The excitement around a Bitcoin ETF has sparked renewed interest in blockchain games, igniting enthusiasm within the gaming community, according to Yat Siu.
The CEO and founder of Animoca Brands, Yat Siu, suggests that the growing enthusiasm for a spot Bitcoin ETF has had a direct impact on boosting confidence and engagement in the GameFi sector.
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The growing excitement surrounding the potential launch of a Bitcoin ETF is not only driving up the price of Bitcoin but is also rekindling enthusiasm for blockchain games, as stated by Yat Siu, the founder of Animoca Brands. Speaking at Hong Kong Fintech Week, Siu emphasized that the rising prices of various cryptocurrencies have rejuvenated investor confidence in the Web3 gaming market, leading to increased on-chain activity related to these games.
Siu stressed that assessing investor confidence isn't solely about one metric, but it involves a comprehensive evaluation of various factors, similar to examining a nation's economy through multiple indicators. He suggested that growth and conviction in the GameFi sector can be best gauged by closely monitoring on-chain activity.
The data supports Siu's perspective, with the most played blockchain-based game in Animoca's portfolio, Axie Infinity, experiencing a 50% increase in transaction activity and a 14% rise in trading volume over the past month, according to DappRadar data.
Axie Infinity transaction activity has increased steadily since its yearly low on July 2. Source: DappRadar
Despite many players in the crypto industry viewing their offerings as distinct, Siu believes that the entire crypto ecosystem still relies on Bitcoin's growth for overall success. He considers Bitcoin the reserve currency of Web3, serving as a fundamental cornerstone of the crypto ecosystem.
Siu expressed confidence that the approval of a spot Bitcoin ETF will greatly benefit the entire industry, enhance its legitimacy, and attract substantial investment from traditional financial institutions. He also predicted that, over time, the crypto sector will reduce its reliance on Bitcoin, much like the global economy moved away from the gold standard, adapting to the evolving needs of expanding populations and economies.
In conclusion, Siu envisions a future where Web3 participation expands, even though it currently involves a relatively small portion of the world's population, despite its trillion-dollar size.
