Animoca Brand’s CEO Yat Siu Envisions Open Metaverse, Dives into Web3 Promises at TED Talk
In his TED Talk, Animoca Brand’s founder Yat Siu delves into the concept of the “open metaverse” and the transformative potential of Web3. Siu highlights the expansion and impact of the decentralized metaverse, emphasizing its role in providing employment opportunities and economic inclusion for millions.
Siu underscores the significance of data in the digital landscape, portraying it as the modern form of labor. He envisions a paradigm shift brought by Web3, where true digital ownership can empower individuals with equity in the networks they contribute to.
Yat Siu, the founder and executive chairman of Animoca Brands, explored the “open metaverse” and explained why the metaverse isn’t dead at his recent TED talk. Web3, the decentralized version of the internet, sets the foundation for a more equitable and prosperous society. Siu further explores Web3’s transformative potential, encompassing digital ownership, the creator economy, and a revamped capitalist model.
Upon Yat Siu’s reexamination of the metaverse, he observed its expansion and increased influence. The decentralized metaverse has evolved into a hub, generating employment and economic prospects.
In the digital realm, individuals and groups have established intricate systems mirroring modern capitalist societies. Impressively, the metaverse generated $30 billion in economic activity last year, with communities autonomously managing $12 billion in treasuries (DAOs).
“The banking system underlying the open metaverse is DeFi,” Yat Siu added.
The Importance of Data and the Problem with AI
Yat Siu underscored a paramount online concern: data collection. Any platform can erase users’ digital presence arbitrarily, lacking proper due process. Individuals contribute substantial data to networks they don’t own whenever they’re online, pouring their time, attention, and creativity into these platforms.
“And data is the most valuable of resources. For starters, it’s powering all of the AI that we’ve been hearing so much about. No data, no ChatGPT, no self-driving cars. The entire foundation of the AI industry is built on top of our data. And not just AI. Every industry covets our data.”
Yat Siu highlighted that data has evolved into contemporary labor, lacking adequate compensation. While users generate this data, it remains solely under the ownership of publishers and platforms. Siu contended that the present web2 landscape is characterized by data “theft.”
Nevertheless, the rise of Web3 and blockchain offers the possibility of correcting this disparity, introducing the concept of authentic digital ownership—a sharp departure from Web2 conventions.
Open Metaverse Drives the New Economy
Siu shared that the video game industry made over $100 billion from selling virtual goods last year. Most of these goods were just for fun and in-game appearance.
But none of these virtual items belong to the buyers. They are only renting them for $100 billion. NFTs can make a difference because they let people own these virtual goods. When someone owns an NFT, like a piece of virtual land in the metaverse, they become a stakeholder and an owner.
As Animoca Brand’s founder said, owning an asset in Web3 means having a stake in the network you want to join.
“Imagine every time you shared something on Instagram, for value you generated, you would receive a small stake in the network that would be that social network. Think of the open metaverse as the construction of new economies and new societies with a strong foundation of digital property rights.”
Blockchain offers a solution for individuals. The technology can trace the origin of digital property and establish a foundation to safeguard users’ rights. In the upcoming web3 era, all individuals will have the potential to earn and possess a share of the equity in the networks they contribute to building and expanding.
“All the data that we generate today … should be paying us an income. And all the other benefits that property rights may bring. That is why web3 is so often described as the internet of ownership. And ownership has always been a key pillar to prosperity.”
In the digital realm, the potential becomes evident as NFTs achieved a staggering $24 billion in sales last year. Siu clarified that a substantial portion of this revenue flowed directly to the creators and owners of NFTs, in sharp contrast to web2 platforms such as Spotify, which merely allocated a third of their earnings to creators in the same timeframe.
“In order to ensure our digital freedom, that we not be slaves to either platforms or any of the future AIs, we must also have true digital property rights.”
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