴社群，包括出售部分遊戲項目，重新聚焦原本 BAYC 持有者重視的：獨家體驗、創意敘事與頂尖加密社群身份地位。市場對這方向表示謹慎樂觀——消息一出，BAYC 及 Mutant Ape NFT 價格反而回漲一至兩成。這說明，即使市值大幅拉回，藍籌 NFT 持有者對未來社群潛力依舊信心堅定。如果企業方能兌現新遊戲、活動或合作（Yuga 期待打造「Web3 的迪士尼」），這些 NFT 必將重拾光彩。同時，Doodles（彩色角色）與 Azuki（動漫主題）等項目也陸續轉型為更廣泛娛樂品牌——從音樂、動畫工作室到時尚聯名，努力把 NFT IP 打造成主流可識別的 IP。這些行動短期內財務回報仍待觀察，但已代表產業逐步成熟：NFT 團隊著眼長遠，追求能經得起投機泡沫考驗的真文化品牌。
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.
在底層技術方面，NFT 的基礎建設及用戶體驗也隨著多次泡沫教訓日益精進。舉例來說，以太坊上高昂的交易手續費——曾是 2021 年熱潮時期的頭痛問題——如今因 Layer-2 網路與 NFT 其他新公鏈（如 Polygon、Arbitrum、Immutable X）興起而大幅改善。許多 NFT 鑄造、交易都已遷移到這些低手續費且確認速度更快的鏈外擴容網路（rollup），使新型 NFT 用例（特別是遊戲類）無需巨大成本即可發展。甚至連比特幣區塊鏈也在 2023 年透過 Ordinals 加入 NFT 行列，允許「聰」級註記圖片，催生出了比特幣 NFT 風潮。有趣的是，當大部分 NFT 類型在 2022–24 年價格、交易量狂跌時，比特幣原生 NFT 卻逆勢成長——比特幣數位藝術的平均價格自 2023 年至 2025 年初暴增近 900%。顯示收藏家正在轉向「歷史性」或跨鏈 NFT，讓生態發展跳脫以太坊框架。跨鏈 NFT 市集及橋接應用也不斷湧現，預示著未來的用戶甚至不必在意 NFT 所在區塊鏈——只要它能帶來所需效用與擁有權即可。
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 市場生態也經歷了天翻地覆的變革，這可能最終會對收藏家與創作者帶來好處（但也引起爭議）。熊市期間，新興交易平台如 Blur 透過獎勵高交易量用戶，免交易手續費、極低版稅，讓其交易量超越 OpenSea。這引發全行業的「費用削價競賽」：2023 年中，OpenSea 跟進，取消 2.5% 交易手續費，並將創作者版稅設計為可選（實質上變成打賞制），順應市場壓力。這對 NFT 藝術家而言無疑是一大打擊（如 The Verge 標題所言：「NFT 的一項核心功能已徹底破壞」），但也降低了買方進入門檻，有助市場於低迷期維持流動性。創作者自然表示抗議——允諾「永久二次版稅」原屬 NFT 的賣點，如今這承諾卻被拋棄。「這根本不對勁，傷害整個 NFT 生態，」某 NFT 創辦人 2023 年 8 月接受 The Verge 訪問時說，指出許多藝術家項目原本仰賴版稅收入。長遠來看，社群可能尋求技術解法（如智能合約強制收版稅）或新營收模式（如更多首次發售、推出高級會員等）。但在現階段，降低交易費用或許讓 NFT 交易對新手更加友善，並消除部分市場扭曲現象（如部分交易員規避特定平台，只為躲避版稅）。更透明的定價與市集競爭，有望推動 NFT 市場成熟，即便這意味早期「自動回饋藝術家」的理想破滅。這場論戰同時促發創新——有些項目就嘗試「鏈上強制版稅」或用社群契約，鼓勵持有者自發認同創作者分潤機制。最終這議題的解方，將深刻影響 NFT 創意經濟的未來走向。
Challenges and Changes: What’s Different in the 2024–25 NFT Landscape?
