The CEO of gaming company Animoca Brands, Yat Siu, believes that the development of Web3 is a natural evolution of the Internet, which the “bear” crypto market will only strengthen.
Yat Siu noted in an interview with Bloomberg that the Web3 ecosystem continues to expand rapidly despite the recent turmoil in the digital asset market. He compared the recent crash in the cryptocurrency market to the 2018 crisis. At that time, Bitcoin was trading below $3,000 at its lows, and Ethereum fell to $100. At that time, most investors, taking advantage of the immaturity of the industry, used the market for speculative purposes. According to Siu, this should not happen now, as the crypto sector has expanded, including through applications for the metaverse and non-fungible tokens (NFTs).
Siu believes that the recent crash of TerraUSD has not affected the value of the crypto ecosystem, although asset prices have plummeted. He is confident that the situation is different from the default of 2018, when investors converted digital currencies into fiat, and then after the crisis again exchanged traditional assets for stablecoins or other cryptocurrencies. Siu believes that the community continues to build the Web3 ecosystem and make it more stable. He is confident that in the long term, investors will continue to invest in cryptocurrencies.
The CEO of Animoca Brands added that the company sees the current market situation as an ideal investment opportunity. According to him, Animoca Brands primarily invests in projects that help develop the NFT ecosystem. He cited the recent acquisition of French video game studio Eden Games as an example.
Sioux emphasized that Web3 is a natural evolution of the Internet, and most of the population will accept it, as it is already heavily dependent on the digital world. However, today’s Web2 platforms, even though their existence depends solely on the activity of users, do not give them the right to vote or participate in the development of projects. On the other hand, Web3 platforms offer rewards and profits for participating in product development.
Back in March, the heads of the crypto-currency companies Synthetix and Immutable said that despite the difficult geopolitical and economic situation, the crypto-currency market will continue to develop thanks to NFT and Web3.
Source: Bits
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