Animoca’s Yat Siu optimistic about TON partnership as Bitcoin sets the stage for 2024

Animoca’s Yat Siu optimistic about TON partnership as Bitcoin sets the stage for 2024
courtesy of cointelegraph.com

Partnerships and investments expected to pay off in 2024

Animoca Brands co-founder Yat Siu believes that a number of investments and partnerships will yield positive results in 2024, as mainstream institutional interest in Bitcoin continues to grow. Siu, speaking at the Next Block Expo event in Berlin, highlights the 70 investments made in 2023 that are expected to deliver next year. One notable partnership is with The Open Network (TON) blockchain, which Siu views as a tool for mass onboarding with TON wallet, given that there are 800 million users on Telegram using TON.

Gamee acquisition to capitalize on Telegram presence

Siu also discusses Animoca's acquisition of social casual gaming platform Gamee in July 2020, which is expected to benefit from its growing presence on Telegram. Siu explains that the acquisition was initially hindered by the inability to monetize games through Telegram, but that has changed with the integration of TON. Siu states that Gamee is now commercially viable and the appreciation of its native $GMEE token demonstrates the potential of GameFi on Telegram.

NFT market recovery and macro factors

Animoca has a vested interest in the performance of metaverse projects and nonfungible tokens (NFTs). Siu notes that the NFT market is recovering, thanks to long-term holders who believe in the projects and their fundamentals. He mentions that the number of NFTs available from high-profile collections on the market is now typically in the single-digit percentage, a significant decrease compared to the bull market of 2021. Siu also points to macro factors, such as the anticipation of Bitcoin spot exchange-traded funds in the U.S., the resolution of Binance's legal issues, and the end of a criminal trial, as reasons for positive sentiment heading into 2024.

Bitcoin ETF approval and market outlook

Siu believes that the potential approval of several Bitcoin ETFs early next year will further strengthen the foundation for Bitcoin. Additionally, the recent liquidation of $60 million worth of BTC short positions has alleviated downward pressure on the markets. Siu expresses optimism for the future, stating that the conclusion of the Binance chapter provides clarity for 2024.

Animoca’s Yat Siu optimistic about TON partnership as Bitcoin sets the stage for 2024
courtesy of cointelegraph.com






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