Yat Siu, co-founder of Animoca Brands, is optimistic about the impact of various investments and partnerships in 2024, as mainstream institutional interest in Bitcoin continues to grow.
In an exclusive interview with Cointelegraph at the Next Block Expo in Berlin, Siu, who is also the chairman of the gaming venture capital firm, shed light on around 70 investments made in 2023, which are anticipated to yield significant results in the following year. A notable highlight is the partnership with The Open Network (TON) blockchain, announced on Nov. 28. Siu revealed that this involved purchasing an undisclosed amount of Toncoin and staking it as part of a validator agreement:
“We see this as a major step towards mass adoption with the TON wallet. Considering there are 800 million Telegram users on TON, the potential is enormous.”
Siu also discussed Animoca’s acquisition of the social casual gaming platform Gamee in July 2020, which is poised to leverage its expanding role as a gaming platform on Telegram. He noted that monetization challenges on Telegram, such as the absence of advertising and in-app purchases, were mitigated with the recent integration of TON, making these ventures commercially viable.
While Gamee is yet to be fully integrated with Telegram, the rising value of its native GMEE token signals strong interest in GameFi and its prospects on the messaging platform.
Animoca Brands, with a keen interest in metaverse initiatives and nonfungible tokens (NFTs), sees a resurgence in the NFT market, as observed by co-founder Yat Siu. He attributes this recovery to long-term investors who recognize the intrinsic value and solid fundamentals of various projects:
“The landscape has shifted, with fewer classic speculators in the mix, as many have moved on, having prematurely deemed NFTs as unprofitable or even a passing trend.”
Siu highlights a notable change in the NFT market dynamics. Currently, a small percentage, often in single digits, of NFTs from prominent collections are available for purchase. This is a stark contrast to the 2021 bull market, where it was common to see over half of the items in a collection up for sale on various NFT platforms.
Looking at broader market trends, Siu is optimistic about the future, especially as 2024 approaches. He cites several macroeconomic factors fueling this positive outlook. Key among these are the growing excitement over the potential approval of Bitcoin spot exchange-traded funds (ETFs) in the U.S., the conclusion of Sam Bankman-Fried’s criminal trial, and Binance’s significant $4.3 billion settlement with U.S. authorities:
“The resolution of these major events, particularly the Binance situation, has provided a sense of closure and clarity as we head into 2024.”
Siu also points to the potential early 2024 approval of multiple Bitcoin spot ETFs as a foundational element for market strength. Additionally, the recent liquidation of $60 million in BTC short positions is seen as a relief, reducing the downward pressure on the markets.
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