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The CEO of the gaming company Animoca Brands, Yat Siu, believes that the development of Web3 is a natural evolution of the Internet, which the “bearish” 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 collapse in the cryptocurrency market with the crisis of 2018. Then bitcoin at its lows traded below $ 3,000, and ether fell to $ 100. At that time, most investors, taking advantage of the immaturity of the industry, used the market for speculative purposes. According to Sioux, this should not happen now, as the crypto sector has expanded, including through applications for metaverse and non-fungible tokens (NFT).
Sioux believes that the recent collapse of TerraUSD has not affected the value of the cryptocurrency ecosystem, although asset prices have fallen sharply. 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. Sioux 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 cryptocurrency.
The CEO of Animoca Brands added that the company considers the current market situation an ideal investment opportunity. According to him, Animoca Brands primarily invests in projects that help the development of the NFT ecosystem. As an example, he cited the recent acquisition of the French video game studio Eden Games.
Sioux stressed that Web3 is a natural evolution of the Internet, and most of the population will accept it, since it is already highly dependent on the digital world. However, modern Web2 platforms, even though their existence depends solely on user activity, 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.
The heads of cryptocurrency companies Synthetix and Immutable said back in March that despite the difficult geopolitical and economic situation, the cryptocurrency market will continue to develop thanks to NFT and Web3.
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