Enthusiasm surrounding a attainable spot Bitcoin (BTC) exchange-traded fund (ETF) isn’t simply driving up the worth of Bitcoin — it’s additionally sparked a resurgence of enthusiasm for blockchain video games, mentioned Animoca Brands founder Yat Siu.
Speaking to Cointelegraph at Hong Kong Fintech Week, Siu mentioned the worth will increase of many cryptocurrencies reignited investor confidence within the Web3 gaming market in addition to sparked a contemporary wave of associated on-chain exercise.
“Token values are a way of confidence building in terms of users and utility. It’s not for the purpose of just having money, but it’s also to feel confident about what you own.”
“If an industry or a country isn’t growing, despite the fact that prices might be high, then people can lose confidence,” Siu mentioned.
Busy @animocabrands fam & frens sales space together with @TheSandboxGame @MocaverseNFT @WreckLeagueHQ @the_phantom_g @AnichessGame and extra at #HKFintechWeek2023 Hong Kong is clearly decided to changing into the #web3 hub! pic.twitter.com/6spuYH7Jhy
— Yat Siu (@ysiu) November 3, 2023
It may be tough to boil investor confidence all the way down to a single metric; nevertheless, Siu defined that the important thing indicators of progress and conviction within the GameFi sector may be finest measured by wanting intently at on-chain exercise.
Rather than wanting solely at the price of a project’s token to gauge its success, Siu mentioned that buyers have to take a wide range of elements into consideration — very similar to how one would have a look at the totally different inputs in a rustic’s financial system.
“It’s not necessarily just the price of one particular thing. It’s the whole economic parcel,” he added.
The knowledge helps Siu’s feedback. Over the final month, probably the most performed blockchain-based recreation on Animoca’s roster, Axie Infinity, witnessed a 50% improve in transaction exercise and a 14% bounce in buying and selling quantity, in accordance with DappRadar data.

Siu believes the whole crypto ecosystem remains to be essentially reliant on the expansion of Bitcoin for its total success regardless of many crypto business gamers imagining their offerings as unique and separate from the remainder of the market.
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“We’re still in a gold standard financial ecosystem where Bitcoin is the reserve currency of Web3. How Bitcoin is used, how it’s stored, and who owns it actually underpins a lot of the value in the crypto ecosystem,” he mentioned.
Siu is assured an approval of a spot Bitcoin ETF product can be an incredible boon for the industry as a whole and add legitimacy to the sector whereas inviting a slew of latest funding from conventional monetary establishments.
Siu predicted the crypto sector will ultimately outgrow its reliance on Bitcoin because the de facto reserve asset in the identical means the worldwide financial system has shed its dependence on the gold commonplace.
“As populations and economies grow, we need different systems that are more natural and efficient. To me, this is where we’re headed. But we’re still talking about a very small population of the world that is involved in Web3, despite it being over $1 trillion in size.”
“It’s just a matter of maturity in the market.”
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