Will 2024 Be a ‘Good Year’ for GameFi, Metaverse? Expert Weighs in

Yat Siu, the chairman of Animoca Games, a prominent player in the Web3 game landscape, has predicted that 2024 will be a pivotal year for crypto games and the Metaverse. This prediction follows that of the 2,817 Web3 games introduced in the past five years, 2,127 have ceased to exist, making a failure rate exceeding 75%.

Siu expressed his bullish sentiment about the sector in a recent on The Wolf Of All Streets podcast. Host Scott Melker asked Siu to comment on the current state of the metaverse, seeking clarification on the popular narrative that the metaverse was becoming a dead industry. In response, Yat Siu affirmed the resurging interest in the sector.

He stated that the perception of the metaverse being dead was fueled by confusion around the term “meta,” particularly due to Facebook’s rebranding to Meta. Siu pointed out that while people involved in Web3 understood that the metaverse and Facebook are different entities, outsiders hold different beliefs.

He argued that negative perception of the metaverse stemmed from Facebook’s failed metaverse project, which caused onlookers to assume that all metaverse-related projects have no future. By contrast, Siu highlighted the continuous development and growth in the sector despite bearish market conditions.

He mentioned that despite a downturn in the crypto market, development, hiring and economic activity has continued unperturbed, albeit not at the same rate as could be expected in a bull market.

Furthermore, the Animoca Games chairman underlined the current strength in the market, citing impressive NFT sales of close to $900 million in the last 30 days. Siu emphasized the industry’s economic scale, activity, and growth, debunking the notion of failure given the bear market. He expressed optimism about the future, stating, “It’s come back pretty strong, and I think 2024 is going to be a pretty good year from all accounts.”