While the fusion and ignition of the Life Fire were going on, the attention of the whole world was on Loki. If he succeeds, they will see him ascend into the sky. But if he fails, they won't see him. They will only see the golden pillar of light fade away and disappear.
Loki is certain of success since he has already completed the necessary changes needed to become a divine being. Fenrir had already made him a divine being, so what he needs is a Life Fire from this new Divine Position, and he will be set.
However, his chances of success don't depend on only him. There are other factors that will determine the success of the endeavor, and the outcome of the discussion of the divine beings is the most direct external factor.
Monarch Craftsman's Hammer called out to everyone through the divine constellation, saying, "Whose project is this?"
