\n
![](\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDMvY2FjNWQwMDMtMzQ0Mi00ZGQ4LWFiY2EtZTc1ZThiN2IzNjYyLmpwZw==.jpg\")
<\/p>\n
\n<\/p>\n
Animoca Brands co-founder and chairman Yat Siu stated that his firm will continue to \u201cshepherd companies into Web3\u201d to speed up the evolution of the internet into an open Metaverse.<\/p>\n
Siu has long advocated for the broader concept of an open Metaverse<\/a> as opposed to a closed one that is dominated by large centralized Web2 companies. Central to Siu\u2019s argument is that decentralized Web3 platforms and tech such as NFTs offer users a chance to maintain ownership rights<\/a> over their data and content online, instead of it being controlled and utilized by firms such as Meta (formerly Facebook). <\/p>\n Siu made his latest comments while speaking on day three of the Australian Blockchain Week <\/a>event earlier today. During his discussion hosted by Caroline Bowler \u2014 the CEO of local crypto exchange BTC Markets<\/a> \u2014 the NFT proponent covered several topics including, the true value of Yuga Lab\u2019s BAYC NFTs, the limitations of Web2, and Animoca\u2019s ever-growing portfolio of companies and investments. <\/p>\n Also, I just chatted with @ysiu<\/a> and @ajamesbragg<\/a> in the same week. What. A. Buzz. @BTCMarkets<\/a> @BlockchainAUS<\/a> @animocabrands<\/a> #BlockchainWeek2022<\/a> https:\/\/t.co\/HoVFOAlIQ4<\/a><\/p>\n \u2014 Caroline Bowler (@CaroBowler) March 23, 2022<\/a><\/p><\/blockquote>\n When questioned on Animoca Brands\u2019 roadmap moving forward, Siu said that the firm is still \u201csuper early\u201d in its long term goal of building an open Metaverse, but emphasized the importance of speeding up the process due to the risk of having large centralized firms dominating the virtual sphere: <\/p>\n \u201cYou will continue seeing us take that approach as we sort of, you know, try to shepherd companies into Web3. A lot of this is driven by \u2018how do we accelerate the adoption of web3?\u2019 because one of the bigger risks as we see it, is that if people don’t move into space quickly enough then inadvertently we will perhaps also create another kind of elite.\u201d <\/p><\/blockquote>\n Adding to his point, Siu sounded the alarm bells on major firms that don’t want the decentralized and open Web3 movement to happen, as he argued that many of their business models are built around the monetization of user data. <\/p>\n \u201cThere are very large centralized organizations who don’t want this to happen because they make money from our data. [from their point of view] Data is not a property that we should own. Data is a property that they should own and they can manipulate because that’s how the entire business is constructed,\u201d he said, adding that \u201cthey’re the ones that we have to worry about from our perspective.\u201d<\/p>\n Related: <\/em><\/strong>How NFTs create a ‘beautiful cycle’ between artists and fans<\/em><\/strong><\/a><\/p>\n A major way to counter the centralized Metaverse firms according to Siu, is to onboard as many as possible onto Web3 until it develops into a sort of \u201cglobal trade framework,\u201d as users will become accustomed to the freedom and ability to own a stake in the space. <\/p>\n He again warned that a move in the opposite would provide strengthen centralized firms and give them a stronger grip over the metaverse space in the future, prolonging what has already taken place in the web2 era: <\/p>\n \u201cIf most of us decide to, you know, just exist in a closed metaverse or in a closed ecosystem entirely, then actually we live by their rules. And it would be hard to break out because they end up sort of manipulating and controlling that network effect, as we have seen today with some of the large tech companies.\u201d<\/p><\/blockquote>\n Why #NFTs<\/a> are the Foundation of the #OpenMetaverse<\/a>? In case you missed @pgbiz<\/a> London 2022 in February, here is the recap from the session with Animoca Brands co-founder & executive chairman @ysiu<\/a>. \u2014 Animoca Brands (@animocabrands) March 21, 2022<\/a><\/p><\/blockquote>\n<\/div>\n\n
\n
Available on YouTube: https:\/\/t.co\/LPvr5HqT1m<\/a> pic.twitter.com\/RTDf46Ozb9<\/a><\/p>\n