Gaming as the Catalyst for Crypto Mass Adoption

The debate over which blockchain use case will bring about widespread mass adoption remains a hot topic within the crypto community. While Bitcoin's role as a store-of-value has its proponents, and nonfungible tokens (NFTs) are seen as a burgeoning technology, Animoca Brands co-founder and chairman Yat Siu believes that gaming will be the primary catalyst for mass adoption.

Mass Adoption Timeline

Yat Siu predicts that mass adoption of blockchain technology could occur within the next 12 to 18 months. He attributes this optimistic timeline to the increasing number of tools available for distributing Web3 applications, which make it easier for developers to integrate blockchain into gaming platforms.

Role of Major Platforms

Siu foresees that even traditionally resistant legacy players such as Apple, Google, and Valve’s Steam will eventually have to embrace Web3 technologies. Once these platforms open their doors to blockchain-based applications, mass adoption will accelerate. The entry of these platforms could lead to hundreds of millions, or even billions, of users joining blockchain networks, making them an unstoppable force.

Gaming as a Social Network

Siu argues that gaming is uniquely positioned to drive blockchain adoption because of its inherently social nature. The power of blockchain lies in its community, and gaming communities are among the most engaged and active. Games act as social networks, providing a robust foundation for blockchain technology to thrive. This social interaction enhances the strength and longevity of blockchain applications.

The State of the Metaverse

Despite some headlines declaring the metaverse dead, Siu maintains that the metaverse is far from obsolete. He suggests that the concept of the metaverse has been misunderstood, partly due to Facebook's rebranding as Meta and their subsequent struggles.

Redefining the Metaverse

Siu explains that the metaverse should not be defined by virtual worlds alone but by the ownership of digital property. The foundation of a thriving metaverse is community and ownership, not merely the ability to enter a virtual space. In this context, the metaverse is thriving as an open space where virtual opportunities have tangible value.

The Open Metaverse

According to Siu, the Web3 space represents an "open metaverse" where the value of digital assets is real and significant. This space is already substantial, with an estimated size of $2.5 to $2.6 trillion. The concept of an open metaverse emphasizes the importance of digital property ownership and community, making it a vibrant and growing sector.

Conclusion

Gaming's social nature and strong community engagement position it as the most likely catalyst for the mass adoption of blockchain technology. The anticipated involvement of major platforms like Apple and Google could further expedite this process. Additionally, the metaverse, when redefined as a space of digital ownership and community, continues to thrive despite previous setbacks.

For more insights from Yat Siu, including his views on memecoins, financial education, and Animoca Brands’ investment strategies, listeners can tune into the full episode of Decentralize with Cointelegraph on their preferred podcast platform.