挑戰與變化：2024–25 年 NFT 生態有何不同？
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
儘管回暖跡象浮現，現階段的 NFT 生態已與 2021 年的狂熱時期大相逕庭，也面臨著全新一波挑戰。首先，無法忽視此次復甦前的市場修正幅度之巨大——NFT 交易熱度自高點至谷底的跌幅之劇烈，遠超過想像。根據 DappRadar 2025 年 3 月發布的報告，整體 NFT 交易額自 2021 年巔峰至 2025 年初暴跌九成三。若進一步細分…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的領域，數字變得更加令人警醒：2021年本來是29億美元的年度市場，到了2024年全年只剩下1.97億美元。到了2025年第一季，藝術NFT的季度銷售額僅有2,380萬美元。報告還指出，活躍NFT藝術交易者從高峰時的超過50萬人急劇減少了96%，到2025年已跌到不到2萬人。而且，不僅僅是純藝術——大多數NFT收藏系列基本上都已經枯萎。一項分析發現，截至2023年底，有95%的NFT系列市值為零（沒有人在交易），導致全球約有2,300萬持有者擁有“毫無價值”的NFT。數千個無關痛癢的PFP項目和炒作時期隨意鑄造的迷因NFT，大多已失去所有流動性和價值。許多專家認為，這一波清洗雖痛苦但屬必須，有助於剔除過剩、使真正有價值的項目脫穎而出。這與當年網路泡沫爆破如出一轍，最終只有真正有用的公司得以生存與發展。
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.
NFT這兩年來聲譽受損也相當明顯。隨著價格暴跌，主流社會對NFT的質疑日增——最樂觀的看法也只當它是投機性短暫熱潮，更悲觀者則視其為詐騙和金融犯罪的溫床。多起備受矚目的爭議事件更是雪上加霜。例如，2023年初，奢侈品牌愛馬仕（Hermès）贏得一場矚目官司，對象是一位創作了“MetaBirkin”NFT（以愛馬仕著名手提包加上毛絨質感為素材）的藝術家。美國陪審團認定這些NFT侵害了愛馬仕的商標權，駁回辯方所稱純屬藝術表現的主張。法院不但判賠，還頒布永久禁令，禁止販售MetaBirkins。此案明確傳遞訊息：傳統智慧財產權法律完全適用於NFT，是對NFT創作者的警告——濫用真實品牌或肖像，可能陷入法律麻煩。差不多同時，美國證券交易委員會（SEC）用另一種開創性案例出手：2023年8月，SEC首次對NFT項目啟動執法行動，指控洛杉磯Impact Theory公司未註冊非法銷售NFT，這些NFT本質上相當於公司投資契約。Impact Theory向買家宣傳其“Founder’s Key” NFT等同於持有公司未來成就的股份——甚至自比迪士尼——暗示只要公司成功，持有者就能獲利。SEC認定違反證券法，結果以600萬美元和解，並強制公司銷毀所有剩餘NFT並賠償投資人。甚至有兩位SEC專員對部份內容提出異議，擔心這會讓許多NFT都被視為證券。但訊息已很明確：發行NFT時若許諾財務利益就會受到監管審查。這或許澆熄了類投資型NFT項目的明火，但也促使產業往更真實的應用和透明度邁進。
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.
儘管面臨這些逆風，NFT開發者並未就此止步。某種程度上，熊市反而讓焦點回歸到炒作以外的創新與實際應用案例。2024年沒有出現大牛市，但NFT在票券、遊戲、虛擬時尚、會員計畫等領域的應用持續穩健發展。許多企業也展現出將NFT運用於實際商業需求的興趣：2023年6月一份CoinDesk報告指出，“主要企業選擇用NFT驅動忠誠度、會員與票券服務，預示著大眾普及的正面跡象”。舉例來說，Starbucks於2022年底推出以NFT為基礎的超人氣會員計畫延伸服務Odyssey，用戶可透過完成挑戰獲得NFT收集型“印章”，再兌換福利。這可是大事——知名連鎖大眾品牌以NFT互動數百萬日常消費者（主要架構於Polygon區塊鏈上）。但至2024年初，Starbucks卻無預警結束Odyssey測試計畫。公司沒有給明確理由，只說需要重新思考，“為新計畫讓路”以利發展。NFT與加密媒體揣測是因為成效未達預期，或或許想避開監管風險。此舉與其他大型企業撤退相呼應：GameStop在熱潮時推出NFT市場，2023年也因公司裁員縮編而喊停。Meta (Facebook/Instagram)在2022年推出NFT大頭貼和數位收藏市場，不過不到10個月、2023年初便因為轉型和成本考量全面關閉所有NFT功能。這些反轉短期內固然令人洩氣——也意味著主流大眾或許還沒準備好全面擁抱NFT，或只是時機撞上加密寒冬最深處。
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).
然而，當某些大門關上時，其他契機卻也隨之敞開。這些企業實驗帶來的經驗彌足珍貴，也都成為新一代NFT應用的重要養分。企業並未放棄“數位產權”這個核心，只是轉換了做法。例如Nike持續推進其.SWOOSH平台——這是一個用於Nike虛擬球鞋及服飾NFT的Web3市場，目標在於將球鞋收藏文化和數位收藏融合，輔助實體商品發售。2023年推出首批.SWOOSH球鞋NFT收穫雖然不算爆紅，但回響穩健，Nike還在持續研發更互動性的體驗（如遊戲、AR等）。Reddit在2022年推出“Reddit Avatar”NFT（可收藏頭像）也獲得驚人成績，讓數百萬用戶無意間註冊Polygon錢包，甚至很多人都沒發現自己在用NFT。雖然Reddit NFT頭像的炒作熱度已降溫，此案例證明大型Web2平台完全能將NFT融入為趣味型服務、而非炒作資產——這種做法未來可能被更多人效法（例如Twitter/X傳言正在規劃更深度的NFT整合，超越他們以往六邊形大頭貼驗證那一套）。
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.
