NFT and top investment firm in the metaverse space, Animoca Brands, founder Yat Siu, stated in an interview with Cointelegraph during the Hong Kong Fintech Week event that the approval of a Bitcoin spot ETF not only has the potential to boost Bitcoin prices but also helps reignite people’s interest in blockchain games.
(Historical context:
Animoca Brands received a $50 million investment from Saudi Arabia’s NEOM Fund, has cryptocurrency financing made a comeback?
)
(Background information:
The story of the NFT king | How Animoca Brands surpassed its brink of delisting and soared to a valuation of 6 billion pounds
)
The Hong Kong Fintech Week event continued until yesterday (5th), and Yat Siu, the founder of Animoca Brands, a top investment firm in the NFT and metaverse space, also participated. The presence of Animoca Brands could be seen in many of the hottest metaverse and NFT projects, including The Sandbox, Opensea, Dapper Labs, and Sky Mavis (the developer of Axie Infinity), among others.
During the event, Yat Siu mentioned in an interview with Cointelegraph that he firmly believes that once a Bitcoin spot ETF is approved, it will drive up the price of Bitcoin, which in turn can further stimulate people’s interest in blockchain games.
Market performance is often led by Bitcoin
Siu pointed out that with the recent overall rebound of the cryptocurrency market led by Bitcoin, the interest in Web3 gaming sector seems to have been reignited, thereby promoting a new wave of on-chain activities. He further explained that although many practitioners in the cryptocurrency industry believe that their products have uniqueness and can operate independently of market fluctuations, the overall prosperity of the cryptocurrency ecosystem still largely depends on the overall performance of the cryptocurrency market, which is often strongly influenced by Bitcoin.
However, Siu also expects that the cryptocurrency market will eventually surpass its reliance on Bitcoin as the primary reserve asset, just as the international economy has moved away from the gold standard in the past.
Ethereum gas prices double from their lows
The activity on the blockchain can be judged by the change in gas fees. According to data provided by Etherscan, the average gas fee on October 14 reached its lowest point of the year at only 7.9 Gwei, when the price of Ethereum was around $1,550. With the rise in the price of Ethereum, we have also seen an increase in the average gas fee, with the current price of Ethereum at around $1,890, and the gas price rising to approximately 23 Gwei. This phenomenon indicates that with the price rebound, on-chain activity is indeed recovering, aligning with Siu’s viewpoint.
Source: Etherscan
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Animoca Brands
Metaverse
NFT
元宇宙
Venture capital
Blockchain games