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

Interest surrounding a possible spot Bitcoin (BTC) exchange traded fund (ETF) isnt just increasing the cost of Bitcoin– its also stimulated a revival of interest for blockchain video games, says Animoca Brands founder Yat Siu. Speaking with Cointelegraph at Hong Kong Fintech Week, Siu said the price increases of many cryptocurrencies reignited financier self-confidence in the Web3 gaming market in addition to stimulating a fresh wave of associated on-chain activity. “Token worths are a method of confidence building in regards to users and energy. Its not for the function of just having cash, but its likewise to feel confident about what you own.”” If an industry or a country isnt growing, despite the reality that costs may be high, then people can lose self-confidence, Siu said. Hectic @animocabrands fam & & frens booth including @TheSandboxGame @MocaverseNFT @WreckLeagueHQ @the_phantom_g @AnichessGame and more at #HKFintechWeek 2023 Hong Kong is plainly determined to becoming the #web 3 hub! pic.twitter.com/6spuYH7Jhy— Yat Siu (@ysiu) November 3, 2023

Speaking to Cointelegraph at Hong Kong Fintech Week, Siu said the cost increases of many cryptocurrencies reignited investor self-confidence in the Web3 video gaming market as well as triggering a fresh wave of associated on-chain activity.” If a country or a market isnt growing, regardless of the reality that costs may be high, then people can lose self-confidence, Siu said. It can be hard to boil financier self-confidence down to a single metric, however Siu described the key signs of growth and conviction in the GameFi sector can be finest determined by looking carefully at on-chain activity.Rather than looking solely at the cost of a projects token to gauge its success, Siu states that financiers need to take a variety of factors into account– much like how one would look at the different inputs in a countrys economy.

It can be tough to boil financier confidence down to a single metric, nevertheless Siu described the essential indicators of growth and conviction in the GameFi sector can be best determined by looking closely at on-chain activity.Rather than looking entirely at the rate of a projects token to assess its success, Siu states that financiers require to take a variety of elements into account– much like how one would take a look at the different inputs in a nations economy.” Its not always simply the price of one particular thing. Its the entire economic parcel,” he included. The information supports Sius remarks. Over the last month, the most played blockchain-based video game in Animocas lineup, Axie Infinity, experienced a 50% increase in deal activity and a 14% dive in trading volume, according to DappRadar data.Axie Infinity transaction activity has actually increased progressively because its annual low on July 2. Source: DappRadarSiu thinks the entire crypto ecosystem is still fundamentally dependent on the growth of Bitcoin for its overall success despite numerous crypto market gamers imagining their offerings as separate and unique from the remainder of the market.Related: Web3 gaming financiers more choosy in crypto winter– Animocas Robby Yung” Were still in a gold standard financial community where Bitcoin is the reserve currency of Web3. How Bitcoin is utilized, how its kept and who owns it, actually underpins a lot of the worth in the crypto ecosystem,” he stated. Siu is positive an approval of a spot Bitcoin ETF product will be an incredible advantage for the market as an entire and add legitimacy to the sector while welcoming a variety of new investment from standard monetary institutions.Siu anticipated the crypto sector will eventually outgrow its reliance on Bitcoin as the de-facto reverse asset in the very same method the international economy shed its dependence on the gold-standard.” As populations and economies grow, we require various systems that are more natural and effective. To me, this is where were headed. Were still talking about a very little population of the world that is included in Web3, in spite of it being over $1 trillion in size.”” Its simply a matter of maturity in the market.” Magazine: Blockchain games arent really decentralized … however thats about to change