Yat Siu's Vision of the Blockchain-Powered Metaverse

Yat Siu's Vision of the Blockchain-Powered Metaverse

Play-To-Earn Games News, P2E Games News | 08 May 2024 09:56 UTC

Yat Siu, the founder of Animoca Brands, sees a metaverse utilizing blockchain technology to ensure digital ownership in web3 gaming

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What is a metaverse? Is it Meta’s version of virtual reality? Or Apple’s immersive experience through its high-tech Vision Pro? Or is it something else pertaining to a more holistic open metaverse? So, what constitutes a metaverse? And who has got the right version of it? This article explores the vision of the metaverse through the lens of one of the most empowering and important voices in Web3 gaming with a massive investment portfolio of $5 billion; Yat Siu. Yat Siu is the founder of Animoca Brands with an investment portfolio of more than 450 blockchain companies amounting to $5 billion +. So, his vision of the metaverse is a significant one in the industry.

Open Metaverse Vision

Whilst talking in a podcast with C3, Yat Siu shares his insight about the metaverse vision and how he sees it. His version of the metaverse is different from what Meta and Apple are propagating. Yat Siu sees a metaverse built on and utilizing blockchain technology to ensure digital property rights. The concept of digital ownership is the focal point that has the potential to bring revolutionary growth in digital economies. This digital economy in a metaverse will be self-sustainable and it could only happen by the introduction of digital ownership. So, there are no avatars or headsets necessary for a metaverse.

According to Yat Siu, besides giving digital experiences, the main idea is to have intellectual property rights over your data. It works the same way as the physical world has it; property, life, and liberty. This is where we got it all wrong in the digital sphere, we simply gave it up. Now, our property, rights, and liberty are in the hands of platforms that own everything.

The Power Structure in the Metaverse

In the world of the metaverse, data is the main force behind the strong power structures that exist there. Without this key element, things like Facebook, ChatGPT, self-driving cars, and a lot of other cutting-edge innovations we have today would not be possible. We, the people who put together this data-driven landscape, give it a value that is unmatched. But an unsettling fact comes to light: we don't have a lot of control over this data. As we learn more about how Web3 and the metaverse work together, it becomes clear that blockchain technology and the ideas behind Web3 give us the best chance of gaining ownership and influence.

When Web3 technology made its way into the metaverse, it brought new ways people thought about ownership and payment. Web3 tech especially NFT and its sales brought a massive shift and the value of tokens, which are the foundation of the open metaverse's economy. In this new way of thinking, the creators and owners of assets are the ones who benefit most from transactions worth billions of dollars. This is very different from how compensation works on Web2 platforms.

But there is a big difference for people who don't use Web3. The unmatched value created by these paths is hidden from view, so efforts are still being made to shed light on the true nature of the metaverse. The call to arms is clear: You can have a piece of this changing landscape, and the chance to really own a piece of the metaverse is something to cheer for.

Blockchain Integration and the Open Metaverse

What blockchain does best is it tracks every single thing on it. The interesting part is that transactions, owners, and volumes are estimable. Yat Siu further discusses about data point and how it fits into this clear framework, allowing us to count the number of people who live off it, especially in Venezuela and the Philippines. The examples of these countries are crucial as before blockchain technology, these people couldn't get basic banking services.

Last year's DeFi infrastructure comes to mind. Plans are underway for the open metaverse's public banking system. It was over $100 billion. The cryptocurrency market is worth $75 billion despite its volatility. Another intriguing development is decentralized autonomous organizations (DAOs). These $12 billion decentralized structures allow communities to govern resource allocation through community-driven governance. New digital business models like DAOs may be better than traditional corporate models. This allows for a new, possibly better business model.

The Idea of True Ownership in the Metaverse

Imagine if you really owned something and could use it to make connections and get more out of life. The metaverse is so interesting because of this idea. When we explain that the open metaverse is based on true ownership—being in charge of what you've made and the identity you've built—most people start to see the magic of the idea.

Some worries about Web3 are volatile token prices and how speculative it is, but the idea of ownership is something that everyone can understand. Most people agree that they should have a say in what happens to the digital assets they own. What is often missed is that, just like in the real world, decentralization is what makes this ownership possible.

