NFTs aren’t usually taken seriously, especially now that AI and content producers are in the limelight, but not everyone dismisses crypto’s younger sister. Yat Siu, chairman and co-founder of Animoca Brands, believes the world needs NFTs because of artificial intelligence and content.
The assertion is bold, but before you roll your eyes, hear him out:
NFT, blockchain, and popular games are Animoca’s offerings. The firm has also worked with Disney, WWE, Power Rangers, The Walking Dead, Formula E, and Snoop Dogg.
Siu remarked on Eltrys’s newest Chain Reaction episode that NFTs are “digital stores of culture that we can then transform,” such as controlling your worth online or safeguarding your IP.
He highlighted that NFTs might be utilized to monetize content without the high costs of existing methods. He suggested that a Venezuelan teacher earning $10 or $15 a month develop educational content or assets to generate side money. He claimed a lawyer may charge too much to draft a contract, but an NFT could do it for less than $1.
“We’ve seen teachers in these countries become assets. They produce a modest yield, and investors from across the globe say, ‘I’m going to purchase this; I can get more value out of it,’” he added.
Siu said that NFTs may grant intellectual property rights to anybody constructing their own IP. A TikTok dancer can start a viral dancing craze, but they can’t monetize it without evidence.
Given how much AI is in our lives, Web3 is crucial. However, we have no ownership control,” Siu said.
Siu said anybody may brand or copyright whatever they invented using blockchain technology. “These are other ways to defend your rights. That gives everyone the power.”
Of course, not everyone can instantly grasp NFTs and associated technology. Siu thinks more accessible ways will make this vision a reality for everyone over time.
Due to the lack of money, Siu said the movement might seem personal. It seems like digital capitalism “comes home in a big way.”
Siu has witnessed anti-capitalist movements in the U.S., particularly among youth. Suddenly, money and capitalism seem pointless. professionals were highly critical of financial professionals, and they speak about crypto people the same way.”
This is paradoxical, Siu says, since Web3 users “rallied against the establishment and created an alternative system” to conventional financial railroads.
Because it’s auditable, he prefers on-chain dynamics for information verification. I believe blockchain technology will address many of the world’s largest upcoming issues.
