Michael Yanover, CAA’s head of business development, insisted that Metaverse and NFT are not fads or the latest technological trend, but in fact “are here to stay.”

“It’s a great space and I don’t think it’s going away at all,” Yanover said of NFT and the Metaverse on TheWrap’s “Tech vs Media” podcast with host Richard Wolpert, adding that CAA recently hired a metaverse director. “I think he needs to find his balance for sure. Was there maybe a little more excitement than there should have been at the beginning? Maybe. But man, this is powerful stuff. This is not going to go away.”

The trade value of NFTs recently fell 97% from January 2022, dropping $17 billion to $466 million in September. Although Yanover admits that many are not consumed with…