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The blockchain gaming industry is experiencing a resurgence of interest, thanks to the growing excitement around a potential spot Bitcoin ETF, Animoca Brands' Yat Siu has reported. This excitement has translated into more than just a spike in Bitcoin's price; it has also brought about a renewed wave of investor confidence in blockchain games and a flurry of related on-chain activity.
Siu, speaking at Hong Kong Fintech Week, highlighted that token values have become a crucial indicator of confidence for users, which is vital not just for the perceived monetary value but also for the trust in the utility and ownership of digital assets. The Animoca Brands founder elaborated that growth and conviction in the GameFi sector are best measured by on-chain activity rather than solely by the price of a project's token.
Success in the sector, according to Siu, should be assessed with a holistic view of various indicators, much like how the economic health of a nation is evaluated. He pointed out that the most played blockchain-based game under Animoca's portfolio, Axie Infinity, has seen significant increases in transaction activity and trading volume, indicating healthy market dynamics.
Despite the perception of distinct offerings within the crypto industry, Siu firmly believes that the sector's prosperity is still fundamentally tied to the growth of Bitcoin. He foresees the approval of a spot Bitcoin ETF as a transformative event that would confer legitimacy to the industry and attract substantial investment from traditional finance sectors.
Moreover, Siu projects that the crypto sector will eventually evolve beyond Bitcoin's current status as the primary reserve asset, much like the international economy's departure from the gold standard. He acknowledges that while Web3's reach is currently small relative to the global population, its market size exceeds $1 trillion, indicating significant potential for growth and maturity.
