Crypto News- Yat Siu, co-founder of Animoca Brands, exudes confidence in the lucrative potential of various investments and partnerships in 2024, riding on the wave of escalating mainstream institutional interest in Bitcoin, which is currently priced at $44,069.
In an exclusive conversation with Cointelegraph during the Next Block Expo event in Berlin, the chairman of the gaming venture capital firm sheds light on about 70 investments made in 2023 that are poised to yield substantial results in the upcoming year.
TON Partnership Excitement: Yat Siu from Animoca Enthusiastic as Bitcoin Paves the Way for a Strong 2024
A standout among these initiatives is Animoca’s high-profile collaboration with The Open Network (TON) blockchain, officially unveiled on Nov. 28. Siu reveals that the investment includes the acquisition of an undisclosed amount of Toncoin, subsequently staked as part of a validator agreement. Siu expresses enthusiasm about leveraging TON’s massive user base, citing the potential for mass adoption through the integration of the TON wallet with Telegram, which boasts 800 million users.
Discussing Animoca’s acquisition of the social casual gaming platform Gamee in July 2020, Siu sees promising prospects as Gamee establishes itself as a gaming platform on Telegram. He notes the recent commercial viability facilitated by TON’s integration, allowing advertising and in-app purchases within Telegram.
While Gamee’s full integration into Telegram is pending, the increasing value of its native GMEE token reflects the growing excitement around GameFi and its potential within the Telegram ecosystem.
Siu also underscores Animoca’s vested interest in the broader performance of metaverse projects and nonfungible tokens (NFTs). He notes the NFT market’s recovery, attributing it to long-term holders who recognize the intrinsic value of projects and their fundamentals, contrasting this with the speculative frenzy of 2021.
Macro factors further contribute to Siu’s bullish outlook for 2024, such as the anticipation surrounding Bitcoin spot exchange-traded funds (ETFs) in the U.S., the conclusion of Sam Bankman-Fried’s trial, and Binance’s $4.3 billion settlement with American authorities. Siu views these developments as catalysts for positive sentiment and clarity as the new year approaches.
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