Exclusive Interview: Animoca Brands’ Yat Siu On Web3 Gaming, NFTs, Mocaverse

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As a crypto investor with a keen interest in NFTs and Web3 gaming, Yat Siu’s insights at Blockchain Life 2024 have been nothing short of inspiring. His journey from founding Animoca Brands to championing digital ownership resonates deeply with me, as I too have seen the transformative power of blockchain technology in reshaping industries.

As an analyst, I’d rephrase that journey as follows: My account of Yat Siu’s path to becoming a blockchain trailblazer highlights his establishment of Animoca Brands, a pioneering force in blockchain gaming, and Outblaze, Asia’s initial provider of free online services. His advocacy for digital ownership is evident through his financial backing of OpenSea and Dapper Labs. Moreover, he leverages technology to foster cultural development and education.

At Blockchain Life 2024, Yat Siu spoke exclusively with CoinGape about the ever-changing world of NFTs and Web3 gaming. He emphasized the UAE’s key position in this pioneering industry.

What Insights Can You Share About the Current Trends in the NFT and Web3 Gaming?

Yat Siu highlighted that the NFT and Web3 gaming sectors are significantly influenced by the rise of meme coins and the introduction of Bitcoin ETFs, which have attracted institutional capital. He noted that the start of 2024 saw the crypto market recovering, with increasing interest in gaming and innovations like Telegram’s Ton protocol driving the development of Web3 gaming. The convergence of meme projects creating their own NFT collections signifies a growing synergy within the cryptocurrency space.

What Challenges Do You See Facing the NFT and Web3 Gaming Industries?

Yat Siu identified several challenges, including the need for mass adoption. Leading platforms like Apple, Facebook, and Google currently restrict the use of NFTs in games, which limits their utility and hinders growth. He also mentioned the reputation of the NFT and Web3 sectors, pointing out that the absence of a reputation layer complicates targeting genuine users, as many participants are bots or airdrop farmers. Animoca Brands is developing “Mocaverse” to create a reputation framework that fosters trust and engagement within the community.

How Do You View the Future of NFTs and Web3 Gaming in the Coming Years?

2025 is a year that excites Sui, as he foresees promising prospects for expansion in the gaming and educational sectors. He is convinced that progress in game design will entice conventional gamers to embrace Web3, thanks to enhanced game quality. Moreover, he envisions decentralized finance (DeFi) as a revolutionary catalyst in student loan markets, addressing an under-served $2.2 trillion market that has been largely overlooked by traditional financial systems.

What Advice Would You Give to Newcomers in the NFT and Web3 Space?

Yat Siu advises newcomers to approach the NFT and Web3 world much like embarking on a journey through an unfamiliar country—by gaining knowledge about its customs, engaging in local events, and gradually submerging themselves without feeling rushed to make immediate financial commitments. He underlines the significance of grasping network effects within the token economy, as the worth of projects frequently derives more from their network’s robustness than just their market price.

What Role Do You See the UAE Playing in the Web3 and Blockchain Landscape?

It’s been observed that the United Arab Emirates (UAE) is making its mark as a worldwide pioneer in the Web3 sector, backed by a robust system of investors and technology suppliers. The country’s dedication to innovation, even in demanding market situations, gives it an advantage to carry on leading within the blockchain environment.

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2024-10-30 14:45