Fun

News Feed - 2023-11-06 02:11:00

Tom Mitchelhill3 hours agoSpot Bitcoin ETF hype reignited zest for blockchain games: Yat SiuThe Animoca Brands founder and CEO says spot Bitcoin ETF enthusiasm has directly correlated to increased confidence and activity in GameFi.1622 Total views19 Total sharesListen to article 0:00NewsJoin us on social networksEnthusiasm surrounding a possible spot Bitcoin (BTC) exchange-traded fund (ETF) isn’t just driving up the price of Bitcoin — it’s also sparked a resurgence of enthusiasm for blockchain games, said Animoca Brands founder Yat Siu.


Speaking to Cointelegraph at Hong Kong Fintech Week, Siu said the price increases of many cryptocurrencies reignited investor confidence in the Web3 gaming market as well as sparked a fresh wave of related on-chain activity.“Token values are a way of confidence building in terms of users and utility. It’s not for the purpose of just having money, but it’s also to feel confident about what you own.”


“If an industry or a country isn’t growing, despite the fact that prices might be high, then people can lose confidence,” Siu said.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


It can be difficult to boil investor confidence down to a single metric; however, Siu explained that the key indicators of growth and conviction in the GameFi sector can be best measured by looking closely at on-chain activity.


Rather than looking solely at the price of a project’s token to gauge its success, Siu said that investors need to take a variety of factors into account — much like how one would look at the different inputs in a country’s economy.


“It’s not necessarily just the price of one particular thing. It’s the whole economic parcel,” he added.


The data supports Siu’s comments. Over the last month, the most played blockchain-based game on Animoca’s roster, Axie Infinity, witnessed a 50% increase in transaction activity and a 14% jump in trading volume, according to DappRadar data.Axie Infinity transaction activity has increased steadily since its yearly low on July 2. Source: DappRadar


Siu believes the entire crypto ecosystem is still fundamentally reliant on the growth of Bitcoin for its overall success despite many crypto industry players imagining their offerings as unique and separate from the rest of the market.


Related:Web3 gaming investors more ‘choosy’ in crypto winter — Animoca’s Robby Yung


“We’re still in a gold standard financial ecosystem where Bitcoin is the reserve currency of Web3. How Bitcoin is used, how it’s stored, and who owns it actually underpins a lot of the value in the crypto ecosystem,” he said.


Siu is confident an approval of a spot Bitcoin ETF product will be an incredible boon for the industry as a whole and add legitimacy to the sector while inviting a slew of new investment from traditional financial institutions.


Siu predicted the crypto sector will eventually outgrow its reliance on Bitcoin as the de facto reserve asset in the same way the international economy has shed its dependence on the gold standard.


“As populations and economies grow, we need different systems that are more natural and efficient. To me, this is where we’re headed. But we’re still talking about a very small population of the world that is involved in Web3, despite it being over $1 trillion in size.”“It’s just a matter of maturity in the market.”


Magazine:Blockchain games aren’t really decentralized… but that’s about to change# Bitcoin# Blockchain# Cryptocurrencies# Business# Games# Blockchain Game# Web3# Gaming# GameFiAdd reactionAdd reactionRead moreHelp or hindrance: Is Web3 really improving mainstream industry and products?Opinion: With Bitcoin’s halving months away, it may be time to go risk-onHow tokenization is benefiting game developers and players alike

News Feed

Strike Arrives in Argentina With USDT Support, No Bitcoin Integration Yet
Strike Arrives in Argentina With USDT Support, No Bitcoin Integration Yet Strike, a bitcoin-based wallet and exchange service, has landed in Argentina, bringing USDT integration to
Shiba Inu Breaks Out On A 73% Weekly Rampage, Eyes Over 300% Target
Este artículo también está disponible en español. A lot of limelight has been seen recently on Shiba Inu (SHIB) making it one of the hottest topics to consider in the cry
Are Meme Coins Hurting Solana? Rising Selling Pressure Sparks Investor Concerns
Este artículo también está disponible en español. Solana has faced increasing selling pressure and negative sentiment as the broader meme coin market continues to decline
Here’s why US debt is out of control — and Japanese debt isn’t
Lucas Kiely8 hours agoHere’s why US debt is out of control — and Japanese debt isn’tJapanese debt might be high, but it isn"t comparable to American debt, which is set to trigger a financial implosion — and light
Here’s Why SUI At $3.61 Could Be the Calm Before A Parabolic Surge
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Hawaii crypto firms no longer need MT license, regulator rules
Helen Partz25 minutes agoHawaii crypto firms no longer need MT license, regulator rulesWhile being exempt from the Money Transmitter License requirement, crypto firms in Hawaii will still have to comply with any federal
Bitcoin Legal Tender in 7 Days: El Salvador Publishes Video Explaining What to Expect
Bitcoin Legal Tender in 7 Days: El Salvador Publishes Video Explaining What to Expect Bitcoin will become legal tender in El Salvador alongside the U.S. dollar in seven days. The S
Griffin Gaming Partners Launches $750 Million Gaming and Web3 Fund
Griffin Gaming Partners Launches $750 Million Gaming and Web3 Fund Griffin Gaming Partners, a venture capital firm specializing in gaming-related investments, has revealed the laun
Nigeria’s government is blaming Binance for its own mismanagement
Nicholas Anthony7 hours agoNigeria’s government is blaming Binance for its own mismanagementNigeria"s currency is collapsing because of financial mismanagement. Now, two Binance employees have been entangled in the gov
Core Scientific shares fall 4% after Q4 2023 results report revenue drop
Tom Mitchelhill3 hours agoCore Scientific shares fall 4% after Q4 2023 results report revenue dropThe Bitcoin miner posted decreased YOY revenues for 2023 but said narrowing losses and increased investments in infrastruc
Bugs in Gains Network fork let traders profit 900% on every trade: Report
Christopher Roark3 hours agoBugs in Gains Network fork let traders profit 900% on every trade: ReportAn attacker could have placed a limit buy order with an arbitrarily high open price to automatically win every trade, t
Layoffs Spread Across the Blockchain Industry as Bear Market Cycle Impacts Crypto Firms
Layoffs Spread Across the Blockchain Industry as Bear Market Cycle Impacts Crypto Firms As digital currency prices have slid significantly in value during the past few months, the