更重要的是，開發者與Web3新創企業並未放棄用NFT當作未來網路基石的信念。NFT領域的創業投資、建設（無論是市場、基礎設施還是創意工作室），即便估值不如從前，但到2024年仍在持續。產業內不少人才正鑽研所謂“NFT 2.0”概念：可隨外部資料變化的動態NFT（例如會隨時間演化的藝術品，或在遊戲內升級角色）、NFT分割持有與ETF、改良身份及soulbound（綁定靈魂）聲譽證明、跨應用互通的標準等——讓你擁有的NFT物品可在不同虛擬世界無縫流通。這類努力雖未成為牛市新聞，但已逐步為更成熟的NFT生態鋪路。有分析師點名，現實世界資產（RWA）通過NFT上鍊是新一波成長的催化劑。理論上，任何獨一無二的資產——房產權狀、名錶、一瓶珍藏葡萄酒——都可以NFT化，簡化產權認證、轉讓甚至抵押流程。這個想法到2023年底逐漸升溫，連美國國會議員Patrick McHenry都在金融聽證會強調“RWA上鍊”的潛力。DappRadar分析師Sara Gherghelas認為NFT需要新題材推動反彈，其中現實資產NFT最有可能帶動成長。現已有不少實驗：NFT出售不動產（例：2022年美國南卡的一間房子即以NFT方式售出）、黃金託管NFT、甚至西門子這類公司發行NFT本位債券。只要監管障礙突破，這類用例勢必會帶來一波務實、有實際用途的NFT價值——與貓咪圖、卡通猿猴有本質區別。
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
NFT 永續復興的曙光是否在眼前？
綜合以上種種，NFT市場近日單日飆升10億美元的現象可以有兩種解讀。樂觀派會認為這代表新一輪週期的開始：上一輪泡沫的過剩已經清除，留下更強韌的項目引領更可持續的上升。他們指出加密貨幣愈來愈受機構（如大型品牌、甚至政府）認可、基礎設施持續優化（NFT變得更便宜、更易用）、核心社群堅守——這些都證明NFT作為技術，將會長存。真正的數位所有權帶來的文化共鳴——讓藝術家、玩家、收藏家以前所未有的方式獲得賦能——仍是一個革命性的概念，雖尚未完全實現，但正逐步逼近。照這種角度，這波反彈確實有機會演變成完整的NFT復興，只要整體加密市場動能回來。如果以太坊持續走高（有分析甚至預測，隨ETF核准與網路升級推動，其價格上看五千美元以上），勢必帶動藍籌NFT價格齊漲，創造正面新聞，重新吸引散戶回流。更多監管明確（例如穩定幣法案、其他加密立法）也能消除先前讓Starbucks與Meta觀望的灰色地帶，有望促使他們重啟NFT企劃。更重要的是，新一代NFT應用——從遊戲皮膚到活動票券、元宇宙物品——或有機會像2021那輪頭像收藏般引發大眾想像。每次加密週期都有新敘事（2020是DeFi、還有迷因幣等題材），2024–2025年的NFT或許會少點純收藏，更多轉向“內嵌實用性”（想像一個NFT既可作為你的演唱會門票、也是VIP俱樂部會員......membership, and a tradable collectible)。
另一方面，持懷疑態度的人則提醒現在宣布 NFT 春天的到來還言之過早。他們指出近期的反彈主要侷限於幾個高端作品集，可能是由單一事件（如大戶買入、逼空或 ETH 價格瞬間波動）引發，而非需求全面回流。用戶數量和流動性依然遠低於高峰，顯示 NFT 市場仍在努力吸引新手。許多圈外人士看到「95% NFT 價值歸零」或有人因買 JPEG 破產等新聞後，對 NFT 留下極差印象。要扭轉這種公關形象需要時間與實際成功案例。*監管也是一把雙面刃：明確法律規範固然帶來好處，但更嚴格的監督也可能壓抑某些創新或去中心化特質。例如，如果凡是帶分潤功能的 NFT 都被認定為證券，社群募資的新創模式恐怕會被扼殺。此外，全球經濟大環境同樣是風險資產繞不開的挑戰。如果全球陷入衰退或高利率環境持續，NFT 的投機資金也可能像過去一樣迅速退潮。這種情況下，NFT 或許會長期停留在加密圈的小眾角落，直到環境轉好。
