The co-founder and president of Animoca Brands, Yat Siu, stated that his company will continue “leading businesses to Web3” to accelerate the evolution of the Internet into an open metaverse.
Siu has long advocated the broader concept of an open metaverse as opposed to a closed one dominated by large centralized Web2 companies.. Siu’s central argument is that decentralized Web3 platforms and technologies, such as NFTs offer users the ability to maintain ownership rights over their data and content online, rather than having it controlled and used by companies like Meta (formerly Facebook).
Siu made his final comments during his speech on the third day of the Australian Blockchain Week (Australian Blockchain Week). During her discussion, hosted by Caroline Bowler—the CEO of local cryptocurrency exchange BTC Markets— The NFT Advocate covered several topics including the true value of Yuga Lab’s BAYC NFTs, the limitations of Web2, and Animoca’s ever-growing portfolios of companies and investments..
Also, I just chatted with @ysiu and @ajamesbragg in the same week. Que. A.Buzz. @BTCMarkets @BlockchainAUS @animocabrands #BlockchainWeek2022 https://t.co/HoVFOAlIQ4
— Caroline Bowler (@CaroBowler) March 23, 2022
Also, I just chatted with @ysiu and @ajamesbragg in the same week. What. Emotion.
When asked about Animoca Brands’ roadmap going forward, Siu said that the company is still “super early” in its long-term goal of building an open Metaversebut emphasized the importance of speeding up the process due to the risk of having large centralized firms dominating the virtual sphere:
“We’ll continue to see this approach as we try to guide businesses to Web3. A lot of this is directed at ‘how to speed up Web3 adoption,’ because one of the biggest risks, as we see it, is that if people doesn’t move through space fast enough, then we’ll also inadvertently create another kind of elite.”
What’s more, Siu sounded the alarm about big companies not wanting the decentralized and open Web3 movement to happensince many of its business models are based on the monetization of user data.
“There are very large and centralized organizations that do not want this to happen because they make money from our data. From his point of view, data is not a property that we should own. Data is a property that they feel they must own and can manipulate because that’s how they build the whole business,” he said, adding that “it’s them that have to worry from our perspective.”
An important way to counter centralized metaverse businesses, according to Siu, is to get as many people on Web3 as possible. until it becomes a kind of “global business framework” as users get used to the freedom and ability to own a stake in the space.
He again warned that a move in the opposite direction would provide a strengthening of the centralized companies and give them greater control over metaverse space in the futurecontinuing what has already taken place in the web2 era:
“If most of us decide to exist in a closed metaverse or a completely closed ecosystem, then we actually live by their rules. And it would be hard to get out because they will end up manipulating and controlling that network effect, as we’ve seen today with some of the big tech companies.
why #NFTs are the Foundation of the #OpenMetaverse? In case you missed @pgbiz London 2022 in February, here is the recap from the session with Animoca Brands co-founder & executive chairman @ysiu.
Available on YouTube: https://t.co/LPvr5HqT1m pic.twitter.com/RTDf46Ozb9— Animoca Brands (@animocabrands) March 21, 2022
Why are #NFTs the foundation of the #OpenMetaverse? In case you missed @pgbiz London 2022 in February, here’s the recap of the session with Animoca Brands co-founder and CEO @ysiu.
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