Yat Siu, co-founder and chairman of Animoca Brands, strongly believes that the future of the internet lies in decentralization.
In an interview on the Talking Tokens podcast, Siu expressed his views on the shift from centralized digital platforms to decentralized networks.
Siu’s perspective on this shift toward decentralization is shaped by Animoca’s involvement in Web3 and his view that pushing this goal can fundamentally change digital property rights.
“We saw that we could now truly have true digital property rights as an ownership in our sort of gaming goods.”
Related: Animoca, Standard Chartered team up in HKMA stablecoin sandbox
Digital property rights
In the interview, Siu argued that the Web3 economy is ultimately built upon the foundations of digital property rights, describing it as “the internet of ownership.”
“Nowadays most people describe it as the internet of ownership [...] It allows you to invest in it in the long term.”
Siu suggested that various sectors can unlock substantial value as ownership rights become more recognized and protected in the digital space.
Related: Wen Lambo? Lamborghini answers with new Animoca Web3 partnership
Challenges facing decentralization
Despite his stance on decentralization in the interview, Siu acknowledged the shift’s challenges, primarily in educational requirements and conceptualization:
“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.”
Siu explained that he believes the “biggest negative right now” is an ongoing “widespread ignorance” of the power of “networks that have financial [...] potential embedded in them.”
Related: Animoca Brands reports 72% increase in bookings for Q1 2024 over Q1 2023
HKMA stablecoin sandbox participation
On July 18, the Hong Kong Monetary Authority (HKMA) announced that Animoca Brands would be among its first stablecoin issuer sandbox participants.
Alongside its coalition partners, Standard Chartered Bank and Hong Kong Telecommunications, Animoca will help develop Hong Kong’s digital asset ecosystem and real-world applications.
Participants will undergo an assessment process as they test their operational plans and work alongside regulators on the proposed regulatory framework.
Magazine: ‘Everything feels like it’s going to shit’: Peter McCormack reveals new podcast