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Animoca’s Yat Siu Talks Blockchain Gaming and Digital Identity

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4 days ago

September 15, 2024

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Yat Siu, co-founder and executive chairman of Animoca Brands shared his unique perspective on the evolving landscape of Web3, drawing from his extensive experience in tech innovation and his multicultural background.

In a recent interview with BeInCrypto, Siu discussed Animoca’s Mocaverse, highlighted the stark contrast between Eastern and Western attitudes, and offered valuable advice for aspiring artists in the age of AI.

Why do you think the MOCA price rose significantly, compared to other gamefi tokens?

There is a whole series of tokens that haven’t done that well. But some have done well like Bitcoin, Ethereum, Solana, and TON, plus in our case, I would argue MOCA, too.

The key difference is the institutional support. Projects with institutional backing tend to perform more stable. Starting with the Bitcoin ETFs, I think we’re entering an institutional era of crypto, meaning that, to stand out, you now need institutional support.

How does the institutional support help the growth of projects?

The traditional stock market is by-majority institutional, but the token market is by-majority retail. In an institutional market, you diligently research to know what the project is about because you have large purchasing power and long-term planning.

Retails have a lot more short-term behavior naturally. For instance, Pump.fun launched two million tokens in the last 6 months. It is amazing as a business model, but also concerning. Among the new tokens, many of them are very small, and may also be very speculative.

An institution will not invest in Pump.fun. They have discipline. In this age, projects that have institutional support and capability become much more relevant.

Animoca’s Yat Siu at Korea Blockchain Week. Source: Korea Blockchain Week

As an advisor to the Hong Kong Government’s Web3 Task Force, how do you interpret the recent atmosphere of the industry in China and Hong Kong?

Although President Xi Jinping put blockchain technology into his agenda, you can’t just assume by China saying “we’re supportive of blockchain”, that they will allow Bitcoin to be traded in China. You can’t even trade the US dollar in China, and what makes you think it should be okay to do crypto?

But there is a role for Hong Kong, which has been a financial clearing house for international capital in and out of the mainland. It makes sense that Hong Kong is becoming pro-Web3 and pro-Crypto because it is the sandbox for China.

If something happens, it can happen in Hong Kong and won’t affect China. Moreover, Chinese capital might flow out to other places, but it would rather be in Hong Kong, a free market under China’s influence than move to the US ally’s soil like Singapore.

You have a Chinese background, but you grew up in the West, in Austria. How do Web3 and GameFi differ between East and West?

Asia is more pro-capitalist and the West is split between capitalism and, especially in Europe, more socialism. In Asia, even in China, they are capitalists by nature, and it doesn’t matter if you are called the Communist Party. That is not true for Europe and many young Americans.

So if you’re a gamer in Asia, you make money with your assets and it’s okay because by nature you are comfortable with capitalism. But in Europe, people don’t necessarily agree with that. In America, the younger generation doesn’t necessarily believe in capitalism because it hasn’t worked for them.

There’s an ironically greater love of capitalism in Asia, which is why DeFi and GameFi are growing. I wouldn’t say everyone, but there’s a much louder voice of people in the West who don’t like it. If you talk to gamers in the West, they will say “I don’t want money to swallow my game”.

Between Game Boy (of Nintendo) and Game Science (of Black Myth: Wukong), which one would you choose?

I would go for the Game Boy. I’m very proud that Black Myth: Wukong can be a global hit coming out of China. It’s an interesting moment. However, Wukong would not have been possible to be popular if it wasn’t for the earlier kinds of Asian game companies and Asia-led culture booms leading the way.

In other words, the Chinese moment came thanks to Japan and Korea. Japanese anime paved the way for K-pop and K-drama, and K-culture did the same for China. Even if Wukong might become bigger, Gameboy should be respected.

You studied music in college in Vienna. As an artist, what advice do you have for aspiring artists in the age of AI?

Regardless of what you do, especially for those who want to do creative things, it is important to own your property. The most successful musicians like Michael Jackson had a growing asset base because they owned their intellectual properties.

On top of that, you need to understand money and business which we don’t teach in school. You can’t have independence if you outsource the value of the system.

If you have an idea, if you create music, if you’re a performer, the important thing is to make sure you own enough of your property to have the long tail benefit for your work. Maybe it would make no difference if you’re not very successful, but if you have something successful, you know what I mean.

How can blockchain benefit content creators?

The biggest theft in Web2 was those like YouTube, Instagram, and Tiktok. In the early days of YouTube, mukbangs, live-streamed videos where viewers watch the host eat, were very popular, but even when the creators became famous, the content was not theirs and they lost the IPs to YouTube.

The same is true for Instagram, and when people take a photo on Instagram, they spend a long time getting the angle. But they don’t get paid for the work or its IP. Even when you make a video that goes viral on TikTok, you get nothing.

