NFT Paris and its sister event RWA Paris have been canceled just one month before they were scheduled to take place at the Grande Halle de la Villette in Paris. Founder Alexandre Tsydenkov announced the cancellation on LinkedIn, citing the collapse of the crypto and NFT markets as making the events financially impossible despite drastic cost cuts. Both conferences had run for four years, showcasing digital art, NFT galleries, and AI-generated works, but had recently shifted toward broader tech and blockchain topics. All tickets will be refunded.
The cancellation highlights the severe downturn in the NFT market since its 2021 peak, when major auction houses like Sotheby's and Christie's sold NFTs for millions and celebrities and brands embraced the trend. NFT sales have plummeted from $4 billion to around $800 million, and 96% of NFT collections are now considered inactive. However, organizers of other NFT-focused events, such as the Non-Fungible Conference in Lisbon, note that NFT art remains relevant within established art contexts, citing initiatives like Zero 10 at Art Basel Miami Beach and digital sections at Paris Photo. The shelving of these Paris events reflects the broader market collapse rather than a decline in digital art interest.