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FameEX Hot Topics | Yat Siu Claims Renewed Enthusiasm for Blockchain Gaming Sparked by Anticipation of a Spot Bitcoin ETF
2023-11-06 16:34:46
Yat Siu, the founder and CEO of Animoca Brands, has linked the rising interest in a potential spot Bitcoin exchange-traded fund (ETF) with a surge in confidence and activity within the GameFi sector. Siu observes that the token values in blockchain gaming don't merely represent monetary wealth but also foster user confidence in the ownership and utility of their digital assets.
He highlights that robust growth in any industry or country is a critical confidence booster. Without growth, high prices alone might not sustain investor confidence. Siu points out that investor confidence in GameFi shouldn't be reduced to mere token prices but should also consider comprehensive on-chain activity which reflects the health of the ecosystem similar to the various indicators used in assessing a country's economy. According to Siu, the entire spectrum of economic factors should be taken into account, emphasizing that success in the GameFi domain isn't solely about the price of tokens but the overall economic activity and engagement. Supporting his stance, data from the past month showcases a significant uptick in the blockchain gaming arena, with Animoca's flagship game, Axie Infinity, recording a 50% increase in transactions and a 14% rise in trading volume as reported by DappRadar.
Siu asserts that the fate of the broader crypto ecosystem is still tightly intertwined with Bitcoin's growth, which acts as a benchmark for value within the industry. Despite various crypto sectors viewing themselves as independent, Siu argues that Bitcoin remains the cornerstone, equating its role to a reserve currency of the Web3 space. The usage, storage, and ownership patterns of Bitcoin play a crucial role in underpinning values across the crypto ecosystem. With an eye on the future, Siu is optimistic about the impact of a spot Bitcoin ETF approval, which he believes will greatly benefit the industry. It could not only add legitimacy to the sector but also potentially unlock a wave of investments from traditional financial players. Siu foresees a time when the crypto sector will evolve beyond Bitcoin's current status as the primary reserve asset, drawing parallels to the global economy's historical transition away from the gold standard. He envisions a shift towards systems that are more adaptable and efficient as economies and populations expand. Although he acknowledges that Web3 involvement is still limited to a small fraction of the global population, Siu is confident in the sector's future growth, considering its already significant valuation of over $1 trillion. Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.
