Animoca’s Yat Siu Defends Web3 Games, Says Low User Count Not a Measure

Editing by Nathaniel Cajuday

Yat Siu, the founder of global developer for blockchain company Animoca Brands, expressed that a low player count for web3 games is not enough to measure a game’s worth, explaining that user transactions do not reflect the final engagement on a platform, as some of them prefer holding onto their NFTs to use in the game, rather than selling.

BitPinas is media partner to PH Web3 Festival, where Yat Siu will be a key speaker. Get your exclusive discount code of 20% Off if you use the code "BITPINAS" on checkout here.

The statement came after the topic about The Sandbox, where Yat Siu is a majority owner, only having 500 daily active users. He noted that the game was doing just fine despite the report regarding its users.

Accordingly, he stressed that the jobs created on the platform as well as how much revenue is being generated from the game are more accurate measures of user engagement, highlighting that for Sandbox, every landowner has a wallet value of between half a million and $2 million.

Animoca Exec. Chairman Yat Siu on the Future of the Metaverse

Last year, the founder explained the reasons why decentralized land should be limited from a consumer product market fit perspective. He expounded that Metaverse Land functions similarly to that of the real world where the higher the per capita influence of land is, the more desirable it is. (Read more: Virtual Land Scarcity, Animoca Brands Founder Yat Siu Explains Its Importance)

In line with web3 games, Siu also mentioned and defended the state of Axie Infinity, a blockchain game backed by Animoca Brands, because it stands still despite the many setbacks it has faced.

However, he stated that although the game shows the potential of blockchain gaming, Siu shared that he doesn’t think Axie Infinity represents the future of blockchain gaming.

In the Philippines, Axie Infinity successfully concluded the largest Axie local area network (LAN) tournament in the country, where 256 players from 84 guilds fought for a 3030 Axie Infinity Shards (AXS) prize pool (approximately ₱1.9 million). It was conducted in the Axie Infinity Capital in the Philippines, where the Axie craze started, Cabanatuan City, Nueva Ecija.

In terms of the bear market, Siu noted that the impact of crypto winter was less severe for blockchain gaming compared to the rest of the crypto industry.

Locally, representatives from different industries discussed the past, present and future of cryptocurrency, especially during this crypto winter, and highlighted that the bear market is the best time to build and solidify communities. This was during the Mid-Winter Fireside Chat at the Draper Startup House Manila in Makati City, held on August 16, 2022. (Read more: [Event Recap] Mid-Winter Fireside Chat First Panel: Crypto Winter in Three Perspectives)

Yat Siu is expected to be in the Philippines next month to come and speak at the upcoming Philippine Web3 Festival, a week-long premier event happening on November 14–18, 2022, alongside with other global and local crypto personalities and entities such as the co-founder of Axie Infinity, Jeffrey Zirlin (Jihoz). (Read more: PH WEB3 Festival)

This article is published on BitPinas: Animoca’s Yat Siu Defends Web3 Games, Says Low User Count Not a Measure

Feature Photo: “DLD14 Conference Day 2” by Hubert Burda Media is licensed under CC BY-NC-SA 2.0.

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.