Animoca Brands targets social media giant in latest Web3 expansion plan

Yat Siu, co-founder and chairman of Animoca Brands, said his company will continue to "guide the enterprise into Web3" to accelerate the internet's evolution into an open metaverse.

Siu has long advocated the concept of a broader open metaverse, rather than a closed metaverse dominated by large centralized Web2 companies. Siu's core point is that decentralized Web3 platforms and technologies, such as NFTs, provide users with an opportunity to maintain ownership of their online data and content, rather than being controlled and exploited by companies such as Meta (formerly Facebook).

Earlier today, Siu delivered his latest remarks on the third day of the Australian Blockchain Theme Week event. In a discussion moderated by Caroline Bowler, CEO of local cryptocurrency exchange BTC Markets, the NFT proponent touched on several topics, including the true value of Yuga Lab’s BAYC NFT, the limitations of Web2, and Animoca’s growing company and portfolio.

When asked about Animoca Brands' future roadmap, Siu said the company's long-term goal of building an open metaverse is still in the "super early" stages, but he emphasized the importance of accelerating the process, as it may face large centralized companies. The risks of dominating the virtual realm:

"You'll continue to see us take this approach, trying to steer companies into Web3. Much of this is driven by 'how do we accelerate web3 adoption?' because, in our view, one of the bigger risks is , if people don’t get into the field fast enough, then inadvertently we might create another kind of elite.”

Siu also sounded the alarm for major companies that don't want the decentralized and open Web3 movement to happen, as he believes many of their business models are based on the monetization of user data.

“There are a lot of large centralized organizations that don’t want this to happen because they make money off of our data. [In their view] data is not property we should have. Data is property they should own and they can manipulate it because It's the way the whole business is structured," he added, "and from our perspective, they're the ones we have to worry about."

According to Siu, one of the main ways to fight the centralized Metaverse companies is to get as many people as possible on board Web3 until it develops into a "global transactional framework" because users will get used to the freedom and freedom of owning a stake in the space. ability.

Again, he warns that the opposite move will make centralized corporations stronger and give them greater control over the metaverse in the future, prolonging what has already happened in the web2 era:

"If most of us decide, just exist in a closed metaverse or a closed ecosystem, then we're actually living by their rules. And it's hard to break because they end up somehow Manipulating and controlling this network effect like we're seeing with some of the big tech companies today."

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