Exploring the Renewed Interest in Blockchain Games After Bitcoin ETF Hype

What is Web 3.0 and Its Impact on Blockchain Games?

Yat Siu, founder of Animoca Brands, recently shared his thoughts on the impact of Web 3.0 on blockchain games, citing the recent surge of enthusiasm for a potential Bitcoin (BTC) exchange traded fund (ETF) as a major driver. During an interview with Cointelegraph at Hong Kong Fintech Week, Siu said the increase in cryptocurrency prices has reignited investor confidence in the Web3 gaming market, as evident by the significant uptick in on-chain activity.

“If an industry or a country isn’t growing, despite the fact that prices might be high, then people can lose confidence,’ Siu said. To measure investor confidence in the GameFi sector, Siu suggested looking closely at the on-chain activity.

Crypto Market Factors

Rather than relying solely on the price of a project’s token to measure its success, investors should take a variety of factors into account, similar to how one would consider the various aspects of a country’s economy. “It’s not just the price of one particular thing. It’s the whole economic package,” said Siu.

Data confirms Siu’s comments. Over the past month, the most popular blockchain-based game in Animoca’s portfolio, Axie Infinity, saw a 50% increase in transaction activity and a 14% rise in trading volume, according to DappRadar.

Siu believes that the crypto market is still largely dependent on Bitcoin’s growth for its overall success, despite many in the crypto industry viewing their offerings as distinct and separate from the rest of the market.

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What is Web3.0 Explained

“We’re still in a gold standard financial system where Bitcoin is the reserve currency of Web3,” said Siu. He believes that how Bitcoin is used, stored, and owned ultimately provides a lot of value to the crypto ecosystem.

Siu is sure that if a spot Bitcoin ETF product is approved, it will be very beneficial for the industry, adding legitimacy to the sector and bringing in more investments from traditional financial companies.

He predicts that in the future, the crypto sector will no longer be so reliant on Bitcoin, just as the international economy was no longer dependent 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.”

Chinese Crypto and Best Crypto Sites

China has been a major player in the crypto world, with Chinese crypto exchanges and projects such as Band and COTI making a big impact. Siu believes that the approval of a spot Bitcoin ETF product will further solidify the legitimacy of the crypto sector, bringing in more investments from traditional financial firms.

He is also confident that the crypto sector will eventually outgrow its reliance on Bitcoin, just as the international economy did with 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.”