Spot Bitcoin ETF hype reignited zest for blockchain games: Yat Siu

Enthusiasm surrounding a imaginable spot Bitcoin (BTC) speech traded money (ETF) isn’t conscionable driving up the terms of Bitcoin — it's besides sparked a resurgence of enthusiasm for blockchain games, says Animoca Brands laminitis Yat Siu. 

Speaking to Cointelegraph astatine Hong Kong Fintech Week, Siu said the terms increases of galore cryptocurrencies reignited capitalist assurance successful the Web3 gaming marketplace arsenic good arsenic sparking a caller question of related on-chain activity.

“Token values are a mode of assurance gathering successful presumption of users and utility. It's not for the intent of conscionable having money, but it's besides to consciousness assured astir what you own.”

"If an manufacture oregon a state isn’t growing, contempt the information that prices mightiness beryllium high, past radical tin suffer confidence,’ Siu said.

Busy @animocabrands fam & frens booth including @TheSandboxGame @MocaverseNFT @WreckLeagueHQ @the_phantom_g @AnichessGame and much astatine #HKFintechWeek2023 Hong Kong is intelligibly determined to becoming the #web3 hub! pic.twitter.com/6spuYH7Jhy

— Yat Siu (@ysiu) November 3, 2023

It tin beryllium hard to boil capitalist assurance down to a azygous metric, nevertheless Siu explained the cardinal indicators of maturation and condemnation successful the GameFi assemblage tin beryllium champion measured by looking intimately astatine on-chain activity.

Rather than looking solely astatine the terms of a projects’ token to gauge its success, Siu says that investors request to instrumentality a assortment of factors into relationship — overmuch similar however 1 would look astatine the antithetic inputs successful a country’s economy.

“It's not needfully conscionable the terms of 1 peculiar thing. It's the full economical parcel,” helium added.

The information supports Siu’s comments. Over the past month, the astir played blockchain-based crippled successful Animoca's roster, Axie Infinity, witnessed a 50% summation successful transaction enactment and a 14% leap successful trading volume, according to DappRadar data.

Axie Infinity transaction enactment has accrued steadily since its yearly debased connected July 2. Source: DappRadar

Siu believes the full crypto ecosystem is inactive fundamentally reliant connected the maturation of Bitcoin for its wide occurrence contempt galore crypto manufacture players imagining their offerings arsenic unsocial and separate from the remainder of the market.

Related: Web3 gaming investors much ‘choosy’ successful crypto wintertime — Animoca’s Robby Yung

“We're inactive successful a golden modular fiscal ecosystem wherever Bitcoin is the reserve currency of Web3. How Bitcoin is used, however it's stored and who owns it, really underpins a batch of the worth successful the crypto ecosystem,” helium said.

Siu is assured an support of a spot Bitcoin ETF merchandise volition beryllium an incredible boon for the manufacture arsenic a whole and adhd legitimacy to the assemblage portion inviting a slew of caller concern from accepted fiscal institutions.

Siu predicted the crypto assemblage volition yet outgrow its reliance connected Bitcoin arsenic the de-facto reverse plus successful the aforesaid mode the planetary system shed its dependence connected the gold-standard.

“As populations and economies grow, we request antithetic systems that are much earthy and efficient. To me, this is wherever we’re headed. But we're inactive talking astir a precise tiny colonisation of the satellite that is progressive successful Web3, contempt it being implicit $1 trillion successful size.”

“It’s conscionable a substance of maturity successful the market.”

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