Yat Siu further elaborates using a real-world example of buying a house. You get a certificate that says you own it, and we usually take the fact that it works for granted. However, there is a whole machinery behind the work like legal systems, courts, elected officials, and democratic structures. If that system of government goes away, so do your rights to your property. In this way, ownership rights in the real world may be even less secure than they are in the digital world, where blockchain technology is used.

Yat Siu, the founder of Animoca Brands, sees a metaverse utilizing blockchain technology to ensure digital ownership in web3 gaming
Yat Siu, the founder of Animoca Brands, sees a metaverse utilizing blockchain technology to ensure digital ownership in web3 gaming

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FAQ: Yat Siu's Vision of the Blockchain-Powered Metaverse

What is Yat Siu's perspective on the metaverse and blockchain technology?

Yat Siu, the founder of Animoca Brands and a major player in the blockchain industry, envisions a metaverse that capitalizes on blockchain technology to establish and uphold digital ownership within Web3 gaming.

How does Yat Siu's metaverse vision differ from interpretations by Meta and Apple?

Unlike Meta (formerly Facebook) and Apple's viewpoints on the metaverse, Yat Siu's vision centers on the importance of digital property rights and ownership rather than immersive virtual experiences.

What is the core concept that Siu emphasizes regarding the metaverse's potential?

Siu's central concept is the role of digital ownership in driving transformative growth within the metaverse's digital economies. He suggests that a sustainable digital economy can emerge through the incorporation of digital ownership principles.

What distinguishes Siu's vision of the metaverse from the requirement for avatars and VR headsets?

Siu's metaverse vision goes beyond the necessity for avatars and virtual reality headsets. He contends that the core of the metaverse lies in establishing intellectual property rights over personal data, akin to real-world property, life, and liberty.

How does Siu criticize the current state of the digital landscape?

Siu highlights the concerning trend of relinquishing digital ownership rights to dominant platforms that control user data, thereby challenging the principles of ownership and control.

What role does data play within the metaverse's power structures?

In Siu's view, data is a driving force in the metaverse's power structures. This data-driven landscape is responsible for the advancements in technology like Facebook, ChatGPT, and self-driving cars, as well as innovations yet to come.

How does Web3 technology redefine ownership and payment in the metaverse?

Web3 technology, including the concept of non-fungible tokens (NFTs), transforms the dynamics of ownership and payment within the metaverse. Creators and asset owners stand to benefit substantially from transactions, a departure from the compensation models of Web2 platforms.

What is the significance of blockchain technology within Siu's metaverse concept?

Blockchain technology's ability to meticulously track transactions, ownership, and volumes is pivotal in Siu's vision. This technology extends its benefits to regions where traditional banking services are scarce, potentially revolutionizing the concept of ownership.

How do decentralized autonomous organizations (DAOs) contribute to the metaverse?

Siu introduces the concept of DAOs as decentralized governance structures that allocate resources based on community-driven decision-making. This innovative model could potentially outperform traditional corporate frameworks.

How does Siu emphasize the idea of true ownership within the metaverse?

Siu likens the idea of true ownership to real-world asset ownership, where established legal systems and governance structures secure property rights. He asserts that blockchain technology enhances digital ownership's security, granting individuals greater control over their digital assets.

What are the concerns associated with Web3, and how does Siu address them?

While concerns regarding speculative token prices in Web3 exist, Siu argues that the universal appeal of ownership eclipses these concerns. He underscores that decentralization is the linchpin for realizing true ownership, paralleling real-world asset protection mechanisms.

In conclusion, what are the core elements of Yat Siu's metaverse vision?

Yat Siu's metaverse vision amalgamates blockchain technology, the concept of digital ownership, and the principles of decentralization to foster a revolutionary digital economy within the metaverse.

