Blockchain gaming giant ‘Yat Siu’, the cofounder of Animoca Brands expects the next generation of the internet to happen sooner rather than later. Web3 will feature decentralization, faster processing, and a more secure browsing experience.
Within the next 18 months, there will be a wave of open metaverse participators. This is because within that time frame, high quality products uniquely involved in the open metaverse have been launched, and they have attracted new people to the space.
With 3.2 billion people playing video games, he explained in an interview the digital goods in these games are not actually owned by players because they are rented through people’s online identities.
Blockchain web3 will move internet rights from tech companies into the hands of users. By doing this, users can freely move across platforms without restriction and create a more connected metaverse.
The infrastructure and hardware needed to make the transition to Web3 are already in place.
“Young people are drawn to Web3 economics because they represent a better future. Younger people are excited about these new models because it’s not just more efficient, but it also represents a more equitable future.”
The children of today are finding the current opportunities in the world to be disappointing, but with Web3 they will have more than one opportunity.
Leading provider of an open metaverse, Animoca generates one of the largest portfolios of investments specific to Web3. In April, the company has grown their portfolio with 340 web-series projects, valued at $1.5 billion.
Animoca was established in 2014 to develop games for smartphones and tablets. In 2017, they saw the opportunity of using blockchain gaming and NFTs with Dapper Labs (then called Axiom Zen) and created CryptoKitties. They saw the potential of NFTs as a way to protect digital property rights so they jumped on board and created CryptoKitties.
Animoca invests in studios that are a part of the blockchain and crypto industry. Throughout 2018 and 2019 when many were cutting losses, Animoca took a different approach and invested in companies like Sky Mavis, OpenSea and Decentraland. They also acquired Pixowl, developer of Sandbox.
Animoca recently raised $75 million in another tranche of funding, bringing the company valuation up to $6 billion with backers like George Soros and Jack Ma. The company also announced that it had previously raised $359 million.