In Web3 with blockchain, you own the property. If you mint it as an NFT, you have the history and the record. You will be able to defend theft from the blockchain. You can’t stop it, but you can trace and claim its ownership. That’s the point.

What major factors of the industry have drawn your and Animoca’s attention recently?

The crypto industry has grown over the last 12 months. We’ve had a lot more launches, a lot more projects, and a lot more people involved in the space.

In particular, we at Animoca are excited about TON and Mocaverse. The TON ecosystem brings many users into Web3 and our games like Gamee now have 90 million users. And for the Mocaverse, we think it’ll solve digital identity.

Often it is the same people who are essentially farming the tokens which is a problem. You want to make it more distributed and you want to make it not go to bots but to individuals. You need an identity solution, and that’s what Animoca’s Mocaverse is doing.

Disclaimer

In compliance with the Trust Project guidelines, this opinion article presents the author’s perspective and may not necessarily reflect the views of BeInCrypto. BeInCrypto remains committed to transparent reporting and upholding the highest standards of journalism. Readers are advised to verify information independently and consult with a professional before making decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Toncoin Avoids 41% Crash, But Can It Reclaim $6?

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Will Notcoin Price Break This Key Resistance?

Published

50 mins ago

September 19, 2024

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Like other altcoins in the market, Notcoin (NOT) has seen a price increase in the last 24 hours. Within the period mentioned, NOT has jumped by 8% while its volume has surged 85%, indicating growing interest in the Telegram coin.

With market volatility at a high level, Notcoin faces a crucial momentum that could determine its short-term movement. If NOT fails to break through this key resistance, it risks facing a significant correction that may send its price tumbling.

Notcoin Encounters Challenges

Notcoin is currently trading at $0.0078, still 73% below its all-time high. Despite recent gains in price and volume, which suggest a potential rally, the 4-hour analysis indicates the token could face challenges as it targets $0.011.

The 4-hour chart shows that Notcoin is working its way toward $0.0080, but this level has previously acted as resistance, where the coin faced rejection. If Notcoin fails to break above this price level, it could see a 10% correction. In this case, its value might drop to $0.0072.

Read more: 5 Top Notcoin Wallets in 2024

Notcoin 4-Hour Analysis. Source: TradingView

An evaluation of Notcoin on the daily timeframe shows its Relative Strength Index (RSI) remains below the neutral 50.00 mark. The RSI is a momentum indicator that tracks the speed and size of price changes.

If the RSI moves above the midpoint, it signals bullish momentum and a potential price increase. Conversely, a decline in the RSI suggests weakening momentum.

For Notcoin, the RSI is rising but still below the signal line, indicating the uptrend is uncertain. The token’s upward movement will likely remain shaky unless bulls apply more pressure to push the price higher.

Notcoin Relative Strength Index. Source: TradingView

NOT Price Prediction: Rally Could Stop

Furthermore, the Fibonacci retracement indicator provides insights into NOT’s next movement. From a short-term perspective, bulls might try to break above $0.0085. However, around the same region, Notcoin began a decline that pulled it down to $0.0072 on September 6.

As such, that region is a supply zone that requires notable buying pressure to surpass. Currently, it does not appear that Notcoin has the notable capital flow to keep the upswing going.

Notcoin Daily Price Analysis. — Notcoin Daily Analysis. Source: TradingView

In a highly bearish scenario, Notcoin’s price could drop to $0.0072 and possibly as low as $0.0069. On the other hand, if the token manages to break above the $0.0080 and $0.0085 resistance levels, it could potentially surge to $0.011.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Market

Why 2024 Altcoin Season Could Fuel a Rally in These 6 Tokens

Published

2 hours ago

September 19, 2024

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Crypto investors and analysts support that the 2024 altcoin season may have just started, drawing signals from multiple fundamentals, including Bitcoin’s (BTC) sustained foray above $63,000.

The optimism comes after the Federal Open Market Committee (FOMC) decided a 50 basis points interest rate cut in September, suggesting the US economy is in a good place.

Crypto Banter Founder Highlights Tokens Primed for Altcoins

Crypto Banter, a popular YouTube channel with over 1.08 million subscribers, says the 2024 altcoin season is beginning. Its founder, Ran Neuner, cites the Federal Reserve’s (Fed) interest cut on Wednesday, increasing global liquidity and the all-time high seen in the money market funds. With this, he lists six tokens that are best positioned to rally if the altcoin season takes off.

SUI

The analyst starts by highlighting Sui (SUI) as a standout token, noting its rising prominence in the market, even posing a threat to Solana (SOL). SUI has been making headlines with major partnerships, including Circle’s USDC integration. Grayscale also recently launched a Sui Trust, which has driven a significant increase in both price and trading volume.

