Yat Siu, in an interview during Hong Kong Fintech Week, discusses how Bitcoin ETF hype has rekindled interest in blockchain games, highlighting the importance of token values and on-chain activity in the GameFi sector.
Yat Siu, speaking at Hong Kong Fintech Week, underlines the impact of the Bitcoin ETF hype on the Web3 gaming market. He notes that the rising prices of various cryptocurrencies have not only boosted investor confidence but also triggered increased on-chain activity. Siu emphasizes that token values play a crucial role in building user confidence and utility, beyond the mere pursuit of financial gains.
Busy @animocabrands fam & frens booth including @TheSandboxGame @MocaverseNFT @WreckLeagueHQ @the_phantom_g @AnichessGame and more at #HKFintechWeek2023 Hong Kong is clearly determined to becoming the #web3 hub! pic.twitter.com/6spuYH7Jhy
— Yat Siu (@ysiu) November 3, 2023
He highlights the importance of considering various metrics to gauge growth and conviction in the GameFi sector, rather than solely relying on token prices. Siu likens this approach to assessing the diverse elements of a country’s economy. Notably, data from DappRadar shows a 50% surge in transaction activity and a 14% increase in trading volume for Axie Infinity, one of Animoca’s popular blockchain games in the past month.
Siu asserts that the crypto ecosystem’s success is still closely tied to Bitcoin’s growth, despite various players considering their offerings unique and distinct from the broader market.