“We, as individuals, will become the platforms.”
The great thing about my time spent here in Dubai has been the opportunity to catch up with some of the leading figures that are the driving force behind Web3 innovation. The movers and shakers that are making things happen and leading a technological revolution.
There’s a distinct narrative that has been circulating in the mainstream western media, that crypto and blockchain has run its course, that the bubble has burst, but in reality that couldn’t be further from the truth.
You only have to spend an hour exploring the wonders of Dubai to know that not only is this industry alive and well, it’s positively thriving! Something today’s guest knows better than most, not least because he’s one of the preeminent voices in the space.
Yat Siu is an entrepreneur, investor, and business leader who is very much the driving force behind the growth of so many Web3 projects that are changing the way we consume our entertainment, while also transforming the notion of ownership, through digital property rights.
Yat is something of a founding father in the online gaming space and for the last ten years, as Chairman and co-Founder of Animoca Brands, he is forging new ground in game development and the complex and often misunderstood world of NFTs.
For Yat and Animoca the long term goal is clear – to deliver true digital property rights to all, while investing in companies that share similar values and the common goal to bring more equity to the future of games, while radically changing the future of how we live, play and work for the better.
Reflecting on the past 12 months, Yat describes 2023 as a “cleanup year“ for the Web3 industry, marked by a necessary purging of bad actors. The FTX saga had a significant impact, and unlike other industries, the interconnected nature of Web3 meant that challenges in one sector, such as FTX, reverberated across the entire ecosystem.
This cleansing process, according to Yat, is a positive development that sets the stage for a robust 2024. The interdependence of various sectors within Web3 sharing the same infrastructure ensures that improvements in one area, like resolving the FTX saga, positively affect others, including blockchain gaming.
Yat draws parallels to a phoenix rising from the ashes, highlighting the industry’s resilience and constant transformation over the past year and a half. Despite predictions of demise in crypto, blockchain, and the metaverse, the current landscape tells a different story. Yat believes the Web3 space is experiencing a rebirth.
“I’m not sure “rising from the ashes” is the right framing, but it does feel like a rebirth. The industry was never dead, but it’s coming back in a very strong way.”
Yat has been in this game a long time, in his youth he developed software on an Atari ST, before that company actually approached him with an offer of work. He was just a teenager, but it signalled a lifelong love affair with technology and its potentiality that grows stronger to this day.
At Animoca he and his team developed gaming apps on the emerging smartphone market and racked up over 50 million downloads. Today, Animoca is forging a new world of digital entertainment. They were named in the Financial Times list of high-growth companies and are the standard bearers in their field.
To date, Animoca has invested in more than 400 companies, with the goal of building a true “open metaverse” based around blockchain technology, in which users can buy and trade digital assets in the form of NFTs.
Their latest innovation could be a real gamechanger. It’s called the Mocaverse and is a membership NFT collection for the Animoca Brands’ ecosystem. Under development is the Moca ID, a decentralised digital identity system that is poised to revolutionise the Web3 landscape.
“This innovation marks a significant leap towards a future where individuals can exercise complete sovereignty over their digital identities and the value they create online.”
Their goal is to make it easier for service and content providers to serve millions or even billions of people with products and services built specifically to benefit the end-user. At the core, Yat believes that Web3 and crypto can save the capitalist narrative, by reintroducing the value of democracy.
With the rapid emergence of AI unlocking the huge potential in Web3, and the global metaverse market set to become a multi-trillion dollar economy, it’s no wonder Yat and his team are feeling very bullish about what 2024 has in store.
London Real have invested in a number of Animoca ventures including Mocaverse, OP3N, and Life Beyond, and Yat has become a great friend as well as a guiding light. His knowledge of the space is unparalleled, and as the saying goes, “actions validate words”. Yat and Animoca are blazing a trail in the Web3 and crypto space, and if you want to really understand where the smart money lies, then be sure to tune in as the information contained in this episode could literally change your life.
“Our digital lives will become our platforms, and we will rightfully own those platforms and their connected (economic) benefits through Web3.”