Top investment institution in the NFT and metaverse space, Animoca Brands, founder Yat Siu, stated in an interview with Cointelegraph at 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 reignite people’s interest in blockchain gaming.
The Hong Kong Fintech Week event continued until yesterday (5th), and Yat Siu, the founder of Animoca Brands, one of the top investment institutions in the NFT and metaverse space, also participated. Animoca Brands could be seen in many of the hottest metaverse and NFT projects, including The Sandbox, Opensea, Dapper Labs, and Sky Mavis (developer of Axie Infinity).
During the interview with Cointelegraph at the event, Yat Siu mentioned that he firmly believes that once a Bitcoin spot ETF is approved, it will drive up the price of Bitcoin, which in turn will further stimulate people’s interest in blockchain games.
The performance of the cryptocurrency market is often led by Bitcoin. Siu pointed out that with the recent overall rebound in the cryptocurrency market led by Bitcoin, interest in the Web3 gaming sector seems to be 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 are unique 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 predicts 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.
The change in gas fees can be used to judge the activity level of on-chain activities. According to data provided by Etherscan, the average gas fee on October 14 reached its lowest point of the year, only 7.9 Gwei, when the price of Ether was around $1,550. With the rise in the price of Ether, we have also seen an increase in average gas fees. Currently, the price of Ether is approximately $1,890, and the gas price has correspondingly increased to about 23 Gwei. This phenomenon indicates that on-chain activities are indeed recovering as the price rises, which aligns with Siu’s viewpoint.
Source: Etherscan
