Siu attributed this sentiment to the confusion caused by Facebook’s transformation into Meta.

While those entrenched in the Web3 space comprehend the distinction between the metaverse and Facebook, external perceptions often differ.

“The perception of the metaverse being dead was fueled by confusion over the term ‘meta,’ particularly due to Facebook’s rebranding to Meta,” explained Siu.

Facebook’s Influence and Misconceptions

Yat Siu argued that the negative outlook on the metaverse largely emanated from the setback of Facebook’s Metaverse project.

The failure of this high-profile initiative led to a broad assumption that all metaverse-related projects were destined for failure.

However, Siu countered this narrative by highlighting the continuous growth and development within the sector, even amid a bearish market.

“Despite the downturn in the crypto market, growth, hiring, and economic activity have continued uninterrupted,” noted Siu, acknowledging a nuanced reality compared to traditional bullish markets.

Economic Strength and NFT Sales

Siu underscored the current robustness of the market, pointing to the impressive NFT sales, which amounted to nearly $900 million in the last 30 days.

Despite challenges posed by the bearish market conditions, Siu emphasized the industry’s economic scale, ongoing activity, and overall growth.

This stance rejects notions of failure and reflects a positive outlook for the future.

“It’s come back quite strongly, and I think 2024 is going to be a pretty good year from all perspectives,” said Siu, expressing confidence in the industry’s resurgence.

With a focus on continued growth, economic strength, and substantial NFT sales, Siu paints a positive picture for the crypto games and metaverse landscape, suggesting that 2024 holds promise for the industry.