Yat Siu, the president of Animoca Games and a key figure in the Web3 game landscape, anticipates a robust year for crypto games and the metaverse in 2024. Despite a reported Web3 game failure rate of over 75%, Siu remains optimistic, emphasizing the resilience and growth within the sector.
Read CRYPTONEWSLAND onIn a recent interview on The Wolf of All Streets podcast, Siu addressed the prevailing narrative that the metaverse is a dying industry. He attributed negative perceptions to misconceptions stemming from Facebook’s rebranding to Meta, causing confusion about the metaverse’s true nature.
Siu highlighted the distinction between the failed Metaverse project by Facebook and the ongoing progress in the broader metaverse space. He noted that the negative perception surrounding the metaverse was a result of the misinterpretation that all metaverse-related projects had no future.
Despite challenges posed by a bearish market, Siu emphasized the sector’s continued growth, hiring, and economic activity, albeit not at the pace expected in a bull market. Additionally, he underlined the market’s strength by citing impressive NFT sales, which totaled nearly $900 million in the last 30 days.
Siu expressed optimism about the future, stating, “It’s come back quite strongly, and I think 2024 is going to be a pretty good year from all perspectives.” He also highlighted the recent surge in NFT sales, exceeding $1.1 billion in the last 30 days, indicating sustained activity and growth within the industry.
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