Animoca Co-founder: NFT is "competing with Meme coins for attention" and will focus on building a good reputation for Web3 in the future

Yat Siu, co-founder of Animoca Brands, said in an interview that NFTs are currently "competing for attention with meme coins," but their "non-fungible" nature will have lasting relevance. Siu explained that although meme coins are fungible, they have taken on some of the role that NFTs play in expressing the culture of many celebrities, influencers, and users. Siu added that the focus will be on Web3 as a means of building a good reputation in the future. He said: "One of the problems we have in Web3 at the moment is that too many people only think about economic capital, and they haven't fully considered their Web3 image as a reputation." According to Cryptoslam data, the total NFT transaction volume was $3.24 billion in the week ending August 22, 2021, while the market transaction volume last week was about $80 million. (The Block)