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Metaverser - Game Review

Metaverser - Game Review

Welcome to Metaverser, the premier virtual shared space for socializing, gaming, and more. As the only multi-platform metaverse in the web 3.0, Metaverser is accessible from any device with an internet connection, making it easy for users to join in the fun from anywhere. Metaverser is the only blockchain game that doesn't sell NFTs and only players can bring the NFTs to life by the free-to-play in order to use them for more income inside the game or sell them to the other players on the marketplace. This makes the Metaverser the only game that you can genuinely make money compared to the other metaverses. Metaversers native token is $MTVT, and is listed on LBank, Pancakeswap and Bitmart. Metaverser is included in very few blockchain games that have implemented the rent-to-play concept. You can see the players renting out the NFTs. This mechanism can help the users that don't have a lot of time to play, and they can securely rent their NFTs for a limited time and a price of their choice, which can help them in earning as well. Here's where you can find how much our players have earned $BABA in the game. And here's where you can see the NFTs that the players have made and have sold on the Marketplace. Other than users completing challenges and earning an income inside the game, you can win prizes through our weekly Skate park and zombie house challenges as well, with various prizes.

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Brave Frontier Heroes - Game Review

Brave Frontier Heroes - Game Review

Brave Frontier Heroes BFH is the ultimate crossover experience, combining the gameplay of the extremely successful mobile game Brave Frontier with the economy of the number one blockchain game My Crypto Heroes. BFH offers players the best of both worlds, with the exciting gameplay of Brave Frontier and the unique economic opportunities of My Crypto Heroes. Optimized for search engines, Brave Frontier Heroes BFH is the go-to destination for fans of both Brave Frontier and My Crypto Heroes.

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Farming Tales - Game Review

Farming Tales - Game Review

Farming Tales is a groundbreaking game that merges non-fungible tokens (NFTs) and agriculture, introducing a play-to-earn farming simulator. The game aims to address the challenges faced by small farmers and entrepreneurs during the Covid-19 pandemic. Players are immersed in a virtual world where they own and manage their own farms in New Waxchester County. By utilizing NFTs, players can improve and develop their farms using different assets. The crops and products harvested can be sold as raw materials or transformed into high-value goods, which can then be sold in the town shops of New Waxchester. Farming Tales revolutionizes gaming by combining real-world farming elements with the potential for earning rewards through gameplay.

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Deadrop: Free To Play NFT Shooter - Game Review

Deadrop: Free To Play NFT Shooter - Game Review

"Deaddrop" is a newly released free-to-play AAA vertical extraction shooter (VES) that incorporates non-fungible tokens (NFTs) to elevate the online multiplayer gaming experience. Developed by Midnight Society, a game studio founded by the well-known YouTuber and content creator Dr. Disrespect (Herschel "Guy" Beahm IV), the game has garnered rapid popularity due to its unique take on the battle royale genre. Released on July 30, 2022, "Deaddrop" offers fast-paced, competitive gameplay reminiscent of titles like Call of Duty, making it suitable for players of all skill levels. One notable addition to Midnight Society's offerings is the "Founders Pass," which includes unique NFTs that grant access to special in-game content. These NFTs serve as a token of appreciation from game developers to loyal players, providing them with a sense of ownership within the game. The gameplay in "Deaddrop" not only delivers excitement but also boasts impressive graphics and intense gameplay mechanics. Its distinct vertical extraction shooter concept sets it apart from conventional battle royale games, offering players a fresh and thrilling gaming experience. The game's storyline is set in a future world ravaged by climate wars, where city-states have emerged as dominant governing entities. These city-states rely on towering Refiner States to extract toxins from the atmosphere, and they sustain themselves by trading a valuable substance known as "Space Dust." Gangs and factions battle for control of these Refiner States, each vying for authority over the resources and tools within these towering structures. Players have the option to align with either the Skins and Syns or the Cleaners in this power struggle, adding depth to the game's narrative. Moreover, "Deaddrop" introduces NFTs and Trading Access Passes, offering early adopters and dedicated community members exclusive access to these limited NFT passes. The NFT technology is designed to be user-friendly, with affordable base prices. Owning an access pass grants players Variant-only benefits, elevating their status within the Midnight Society community and across the studio's games. Additionally, access pass holders can choose to trade or sell their passes in open NFT marketplaces after a 30-day holding period. In summary, "Deaddrop" is an innovative addition to the gaming world, blending competitive gameplay with NFTs to provide a unique and engaging experience. Created by Dr. Disrespect Beahm and the talented Midnight Society team, the game has garnered positive feedback from the gaming community. Whether you are a seasoned gamer or new to the world of NFTs, "Deaddrop" promises something for everyone, with its high-quality gameplay and multiplayer features making it a must-try for fans of action-packed, competitive games.

