Yat Siu from Animoca Games predicts that 2024 will be a key year for cryptocurrency games and the metaverse. He pointed out the misperception of the metaverse related to the term “meta” and highlighted the growth and strength of the industry, especially the impressive sales of NFTs.

• Yat Siu confirms the growing interest in the metaverse industry.
• The expert says that the confusion around the term “meta”, especially in the context of Facebook’s rebranding to Meta, was the main reason for the opinion that the metaverse was dead.
• Siu emphasises that despite the negative state of the market, the industry will continue to grow and thrive.

According to Yat Siu, CEO of Animoca Games, a respected player in the Web3 games market, 2024 promises to be a significant time for cryptocurrency and metaverse games. This prediction was made in light of a recent analysis which found that of the 2817 Web3 games released in the last five years, 2127 have failed, representing a failure rate of more than 75%.

In a recent interview with The Wolf Of All Streets podcast, Siu was optimistic about the future of the industry. To dispel the myth that the metaverse is dying as an industry, host Scott Melker asked Siu about the current state of the metaverse. Yat Siu’s answer confirmed the growing interest in the field.

He claimed that the misunderstanding of the term “meta”, especially in the context of Facebook’s rebranding as Meta, is the main reason for the notion that the metaverse is disappearing. Siu pointed out that while Web3 attendees differentiate between Facebook and the metaverse, those outside the industry have a different perspective on the topic.

He emphasised that the negative view of the metaverse stems from the failed Facebook initiative, which has led observers to believe that all attempts related to the metaverse are doomed to failure. On the other hand, Siu emphasised that the industry continues to grow and thrive despite the difficulties in the market.

He pointed out that despite the recent downturn in the cryptocurrency market, employment, development and business continue to progress, albeit not with the same momentum as during the market boom.

The Animoca Games CEO also emphasised the strength of the market, pointing to the exceptional sales of NFTs, which have reached around $900 million in the last 30 days. Ignoring the prospect of the business collapsing in the face of a downturn, Siu emphasised the industry’s economic momentum, activity and growth. “The industry is on a strong upswing, and in my opinion, 2024 promises to be good in many ways” he said, looking optimistically to the future.