Ran Neuner believes these strong fundamentals position SUI for success in the short term, especially if an altcoin season unfolds.

FTM

The analyst also highlights Fantom (FTM) as a promising altcoin, noting its strong price performance. FTM has gained attention after recent internal developments, including the rebrand to Sonic Labs in August.

The rebrand has sparked renewed investor interest, positioning Fantom for further growth. Sonic Labs is building on this momentum with the launch of Sonic Gateway, a decentralized bridge that enables secure ERC-20 token transfers between Ethereum and Sonic.

This development has provided a boost for FTM, which has risen by 10% since the Thursday session began, trading at $0.33, according to BeInCrypto data.

IMX

ImmutableX (IMX) is also on Crypto Banter’s list of altcoins poised to rally on a possible alt season. The gaming token has broken above a falling wedge pattern, effectively confirming a reversal. Based on this breakout, analysts expect a bullish wave.

IMX Price Performance — IMX/USDT 2-day chart, Source: TradingView

AERO

The portfolio rebalancing also considers Aerodrome (AERO), as the central trading and liquidity marketplace continues to thrive on Base L2. The underlying fundamental for AERO is Aerodrome’s MetaDEX model, which combines the best aspects of previous decentralized exchange market leaders.

“When we assess Aerodrome’s implied outcomes through a model, it’s evident that token inflation, in itself, is not inherently bad. Instead, emissions are just one input into an economic model—a cost that can be managed and overcome,” a DeFi researcher echoed.

SOL

If the assumption proves accurate, Solana (SOL) may be gearing up for a strong rally, given its history of delivering impressive gains during altcoin market surges. Solana has often outperformed when broader altcoin momentum picks up, making it a key player to watch.

Currently, SOL is trading at $141.53, marking a 10% increase in the last 24 hours, according to BeInCrypto data.

OM

MANTRA (OM) earns a spot on the analyst’s list due to the upcoming launch of its mainnet in October. This event is expected to be a major milestone for the project, as it will bring real-world assets (RWA) on-chain. The mainnet launch will be a crucial step in integrating traditional finance (TradFi) into the blockchain ecosystem, creating new opportunities for MANTRA’s growth.

Ran Neuner also highlighted several other tokens that could see strong rallies, including Arweave (ARV), THORChain (RUNE), Render (RNDR), Crown by Third Time Games (CROWN), and SuperVerse (SUPER). These tokens have posted steady, conservative gains despite recent market uncertainty, positioning them for larger increases if an altcoin season takes off.

However, Neuner advises investors to keep an eye on the Bank of Japan’s (BOJ) CPI and interest rate decision on Friday. He warns that if the BOJ raises rates, it could disrupt the current rally, potentially leading to a market reversal. On the other hand, if the BOJ cuts interest rates, it could reinforce the ongoing upward momentum.

“Don’t get overconfident. We need good CPI out of Japan tomorrow and for BOJ not to raise rates on Friday. September still has some potential liquidity drains so don’t lever up to the gills, just 8 more days until it is really up only,” GamesMasterFlex wrote.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Market

Will NEIRO Price hit $0.17 soon?

Published

3 hours ago

September 19, 2024

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After a brutal 45% plunge triggered by Binance’s actions, Neiro Ethereum (NEIRO) is making a remarkable comeback. The meme coin has surged by an impressive 51% in the past 24 hours, outpacing the broader meme market.

With a resurgence in demand for NEIRO, the meme coin looks poised to extend its gains.

Neiro Ethereum Makes Its Comeback

BeinCrypto reported that NEIRO saw a sharp 45% price drop on Monday after Binance listed a different token with the same NEIRO ticker on its spot and futures markets.

However, the broader market’s positive sentiment over the past 24 hours, fueled by the US Federal Reserve’s rate cut, sparked a strong recovery for NEIRO. At press time, the altcoin is trading at $0.11, up 51%, with trading volume surging 53% to $93 million.

This rally has significantly boosted the number of profitable NEIRO transactions. Santiment data shows the ratio of transaction volume in profit to loss is now 3.66, its highest since the token’s July launch. This means that for every transaction at a loss today, 3.66 have turned a profit.

NEIRO Ratio of Daily On-Chain Transaction Volume in Profit to Loss. Source: Santiment

NEIRO traders remain bullish, with the altcoin’s funding rate at 0.01%, indicating higher demand for long positions among futures market participants.

neiro funding rate — NEIRO Funding Rate. Source: Santiment

NEIRO Price Prediction: Higher Demand May Push Token To $0.17

NEIRO’s Relative Strength Index (RSI) on the four-hour chart confirms the growing accumulation of the altcoin. At 59.07, this momentum indicator suggests market conditions are leaning toward buying rather than selling.

If buying pressure continues, NEIRO’s uptrend could persist, with the potential to rise another 46% and reach $0.17.