Daily insights for city builders. Published since 2013 by Toronto-based real estate developer Brandon Donnelly.

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I opened up X this afternoon and I saw a photographer tweet that he hadn't sold a single NFT in the last four months. His conclusion: The NFT market is dying, if not already dead. There are no collectors left. Damn.
I'm sure it probably feels this way to most. But the reality is that there are a lot of asset classes that feel this exact same way today. (I know that many of you will contest whether NFTs are actually an asset class.) There aren't a lot of buyers out there right now.
But that doesn't necessarily mean that the NFT market, in particular, is done with. In fact, if you look around, there are countless signs that point to the opposite.
I, for example, find it interesting that if you're an architect or a city planner in the US, and looking to check off some continuing education units, you can now register for a course at Harvard called From Crypto to the Metaverse: Blockchain Applications in Real Estate.
And if you look at the learning objectives, it includes things like demystifying how Blockchain technologies work, how they might impact real estate businesses in the future, and what opportunities they may create. This suggests we're still early.
Right now just feels like that time in the cycle that tests both your conviction and your discipline. It's easy to believe in something when everyone else does. But what about when most people don't?
I opened up X this afternoon and I saw a photographer tweet that he hadn't sold a single NFT in the last four months. His conclusion: The NFT market is dying, if not already dead. There are no collectors left. Damn.
I'm sure it probably feels this way to most. But the reality is that there are a lot of asset classes that feel this exact same way today. (I know that many of you will contest whether NFTs are actually an asset class.) There aren't a lot of buyers out there right now.
But that doesn't necessarily mean that the NFT market, in particular, is done with. In fact, if you look around, there are countless signs that point to the opposite.
I, for example, find it interesting that if you're an architect or a city planner in the US, and looking to check off some continuing education units, you can now register for a course at Harvard called From Crypto to the Metaverse: Blockchain Applications in Real Estate.
And if you look at the learning objectives, it includes things like demystifying how Blockchain technologies work, how they might impact real estate businesses in the future, and what opportunities they may create. This suggests we're still early.
Right now just feels like that time in the cycle that tests both your conviction and your discipline. It's easy to believe in something when everyone else does. But what about when most people don't?

Subscribe to Brandon Donnelly
Daily insights for city builders. Published since 2013 by Toronto-based real estate developer Brandon Donnelly.

Canada must become a global superpower
The silver lining to the US starting a trade war with Canada and regularly threatening annexation is that it has forced this country out of complacency. Indeed, I'm hard pressed to remember a time, at least in my lifetime, when patriotism and nationalism has united so much of Canada. According to a recent survey by Angus Reid, the percentage of Canadians expressing a "deep emotional attachment" to the country jumped from 49% in December 2024 to 59% in February 2025. And as further evidence of...

The bank robbery capital of the world
Between 1985 and 1995, Los Angeles' retail bank branches were robbed some 17,106 times. In 1992, which was the the city's worst year for robberies, the number was 2,641. This roughly translated into about one bank robbery every 45 minutes of each banking day. All of this, according to this CrimeReads piece by Peter Houlahan, gave Los Angeles the dubious title of "The Bank Robbery Capital of the World" during this time period. So what caused this? Well according to Peter it was facil...

Canada must become a global superpower
The silver lining to the US starting a trade war with Canada and regularly threatening annexation is that it has forced this country out of complacency. Indeed, I'm hard pressed to remember a time, at least in my lifetime, when patriotism and nationalism has united so much of Canada. According to a recent survey by Angus Reid, the percentage of Canadians expressing a "deep emotional attachment" to the country jumped from 49% in December 2024 to 59% in February 2025. And as further evidence of...

The bank robbery capital of the world
Between 1985 and 1995, Los Angeles' retail bank branches were robbed some 17,106 times. In 1992, which was the the city's worst year for robberies, the number was 2,641. This roughly translated into about one bank robbery every 45 minutes of each banking day. All of this, according to this CrimeReads piece by Peter Houlahan, gave Los Angeles the dubious title of "The Bank Robbery Capital of the World" during this time period. So what caused this? Well according to Peter it was facil...
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