Yat Siu, co-founder and chairman of Animoca Brands, indicated that his company will continue to “shepherd firms towards Web3” in order to accelerate the internet’s transition into an open Metaverse.
Siu has long campaigned for a more open Metaverse, rather than a closed one dominated by huge centralized Web2 firms. Siu’s central claim is that decentralized Web3 platforms and technology, such as NFTs, allow people to retain ownership rights over their data and content online, rather than having it controlled and used by companies like Meta (formerly Facebook).
Siu made his fresh remarks earlier today at the third day of the Australian Blockchain Week event. The NFT proponent spoke about the true worth of Yuga Lab’s BAYC NFTs, the limitations of Web2. Then, and Animoca’s ever-growing portfolio of enterprises. Also, and investments during his presentation, which was hosted by Caroline Bowler, the CEO of local crypto exchange BTC Markets.
When asked about Animoca Brands’ future plans, Siu indicated that the company is still “very early” in its long-term objective of creating an open Metaverse, but that speeding up the process is critical owing to the risk of giant centralized corporations controlling the virtual environment.
To emphasize his point, Siu issued a warning to large corporations who oppose the decentralized. Then, open Web3 movement, claiming that many of their business models are based on the monetization of user data.
According to Siu, one of the most effective ways to challenge the centralized Metaverse corporations is to onboard as many people as possible onto Web3. That’s, until it evolves into a sort of “global trading framework,”…
as users become acclimated to the freedom and capacity to own a stake in the space.
He warned once more that moving in the opposite direction would strengthen centralized corporations. Then, and give them a tighter grip on the metaverse space in the future. Thereby, prolonging what had already occurred in the web2 period.
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