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- Yat Siu, co-founder and chairman of Animoca Brands, shares that this firm will continue to “shepherd the companies into web3.”
- Siu, during the discussion, said that he favors the broader concept of an open Metaverse over a closed one, which is largely dominated by Web2 firms.
- The co-founder further said that his firm is quite early in its long-term goal of creating an open Metaverse.
Yat Siu, co-founder, and chairman of Animoca Brands shared that his company will continue to facilitate the transition into Web3 for various firms in order to fast the process of evolution of the internet into an open Metaverse.
Siu, in many instances, favored the broader concept of an open Metaverse instead of a closed one which is mostly occupied by large centralized Web2 firms.
Siu argues that the decentralized technology behind NFTs and Web3 platforms allows users to gain ownership of the data and content they publish online with them instead of algorithm-based hosting platforms.
Siu was voicing his opinions earlier today on day three of the Australian Blockchain Week event. The discussion was hosted by the CEO of local crypto exchange BTC Markets, Caroline Bowler. During the debate, the CEO discussed various topics, including Animoca’s ever-growing portfolio of companies and investments, the limitations of Web2, and the true value of Yuga Lab’s BAYC NFTs.
On being asked about the roadmap about future plans of Animoca Brands, Siu informed that the company is relatively early in its long-term goal of creating an open Metaverse. However, he also acknowledged the significance of speeding up the process because of the risk associated with big centralized companies dominating the digital space.
He says that the company will be seen taking a similar approach in taking companies into Web3. The major drive behind it is, as he explains, “how do we accelerate the adoption of web3?’ since one of the major risks as highlighted today, is that “if people don’t move into space quickly enough then inadvertently we will perhaps also create another kind of elite.”
Siu believes that a great way to beat the centralized Metaverse companies is to embrace Web 3 as much as possible till a global trade framework is achieved since users will then become used to the ability and freedom to hold a stake in the space.
Further, he again warns about a potential outcome if we move forward in the opposite direction. It would further strengthen the dominating centralized firms, leading the world into the same zone as already witnessed in the Web2 era.
He explains that if most firms decide to stay in a closed metaverse or a closed environment, then we will exist according to their rules. Then, it will be hard to break through it because since then, they would start influencing and controlling the effects of the network, of which there are many examples today of various large tech firms.
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
