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TON Blockchain Partnership: Animoca’s Yat Siu Aims for Success in 2024

source-logo  crypto-news-flash.com 08 December 2023 14:47, UTC
  • Animoca Brands, led by co-founder Yat Siu, is set for major growth in 2024 with strategic investments in blockchain and gaming.
  • Key moves include a partnership with The Open Network and acquiring the gaming platform Gamee, aiming for mass onboarding and market expansion.

Yat Siu, co-founder of Animoca Brands, outlines a solid plan to profit from the growing institutional interest in Bitcoin in an interview with Cointelegraph. Siu discussed the noteworthy investments that Animoca Brands made in 2023, laying the groundwork for possibly big results in 2024.

Animoca’s high-profile alliance with The Open Network (TON) blockchain, revealed on November 28, is a key component of its business plan. This collaboration involves making a sizeable investment in Toncoin as part of a validator agreement.

Siu had high hopes for this project, particularly considering that TON wallet has a large user base on Telegram with over 800 million subscribers. This collaboration is a calculated move for broad onboarding in the blockchain industry and a financial one.

Gamee’s Integration and Market Potential

The July 2020 completion of Animoca’s acquisition of Gamee, a social casual gaming platform, is another important component of the company’s strategy. The platform’s native GMEE cryptocurrency, even though not yet fully incorporated into Telegram, promises to indicate its potential.

As Siu notes, this development is a key symptom of the increasing buzz surrounding GameFi, especially on Telegram. Telegram’s current ability to commercialize games through in-app purchases and advertising, made possible with TON integration, has made the platform commercially viable, a big change from its prior restrictions.

Animoca Brands has a stake in the success of metaverse initiatives and nonfungible tokens (NFTs). Siu discusses the NFT market’s rebound and credits long-term investors who recognize the value of the underlying projects and fundamentals. When comparing the current state of the market to the bull market of 2021, Siu observes a notable decline in the proportion of well-known NFTs up for grabs, suggesting a more stable and developed industry.

Macro Factors Fueling Optimism for 2024

Siu has cause for optimism regarding macroeconomic dynamics as they pertain to 2024. He cites events like the probable approval of Bitcoin spot exchange-traded funds (ETFs) in the United States, the resolution of well-known court cases, and notable settlements in the cryptocurrency market. According to Siu, these elements offer direction and a strong base for the market’s upward trajectory in the upcoming year.

The recent liquidation of $60 million in bitcoin short bets, which reduced market pressure to decline, further enhances this optimism. Animoca Brands, thanks to Siu’s confidence in strategic decisions and market trends, positions itself as both a watchful spectator and an active participant in shaping the future of the blockchain and gaming industries.

Toncoin (TON) demonstrates stability as it consistently trades near its 20-day Exponential Moving Average (EMA) at $2.39. This pattern indicates a steady market without significant demand spikes at higher price levels.

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Technical analysis shows a flattening 20-day Exponential Moving Average (EMA) and a Relative Strength Index (RSI) slightly below the midpoint, indicating a balanced supply and demand in the current market. On the other hand, buyers need to drive the price above the resistance area, ranging from $2.52 to $2.59, to initiate a bullish trend. Achieving this will complete a bullish ascending triangle pattern and potentially raise the target price to $3.58. As of the time of writing, the coin is trading at $2.27.