Home » Bitcoin ETF Enthusiasm Fuels Resurgence in Blockchain Games, says Animoca Brands CEO

Bitcoin ETF Enthusiasm Fuels Resurgence in Blockchain Games, says Animoca Brands CEO

Yat Siu, Founder and CEO of Animoca Brands, highlights the connection between spot Bitcoin ETF excitement and the resurgence of GameFi activity.

by Isaac lane
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Amidst the fervor surrounding the potential launch of a spot Bitcoin exchange-traded fund (ETF), Yat Siu, Founder and CEO of Animoca Brands, has noted a notable upswing in the popularity of blockchain games. Siu, speaking at Hong Kong Fintech Week, asserts that the surge in cryptocurrency prices has rekindled investor confidence in the Web3 gaming market and catalyzed increased on-chain activity within the gaming sector.

Siu stresses that the value of tokens plays a pivotal role in bolstering user confidence and utility. It goes beyond the mere accumulation of wealth; it fosters a sense of trust in the assets owned.

While evaluating investor confidence can be multifaceted, Siu maintains that assessing growth and conviction in the GameFi sector necessitates a close examination of on-chain activity. Rather than fixating solely on token prices, he suggests a holistic approach, likening it to analyzing various aspects of a country’s economy.

Data corroborates Siu’s insights. Over the past month, Axie Infinity, a blockchain-based game within Animoca’s portfolio, has witnessed a 50% surge in transaction activity and a 14% increase in trading volume, according to DappRadar data.

Axie Infinity transaction activity has increased steadily since its yearly low on July 2. Source: DappRadar

Siu further underscores that the crypto ecosystem remains intrinsically tied to Bitcoin’s growth, despite the unique attributes of individual offerings. Bitcoin continues to serve as the reserve currency of the Web3 realm, exerting a substantial influence on the overall crypto market’s value and dynamics.

Siu expresses confidence in the potential approval of a spot Bitcoin ETF, asserting that it would provide a significant boost to the entire industry, lending legitimacy and attracting fresh investments from traditional financial institutions. He envisions a future where the crypto sector will gradually reduce its reliance on Bitcoin, akin to the global shift away from the gold standard.

In closing, Siu acknowledges that Web3’s reach, despite surpassing $1 trillion in size, is still limited to a relatively small fraction of the world’s population. He believes that the sector’s evolution is a matter of maturity in the market, poised for growth alongside the global economy.

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