NFTs and memecoins both play their own role in the cryptocurrency ecosystem.

NFTs, which are unique digital assets, are often tied to ownership of specific items or experiences, and their value can be closely tied to their rarity and provenance. In contrast, memecoins often gain popularity through viral internet culture and community-generated excitement.

Yat Siu, chairman of Hong Kong venture capital fund Web3 Animoca Brands, said that while NFTs may be overshadowed by the temporary excitement and speculation surrounding memecoins, their uniqueness and inherent usefulness provide lasting value. This lasting relevance could come from NFTs’ ability to represent ownership, provide access to exclusive content, or facilitate new forms of digital interaction and creativity.

Yat Siu – Chairman of Animoca Brands

While Animoca is a long-term investor in NFTs, the overall market is struggling to compete with the peak numbers in 2021 and 2022. According to Cryptoslam data, the week of August 22, 2021 saw a total NFT trading volume of $3.24 billion, while the market recorded around $80 million last week.

Source: Cryptoslam

Animoca President said:

“NFTs are currently struggling to gain traction from memecoins. While memecoins are fungible, they have taken over some of NFTs’ role in cultural expression for many celebrities, KOLs, and users.”

“Three years ago, I don't know how many thousands of NFT projects were launched every day, and now we see that with memecoin. Ultimately, when that cycle happens… what becomes more important for your reputation, not for money? NFTs.”

Siu added that the future will focus on Web3 as a means to build a solid reputation.

“One of the problems we have today in Web3 is that too many people are just thinking about economic capital and they haven't fully defined Web3 as a reputation.”

According to Siu, as Web3 evolves to represent cultural, social, and symbolic capital, users will realize the importance of the reputation layer in blockchain, where NFTs play an integral role with their non-fungibility.

The US election is underway.

Meanwhile, the outcome of the upcoming US presidential election could determine the path the world’s largest economy takes in cryptocurrency development. Siu said:

“By November, the US will be aiming to regain its leadership in crypto. If it’s Trump, it will be bright. If it’s Harris, I think it will be more cautious but not negative.”

The Animoca founder said with his optimistic view. The positive return of crypto in the United States will revive venture capital activities, which have been relatively quiet since the FTX collapse. Siu also emphasized the potential for increased capital flows to stimulate interactions between Web3 industries in the United States, Asia, and other regions of the world.

“In Web3, every token holder is an investor. So imagine the entire US now becoming more open to crypto… This essentially opens up a whole new form of liquidity.”

On decentralized prediction platform Polymarket, the odds of US Vice President Kamala Harris winning the election stood at 53% at the time of writing, while Donald Trump's chances of winning dropped to 46% from 70% in mid-July.

While Trump has expressed support for blockchain and crypto, Harris’ campaign has recently begun partnering with crypto leaders like Mark Cuban to promote “Crypto for Harris.” A group of experts and lawmakers are scheduled to speak on Wednesday at an event called “Crypto4Harris” in an effort to improve the crypto industry’s relationship with Harris.

Potential IPO

Meanwhile, Animoca is weighing options to return to the public markets after delisting from the Australian Securities Exchange in 2020. The company said it is considering an initial public offering (IPO) in Hong Kong or the Middle East in late 2025 or early 2026.

“Honestly, I think 2026 is more likely,” Siu said.

While Siu said the company has yet to select an advisor for a potential IPO, Animoca plans to conduct a roadshow in September to prepare. The roadshow allows investors to see the company’s current initiatives and future plans, such as an IPO, without the intention of selling securities.

Animoca said in an April disclosure that it remains “financially strong” with a cash and stablecoin balance of $291 million. Siu said the company has invested in about 540 Web3 projects to date.


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