According to Cointelegraph, the enthusiasm surrounding a possible spot Bitcoin (BTC $35,085)exchange-traded fund (ETF) isn’t just driving up the price of Bitcoin. It is also expected to have sparked a resurgence of enthusiasm for blockchain games, Yat Siu, founder, Animoca Brands, explained.
Sources revealed that the price increases of many cryptocurrencies reignited investor confidence in the Web3.0 gaming market. It is believed they might sparked a fresh wave of related on-chain activity, Cointelegraph added.
“Token values are a way of confidence building in terms of users and utility. It’s not for the purpose of just having money, but it’s also to feel confident about what you own,” Siu explained.
Experts believe it can be difficult to boil investor confidence down to a single metric. However, Siu mentioned that the key indicators of growth and conviction in the GameFi sector can be best measured by looking closely at on-chain activity, Cointelegraph concluded.
(With insights from Cointelegraph)
