Animoca Brands Co-founder Yat Siu Expresses Optimism for Bitcoin & NFT Market in 2024
Summary:
Yat Siu, co-founder of Animoca Brands, is optimistic about the success of several investments and affiliations in 2024 due to increasing mainstream institutional interest in Bitcoin (BTC). He identifies around 70 investments from 2023 that are likely to yield results in the upcoming year. Key ventures include a partnership with The Open Network (TON) blockchain and the acquisition of social gaming platform Gamee. In addition, Siu sees the NFT market's recovery and certain macro trends as indicators of a strong financial outlook for 2024.
Yat Siu, co-founder of Animoca Brands, has expressed optimism about the potential outcomes of several investments and affiliations in 2024 due to the escalating mainstream institutional focus on Bitcoin (BTC). He conversed particularly to Cointelegraph at the recent Next Block Expo held in Berlin, identifying approximately 70 investments executed in 2023 that are predicted to yield returns the following year.
A key partnership that Siu emphasized was with The Open Network (TON) blockchain, made official on November 28. The deal entailed investment in an undisclosed quantity of Toncoin, which was subsequently pledged as part of a validator deal.
Asserting his enthusiasm for the collaboration, Siu mentioned, "The potential for mass onboarding through the TON wallet is high. With TON being used by around 800 million Telegram users, there's plenty to be enthusiastic about."
Siu also pointed out that Animoca's 2020 acquisition of the social gaming platform Gamee is prepared to tap into its increasing relevance on Telegram. He mentioned that an earlier challenge was the inability to generate revenue from games via the messaging app due to restrictions on in-app purchases and advertising. However, integration with TON has recently bit made this viable.
Siu also highlighted the growing influence of Animoca in broader metaverse projects and non-fungible tokens (NFTs). He mentioned the NFT market's rebound, attributed to committed holders who invested value in the projects and their fundamentals. He noted a decrease in NFTs from well-known collections being available on the market.
Siu is also bullish about the macro trends influencing 2024. He cited key factors including mounting anticipation around U.S. Bitcoin spot exchange-traded funds, the conclusion of Sam Bankman-Fried’s criminal trial, and Binance’s $4.3 billion settlement with U.S. regulators. These factors, along with the potential approval of multiple Bitcoin ETFs, and a recent liquidation of $60 million of BTC short positions, are seen by Siu as strong indicators of a positive 2024.
Published At
12/6/2023 12:10:20 PM
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