The world wide web has been shouting “NFTs are dead!” louder than your old dial-up modem since at least last summer. Media’s mainstream predictably stacked upon and to be honest, much of the initial buzz was full of shit hype destined to flame out. Let me tell you a secret: reports of their death have been greatly exaggerated. I’m Rajiv, and I’ve been waist-deep in DeFi and NFTs since underpants were the only innovation in the space (yup, I went there). The truth is, the market's maturing, and value is concentrating where it should be: in projects with real staying power.

Don't believe me? Let's talk numbers. Between June 6th and 13th, 2025, despite all the “NFT winter” talk, millions of dollars of NFTs transacted. And these weren't just flukes. These sales, which we are grateful to NFT Price Floor for providing, are an important statement.

Demand Still Exists For Right NFTs

We’re not referring to your neighbor’s cat JPEG that he minted last week. We’re not just talking about digital pictures of apes, including some of the blue-chip, historically-significant assets. Assets that command a premium.

First up, Foreshadow. Now, I know what you're thinking: "Rajiv, what even is a Foreshadow?" Good question. It's more than just a picture; it's a piece of digital history, demonstrably authentic, and it fetched a serious price. Its uniqueness cannot be overstated. Art collectors aren’t just buying art; they are buying stories, authenticity, and a piece of something larger than themselves.

You wouldn't dismiss the entire art market because some amateur paintings don't sell, would you? Same principle applies here. The wheat is separating from the chaff.

CryptoPunks: Digital Status Symbols

Then we have the CryptoPunks. Yes, those CryptoPunks. Specifically, CryptoPunk #9723 and CryptoPunk #5051. Because all of these things, while cool, aren’t merely glorified profile pictures, they’re digital status symbols. Consider them the Rolexes of the metaverse. Owning one does wonders for displaying your early adoption and prowess with the technology. It further demonstrates that you have the financial wherewithal to carry out your investment.

Everyone assumes that NFTs are speculative bubbles. Let’s flip that script. Remember Beanie Babies? They were a speculative bubble. Fine art? Rare stamps? They are valuable because everyone thinks they are valuable. CryptoPunks, of course, started the NFT culture and are the avatars of exclusivity in Web3. They’ve done a great job of appealing to our human tendency to value what’s scarce and what’s socially-signaling. They’re more than digital images, more than JPEGs. They’re membership cards to an exclusive club.

They represent something deeper: a rejection of centralized control. These are assets that are located off the government and bank radar, outside of the legacy financial architecture. That’s an enticing promise indeed, and one that plays directly to the deep-rooted libertarian ethos alive in most crypto believers.

Utility Isn't Everything, Scarcity Is

Alright, so what’s the actual explanation these NFTs continue fetching such astronomical sums. It’s not only about high-res satellite imagery or members-only spaces. It's about scarcity.

Think about Bitcoin. It only has value because there will only ever be 21 million of them in existence. It's a provably scarce digital asset. This last principle holds true for these premium NFTs. For one, they are scarce, provably rare, and permanently stored on the blockchain.

Utility does play a role in increasing value, but that’s not what’s driving these premium sales at the high end. What an asset like a CryptoPunk does is irrelevant. A CryptoPunk doesn’t perform any function, but its rarity and cultural importance make it an attractive asset. It’s the digital equivalent of having a rare coin or first edition book.

The smart contract aspect is key here. These contracts codify the terms of ownership, making sure that the scarcity is upheld and the provenance is provable. That’s what makes them different from digital images — they are provably scarce.

The NFT market is not dead. It's evolving. It’s getting rid of the dead weight of overblown projects and concentrating on assets that people really care about. So, the next time someone tries to convince you that NFTs are just a passing trend, redirect them to these sales. Remind them that scarcity, community and history are still important. Tell them that, just like in any other market, the best investments are those that the press has fully declared dead.