Deniz 
Non-fungible tokens are presently “fighting for attention with memecoins,” said Yat Siu, chairman of Hong Kong’s Web3 venture capital Animoca Brands, but their “non-fungible” character will have long-lasting importance.
NFT Market Struggles to Replicate 2021-2022 Highs
Although Animoca has long-term NFT investment experience, the whole market is failing to replicate its 2021 and 2022 high figures. Cryptoslam data shows that although the market registered about $80 million last week, the week of Aug. 22, 2021, had a total NFT trade volume of $3.24 billion.
NFTs are currently vying for attention with memecoins, Yat Siu remarked in an interview with The Block at the Foresight 2024 event in Hong Kong. Though they are fungible, memecoins have become increasingly important for many celebrities, influencers, and users in expressing their culture, he said.
“Three years ago, I didn’t know how many thousands of NFT projects were launched daily; now that’s seen in memecoins,” the Animoca chairman stated. “Eventually, when that cycle follows through … what will become more important for your reputation, not for money? NFTs.”
Web3 and the Future of Reputation in Blockchain
Yat Siu also mentioned that Web3 will be the main focus of future efforts aimed at establishing a good reputation. “One of the problems right now we have in Web3 is that too many people are only thinking about economic capital, and they haven’t yet fully identified their Web3 persona as a reputation,” he stated.
Users will understand the value of a reputation layer in blockchain, where NFTs play a major role with their non-fungibleness as Web3 advances to reflect cultural, social, and symbolic capital, says Yat Siu.
U.S. Presidential Election’s Impact on Crypto Leadership
The results of the forthcoming U.S. presidential election could thus decide the course of crypto growth the biggest economy in the world is following.
“Come November, the U.S. is going to aim to reclaim leadership in crypto,” Yat Siu remarked. ” If it’s Trump, it’ll be guns blazing; if it’s Harris, I think it’s more cautious but not negative.”
According to the Animoca creator, in his positive view, a return to crypto optimism in the United States would resurrect venture capital activity that has been comparatively quiet since the FTX fall-off. Yat Siu also claimed that the possible rise in capital flow would encourage contact among the Web3 companies in the United States, Asia, and other regions of the world.
“In Web3, every token holder is an investor. So imagine that all of America now is becoming more open to crypto… This basically opens up a whole new form of liquidity.” Yat Siu stated.
At the time of writing, the odds of U.S. Vice President Kamala Harris winning the election on the distributed prediction platform Polymarket were 53%; Donald Trump’s chances of winning decreased to 46% from 70% in mid-July.
Although Trump has indicated his support for blockchain and cryptocurrencies, the Harris team has lately begun collaborating with crypto entrepreneurs like Mark Cuban to advocate “Crypto for Harris.” On Wednesday, at an event known as “Crypto4Harris,” a group of crypto analysts and legislators are slated to appear in an attempt to reinterpret the links of the crypto sector to Harris.
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