Animoca Brands Co-Founder Advocates For Decentralized Internet

According to Cointelegraph, Yat Siu, co-founder and chairman of Animoca Brands, emphasized the importance of decentralization in the future of the internet during a recent interview with the Talking Tokens Podcast. Siu discussed the transition from centralized digital platforms to decentralized networks, highlighting Animoca's involvement in Web3 and the potential for significant changes in digital property rights. Siu elaborated on the concept of digital property rights, describing Web3 as the 'internet of ownership.' He believes that this new paradigm allows for true ownership of digital assets, particularly in the realm of gaming goods. Siu stated, 'We saw that we could now truly have true digital property rights as an ownership in our sort of gaming goods.' He further explained that the Web3 economy is fundamentally built on these rights, enabling long-term investment and value creation in various sectors as ownership rights become more recognized and protected in the digital space. Despite his optimism, Siu acknowledged the challenges associated with the shift toward decentralization. He pointed out the need for education and awareness to help people understand the value of their virtual and digital time. Siu noted, 'I think the very first thing [...] comes from a form of education first, for people to actually appreciate that their virtual time, the digital time, is actually valuable.' He also mentioned the widespread ignorance of the financial potential embedded in decentralized networks as a significant hurdle. In related news, on July 18, the Hong Kong Monetary Authority (HKMA) announced that Animoca Brands would be among the first participants in its stablecoin issuer sandbox. Alongside partners Standard Chartered Bank and Hong Kong Telecommunications, Animoca will contribute to the development of Hong Kong's digital asset ecosystem and real-world applications. Participants in the sandbox will undergo an assessment process to test their operational plans and collaborate with regulators on the proposed regulatory framework.