Quiet Long Weekend Keeps Bitcoin Above $30K
Prices: With a continued long weekend in the U.S., and plenty of economic data coming in this week, markets are quiet.
- Bitcoin is down 1.1% to $30,807.
- Ether is down 0.8% to $1,939.
- The CoinDesk Market Index (CMI) is down 0.9% to 1,262.
Insights: Animoca’s Yat Siu is hurting GameFi’s cause by dismissing its Ponzi problems
Animoca Co-Founder Siu Shouldn’t Dismiss GameFi’s Ponzi Problem
- Yat Siu, co-founder of Animoca Brands, dismissed the perception of GameFi as a Ponzi scheme, stating that it’s a misunderstanding.
- Ponzi schemes are investment scams that promise high returns and rely on new investors’ money to pay old investors.
- Web3 gaming market research shop Vader Research believes that Ponzis will hinder the growth of genuine Web3 gaming.
- Axie Infinity, a GameFi project, has seen a decline in its token and player numbers.
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Important events
- Jibun Bank Services PMI (June) at 8:30 a.m. HKT/SGT(12:30 a.m. UTC)
- Caixin (China) Services PMI (June) at 9:45 a.m. HKT/SGT(1:45 a.m. UTC)
Closing: Dismissing Ponzi problems in GameFi is problematic
While the U.S. markets are quiet due to a long weekend, the GameFi industry is facing scrutiny over its association with Ponzi schemes. Animoca Co-Founder Yat Siu’s dismissal of GameFi’s Ponzi problems is hurting the industry’s efforts to combat this perception. Ponzi schemes pose a risk to the growth of genuine Web3 gaming and have already impacted projects like Axie Infinity. It’s important for the industry to address these concerns rather than dismiss them.
