Yat Siu, co-founder and CEO of Animoca Brand, said his company will continue to “redirect business to Web3” to accelerate the development of the Internet and turn it into an open metaverse.
Sioux has long advocated a broader concept of an open metaverse, as opposed to a closed one dominated by large, centralized Web2 companies. Sioux’s central argument is that Web3 decentralized platforms and technologies such as Non-Fendable Tokens (NFTs) give users the ability to retain ownership of their data and content online, rather than being controlled and exploited by companies like Meta, formerly known as Facebook. .
Sioux made his final comments while speaking on the third day of Australian Blockchain Week today. During a discussion led by Caroline Böhler, CEO of local cryptocurrency exchange BTC Markets, the NFT champion touched on a variety of topics, including the true value of NFT BAYC Yuga Labs, the limits on Web2, and Animoca’s ever-growing portfolio of businesses and investments.
When asked about moving forward with Animoca Brands’ roadmap, Siu said the company is still “too early” in achieving its long-term goal of building an open metaverse. He emphasized the importance of speeding up the process due to the risks of large central companies controlling the virtual space:
You will continue to see how we use this approach, because somehow, you know, we are trying to bring companies together in Web3. Much of this is driven by the question, “How can we speed up the use of Web 3?” “Because one of the biggest risks we’re seeing is that if people don’t move through space fast enough, we could also inadvertently create a different kind of elite.”
To add to his point, Sioux sounded the alarm for large companies that don’t want decentralized and open Web3 traffic. He argued that many of their business models are built around generating revenue from user data.
“There are very large centralized organizations that do not want this to happen because they are making money from our data. [In their view] data is not a property that we should own. that’s how business is built,” he said. “That’s something we have to worry about from our point of view,” he added.
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An important way to counter centralized business, Siu says, is to include as many businesses as possible on Web3 so that it becomes a kind of “global business structure.” Users will get used to the freedom and the ability to own a share in the room.
He again warned that moving in the opposite direction would strengthen the central companies and give them stronger control over the Metaverse in the future, expanding on what had already happened in the Web2 era:
“If most of us decide, you know, to only exist in a closed metaverse or a completely closed ecosystem, we are effectively living by their rules. And they will be hard to break because they end up manipulating and controlling these networks of influence, as we have seen today with some of the big tech companies.”