Yat Siu, the co-founder of Animoca Brands, called on new NFT users to reconsider the past’s profitability and explore how non-functional signs can affect and redefine culture.
Chairman of NFT game developer Animoca Brands, Yat Siu, believes that non-fungible tokens attempt a fresh possibility to store culture in the virtual realm. In an interview with the Cointelegraph, Siu said that while technology-based on NFTs may be new, the desire to “preserve culture” has long existed in human history.
According to Yat, NFTs are described as cultural shops because they represent a moment in history. According to him, art preserves culture.
Siu is a tech entrepreneur who worked for Atari; He also founded the Outblaze gaming company. Animoca Brands was founded in 2014 and has launched significant NFT projects, including F1 Delta Time, Sandbox, and MotoGP Ignition; He has also invested in OpenSea, Dapper Labs, and Axie Infinity.
According to the chairman of Animoca, culture is much more than just the monetary value of a work of art. He cites the example of his daughter and her favorite band BTS, which states that her daughter has no intention of getting an autograph from the K-Pop group to make a quick profit. According to Siu, most people who buy art or photography today will not sell it right away; Now, people treat culture differently.
Siu, NFT advises novices not to look for opportunities to make quick profits; Instead, he urged them to immerse themselves in the revolutionary tools involved in technology. On his advice, newcomers must focus on making money and more important issues such as learning.
Siu argued that NFT is a dialectical shift between data rights and data ownership. The founders described the data as the world’s most valuable resource; This indicates the efforts of such large technology companies as Facebook or Amazon. They try to personalize ads on social platforms to extract data from their users.
Moreover, Siu said the data had become a source of absolute power. Animoca Brands completed an $88.88 million capital increase in May, valued at $1 billion.
Animoca Brands publishes and develops a comprehensive product portfolio, including the SAND mark and the REVV token; Has games Crazy Kings, Sandbox, Crazy Defense Heroes. Produces products that use popular intellectual properties, including Formula MotoGP, Marvel, 1®, WWE, Power Rangers. Animoca Brands’ blockchain investment and partnership portfolio includes OpenSea, Dapper Labs, Alien Worlds, Sky Mavis, and so on. Affiliates of Animoca Brands include Pixowl, Gamee, Sandbox, Quidd, nWay, and Lympo.