Why Mass Crypto Adoption May Only Be a Year Away, According to Animoca Brands Co-Founder
News Publisher Jun 26, 2024 13:30
Crypto enthusiasts predict mainstream adoption of Bitcoin and altcoins within a year to a half, driven by play and the open metaverse, with digital ownership forming the foundation.
It’s the one big question on many crypto enthusiasts’ lips: just when will Bitcoin and altcoins go mainstream and send values soaring through the roof?
The answer might be sooner than they think.
Yat Siu, co-founder of Animoca Brands, predicts mainstream adoption is just a year to a year and a half away, but it’s not going to come the way people expect. Instead, the rise of crypto is set to be fueled by the power of play.
Here’s a look at how.
Why games rule the Cryptoverse
While some see dollar signs in Bitcoin, Siu sees social connections as the key to unlocking crypto's true potential.
According to him, mainstream crypto is set to take off via the medium of gaming, and the best games aren't just fun, they're about community. That same social glue is what binds blockchain users together, and guess what? Games are already massive social networks.
By this, he doesn’t mean online games which you can play via crypto payments, such as a new casino in 2024 that accepts Bitcoin or the latest paid-for video games, but immersive online worlds that use crypto as their de-facto currency.
Often referred to as part of “The Metaverse”, this new style of gaming is set to become hugely popular among the general public, not just gamers.
But what exactly will this look like, and how will crypto payments work as part of this?
The Open Metaverse
Web3 is the theorized next phase of the internet, built on the foundation of blockchain technology. According to experts, it represents a decentralized and user-owned virtual world.
Siu paints a picture of this Web3 space as a vast "open metaverse" where virtual opportunities generate real-world value. He estimates the size of this open metaverse to be a staggering $2.5 to $2.6 trillion already. This, he argues, stands in stark contrast to the recent negativity surrounding the metaverse.
Siu points out that the concept itself is very much alive, but our understanding of it might be skewed. The hype generated by Facebook's rebranding to Meta, and its struggles to deliver a specific vision of the metaverse, muddied the waters.
According to Siu, the true foundation of the metaverse isn't a singular, immersive virtual world. It's about digital ownership – the ability to own and control your digital assets. Ownership forms the bedrock of a thriving community, similar to how a nation's foundation isn't simply a physical territory but the collective identity and ownership of its citizens.
This, he believes, will be the driving force of mainstream adoption, and gaming will be at the center of it.
Future of crypto gaming
People talk about how Bitcoin, with its digital gold aspirations, and NFTs, with their unique blend of art and utility, are both contenders to push crypto into the mainstream. But Yat Siu throws a surprising name into the ring: gaming.
Siu's prediction, made during a recent episode of Cointelegraph's "Decentralize" podcast, is a bold one – mass adoption within 12 to 18 months. His reasoning hinges on the ever-expanding toolkit for distributing Web3 applications, making them more accessible than ever before.
This accessibility, he argues, will eventually force even the most resistant tech giants, like Apple, Google, and Valve (with its Steam platform), to embrace the Web3 revolution.
Siu envisions a scenario where hundreds of millions, even billions, of people are integrated into these Web3 gaming networks. The sheer volume of users would create an unstoppable force and build a vibrant digital ecosystem.
Why gaming? The power of social connectivity
Siu emphasizes gaming's social nature as the key ingredient for mass adoption. Blockchain thrives on strong communities, and games provide the perfect breeding ground for such communities to flourish. This social aspect, according to Siu, transcends simple gameplay.
Whether it's a game, a social finance platform ("SocialFi"), or a decentralized finance ("DeFi") system, the social connections forged within these ecosystems are their true lifeblood.
Games, with their social mechanics, become the ideal platform to grow these connections and propel blockchain adoption.
Will Siu be proved correct?
Siu's prediction of imminent mass adoption through gaming is a thought-provoking one. Whether his timeline proves accurate or not, the focus on social connectivity and digital ownership within the Web3 space holds significant weight.
As the technology continues to evolve, it will be fascinating to see which use case ultimately becomes the gateway to widespread crypto adoption.
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