Animoca Games’ President Yat Siu Forecasts a Thriving 2024 for Crypto Games and the Metaverse
- Animoca Games’ President Yat Siu predicts a robust 2024 for crypto games and the metaverse.
- Siu addresses the misconception of the metaverse’s failure, attributing it to confusion surrounding Facebook’s rebranding to meta.
- Despite a bearish market, Siu highlights sustained growth, hiring, and economic activity in the Web3 sector.
- The negative perception of the metaverse is linked to Facebook’s unsuccessful Metaverse project, creating unwarranted skepticism.
- Siu remains optimistic, emphasizing the industry’s strength with notable NFT sales and foresees a promising 2024.
Yat Siu, the president of Animoca Games, a major influencer in the Web3 game landscape, shares his optimistic outlook for the crypto games and metaverse industry in 2024.
This perspective comes amid discussions about the perceived decline of the metaverse, fueled by misconceptions surrounding Facebook’s rebranding to Meta.
The Metaverse Perception
In a recent interview on The Wolf of All Streets podcast, Scott Melker questioned Yat Siu about the prevailing narrative suggesting the metaverse’s demise.
Our executive chairman and co-founder Yat Siu (@ysiu) reflected on the year and expressed optimism for 2024. He predicts that 2024 will be a significant year for crypto games and the #metaverse. 🔗https://t.co/oT5nPVoKkT— Animoca Brands (@animocabrands) December 11, 2023
Here’s some alpha to start the week off strong 🔥:
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.