According to Odaily, Animoca Brands co-founder Yat Siu stated in an interview that NFTs are currently competing with meme coins for attention. However, he emphasized that the 'non-fungible' nature of NFTs will ensure their lasting relevance. Siu explained that while meme coins are fungible, they have taken on some of the cultural expression roles that NFTs play for many celebrities, influencers, and users. He added that the future focus will be on Web3 as a means of building a good reputation. 'One issue we face in Web3 right now is that too many people are only thinking about economic capital and have not fully considered their Web3 image as a form of reputation,' Siu said. According to Cryptoslam data, the total NFT transaction volume for the week ending August 22, 2021, was $3.24 billion, while last week's market transaction volume was approximately $80 million.