TechFlow news: Yat Siu, co-founder of Hong Kong-based Web3 venture capital firm Animoca Brands, said at the Foresight 2024 event in Hong Kong that NFTs are currently competing with meme coins for attention, but their non-fungibility will ensure lasting value.
According to data from Cryptoslam, NFT trading volume has declined from a peak of $3.24 billion in the week of August 22, 2021, to around $80 million last week.
Siu noted that while meme coins are fungible, they have in some ways taken on the cultural expression role previously held by NFTs. He predicted that the future of Web3 will place greater emphasis on building reputation, with NFTs playing a key role in blockchain-based reputation layers.
On the impact of the U.S. election, Siu stated that regardless of whether Trump or Harris wins, the United States will be committed to reestablishing its leadership in the crypto sector. He expects a more positive U.S. stance toward cryptocurrencies to revive venture capital activity and stimulate global Web3 industry engagement.
Regarding a potential IPO for Animoca Brands, Siu revealed the company is considering going public in Hong Kong or the Middle East by the end of 2025 or early 2026, with 2026 being more likely. The company has not yet selected advisors for a potential IPO and plans to conduct a non-deal roadshow in September as part of its preparation.
Previous report: Animoca Brands is considering a listing in Hong Kong or the Middle East as early as next year.
