By: Eva Baxter
The prospect of spot Bitcoin ETF approval has revitalised the blockchain gaming sector and could also open up new possibilities for retail investors, according to Yat Siu, founder and CEO of Animoca Brands. In a recent Hong Kong Fintech Week, he remarked that the increasing value of various digital currencies has strengthened stakeholders' trust in the Web3 gaming market, leading to an uptick in related blockchain transactions.(source)
Siu mentioned important growth indicators and conviction in the GameFi sector could be measured by monitoring on-chain transactions. He argued that while the success of a project could not be gauged solely by its token's price, the overall economic condition must be looked at. As an example, Axie Infinity, a game in Animoca's line-up, experienced a 50% rise in transaction activity and a 14% surge in trading volume in the past month.(source)
Addressing Hong Kong's recent contemplation of enabling retail investors to buy spot crypto ETFs, Siu offered that this will be beneficial for the overall industry and will draw investment from traditional finance institutions. He opined that even though many players see their offerings as exclusively separate from the mainstream market, the whole crypto ecosystem's growth still heavily relies on Bitcoin.(source)
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