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