Summary
TLDR: NFT market sales dropped in March, but Yat Siu of Animoca Brands is optimistic about the future. He believes gaming will drive growth in the space. Animoca has faced scrutiny from the SEC but remains confident in its token holdings. Valuations for the companies they’ve invested in were down in 2023, but token values have increased in early 2024. Despite a slight financial dip, Siu is enthusiastic about the future of Web3.
Key Points
1. In March, the NFT market experienced a significant drop in monthly sales volumes, totaling about $1.4 billion compared to a high of $6 billion in January 2022.
2. Yat Siu, chairman of Animoca Brands, remains optimistic about the future of NFTs and the metaverse, believing that gaming will be a key driver of growth in the space.
3. Despite valuation declines in 2023, Animoca’s token holdings have increased in value in early 2024, indicating potential future growth in the company’s equity.