未來的 NFT 週期（如果真的出現）很可能會與上一波不同。2021 年的狂熱以天價簡單收藏品、新項目如雨後春筍、名人加持、以及大量不理性繁榮為主軸。若在 2024–2025 年捲土重來，市場主旋律將更強調品質與功能。領軍的項目可能不再只是純藝術/PFP，而是擁有遊戲生態系、強大品牌合作或獨特應用性的項目。舉例來說，作為成功遊戲角色或熱門網域（像 ENS 網域，現已超過 270 萬註冊數）的 NFT，比起隨機產生的頭像更堅韌、更廣泛使用。跨平台互通性亦可能主導下一階段——能多平台使用的 NFT（可在不同遊戲中操作、多種社群媒體展示、甚至兌換數位與實體福利）將更具吸引力。歸根究底，用戶將更關心「這個 NFT 到底能為我帶來什麼？」而非它背後的技術或炒作價值——無論是話題、權益、樂趣還是獲利。
令人鼓舞的是，許多創建者已經認同這種思維。如《衛報》在分析去年崩盤後指出，能長久生存的 NFT 必須「具備歷史意義、為真正的藝術，或有實際用途」。那些只為割韭菜而生的項目基本都退出了。現在仍然屹立不搖的例如 CryptoPunks、BAYC、Art Blocks、World of Women 等，要嘛有歷史地位，要嘛有健全的社群持續支持。現今新發項目正面對更成熟的用戶，必須帶來超越懷舊和 FOMO 的價值。我們在 Web3 遊戲領域也已看到這樣的轉變。例如，新的基於 NFT 的遊戲常常避免在行銷裡提及「NFT」這個詞，而是專注於遊戲性，僅將 NFT 視為附加優點（如真正擁有遊戲資產）。如果有某款鏈遊在主流市場大爆發，NFT 用戶有機會突破數百萬，甚至他們根本不覺得自己在玩 NFT——就如同行動遊戲無形中帶動了內購一樣。同理，若大型體育聯盟或娛樂 IP 流暢導入 NFT 做為收藏或門票，粉絲只會因這帶來體驗升級（例如可驗證的正版收藏、二手門票買賣更便利等）而採用，而無須追逐幣圈投機。
接下來幾週幾個月，觀察人士會密切留意 NFT 是否真正復甦。關鍵數據不只看成交量（容易被少數大交易操縱），更要看活躍用戶數持續成長、多元系列底價逐步升溫（而非一日爆量），以及初級市場（新鑄造 NFT 順利賣出全靠真實需求，而不是炒作空投）再度活絡。另一個重要指標來自幣圈以外：藝術家是否再度嘗試 NFT 創作？品牌方會不會又開始試水溫（如 Starbucks 第一次試後有第二季）？一般人是否也像秀限量球鞋或演唱會票根那樣，公開展示數位收藏品？如果這些狀況發生，將意味 NFT 不再被崩盤陰影所困，而進入新一階段成長，且這階段將更加理性和可持續。
就目前來說，NFT 市場單日回升 10 億美金的亮眼表現足以證明——NFT 並未死亡。它們可能曾經休眠、受創、被許多人遺忘過，但「可驗證的獨特數位資產所有權」這個核心概念正證明自身的韌性。正如 Yat Siu 所言，下一波 NFT 浪潮能帶領整個 Web3 進入新高峰，正是因其「超越單純的金融炒作」。NFT 集結了金融與文化、科技與藝術、社群與市場於一身。因此 NFT 在區塊鏈生態系中有著不可取代的地位。如果能抑制投機過熱，並將重心放在創造與實用上，NFT 的復興也許已經準備啟航。這次的復興，不論風格多麼不同，也可能帶來同樣深遠的轉變。
最後想法： 2025 年的 NFT 市場正處於轉折點。復甦的火苗正在燃燒，受到加密市場動能與社群活力推動，但過去崩盤的記憶依然在提醒大家保持謹慎。未來幾個月內，勢必會經歷一場「炒作 vs 實質」的拉鋸戰。藍籌系列與堅定創建者為 NFT 注入了新生命——現在的關鍵考驗是，他們能否把這股氣勢推向全面復興。如果數位資產大規模普及持續發展，NFT 又能在收藏以外（遊戲、身份、品牌互動等）證明價值，那麼可持續復甦的基礎便已打下。如同所有加密世界一樣，沒人能保證未來穩贏。但至少有一點明確：NFT 已經進化，他們的故事遠遠尚未結束。*下一章，將由開發者、藝術家、品牌，還有愈加精明的收藏家共同譜寫——這個新篇章，絕對比上一回更加精彩可期。