DeFi News Official Today TheBitTimes.com

The Animoca Brands founder and CEO says spot Bitcoin ETF enthusiasm has directly correlated to increased confidence and activity in GameFi. Enthusiasm surrounding a possible spot Bitcoin (BTC) exchange traded fund (ETF) isn’t just driving up the price of Bitcoin — it's also sparked a resurgence of enthusiasm for blockchain games , says Animoca Brands founder Yat Siu.  Speaking to Cointelegraph at Hong Kong Fintech Week, Siu said the price increases of many cryptocurrencies reignited investor confidence in the Web3 gaming market as well as sparking a fresh wave of related on-chain activity. “Token values are a way of confidence building in terms of users and utility. It's not for the purpose of just having money, but it's also to feel confident about what you own.” "If an industry or a country isn’t growing, despite the fact that prices might be high, then people can lose confidence,’ Siu said. Busy @animocabrands fam & frens booth including @TheSandboxGame @Moca...

GameFi developers have been focused on raking in money — and they've forgotten that they need to make games fun in order to win over players. Blockchain games began as a means to effectively test technology’s true potential. However, making sure they reach that potential remains a challenge. While Illuvium was one of the most highly anticipated crypto game releases in history, the price of its ILV token has fallen significantly since 2021 — to the tune of 97%. The project’s developers have not released anything substantial for quite some time. The immersive gameplay and impressive graphics are not enough to stop the game’s token from plummeting. The same can be said of most GameFi tokens. Blockchain games have been largely underwhelming to date because they do not focus enough on ensuring a quality user experience. Ultimately, the task of creating these games is underestimated. When GameFi emerged, it had a lot of potential, but it has been largely underwhelming. It’s not an easy ...