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Meda Wars - Game Review

Meda Wars - Game Review

Meda Wars is the highly anticipated sequel to the popular Meda Shooter game, developed by the same team that brought you the original. This turn-based action-adventure game combines elements of strategy and fun to create a unique gaming experience. Whether you're a fan of the original Meda Shooter or new to the series, Meda Wars has something to offer for players of all skill levels. So why wait? Start playing and strategizing today with Meda Wars! Meda Wars picks up where the story of Meda Shooter left off, diving deeper into the ongoing conflict between the two factions of CryptoMeda. This NFT game, which uses the Polygon Network for its blockchain functions, allows players to explore the complex world and story of Meda Wars in a way that is both engaging and interactive. Whether you're a fan of the original game or new to the series, Meda Wars offers a rich and immersive gaming experience that will keep you coming back for more. Meda Wars Storyline: In the world of Meda Wars, two factions – the Goliaths and the Renegades – are locked in a fierce struggle for power and resources. The Goliaths are a communist group that believes in equally sharing loot and wealth among all members. They adhere to strict rules and regulations in order to maintain unity and prevent greed from tearing them apart. Gameplay: Just like Meda Shooter, the players can choose from two different factions – the Goliaths and the Renegades. Once a side is chosen, the players can participate in the war to attack and conquer new lands and areas. After winning a battle the players will be able to get some MedaGas which is necessary for the utility transactions of the game. MedaGas can also be bought with TECH tokens and it is used only in the game. Using MedaGas, players can participate in the PvE battles to win more MedaGas and TECH tokens, the latter of which is tradeable on crypto exchanges. Finally, each player will require two weapons to participate in the battle depending on the traits and abilities of the players. Tokenomics: TECH is the in-game token same as the Meda Shooter game, giving the coin more stability and value in the market. MedaGas is a utility token of the game while TECH is the governance token.

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Heroes of the Land - Game Review

Heroes of the Land - Game Review

Heroes of The Land stands as an MMO strategy game, introducing a captivating free-to-earn gaming experience that operates on the Blockchain with P2E and PvP modes. Heroes of the Land brings a new concept of earning called free-to-earn in blockchain WEB3 NFT gaming circles. Developed by the Vietnamese game developing company called Heroesoft. The developers claim that the game is a pioneer in the new free-to-earn gaming concept and it is going to be the next generation gaming metaverse which is going to be decentralized. With a focus on quality and long-term investment, it aims to bridge the gap between NFT games and true gamers. Heroesoft is known for more than a hundred mobile game titles but this is going to be the first blockchain game by the company.

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Cryowar - Game Review

Cryowar - Game Review

CRYOWAR is an exciting NFT game built on the Solana network using Unreal Engine. It combines real-time multiplayer PVP arenas with blockchain features like DAO voting, NFTs, and decentralized finance (DeFi). CRYOWAR is an exciting PVP arena NFT game for multiple players that runs on the Solana network and is powered by Unreal Engine. In the huge Sci-Fi-Medieval game world, players fight fierce battles in many different realms. Also, CRYOWAR is a test of skill in which players compete for resources, territories, and the right to rule the whole world. The journey gives one-of-a-kind chances to defend one's realm and earn big rewards at the same time. The leaderboards will only be ruled by the most powerful players. CRYOWAR is currently being made for PC, iOS, and Android, so that it can be played with other people on all three platforms.

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Mines of Dalarnia - Game Review

Mines of Dalarnia - Game Review

Mines of Dalarnia is a 2D action-adventure game that uses DAR as its token. Players can harvest, use a variety of in-game rewards. All assets are NFTs. Players can harvest and use a variety of in-game rewards to improve their skills and gear as they advance through Dalarnia's universe in pursuit of unique relics and treasures.

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Play To Earn Games: Best Blockchain Game List For NFTs and Crypto

Play-to-Earn Game List
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