At the South Korea Blockchain Week, Yat Siu, founder of Animoca Brands and Outblaze, was interviewed by the Cryptopolitan team. Animoca Brands, known for its extensive portfolio of over 540 blockchain and NFT investments, focuses on the future of digital ownership and Web3. Siu highlighted the significant impact of user-generated content (UGC) on the growth and innovation of the internet. He emphasized that major brands should leverage UGC rather than control it, citing examples from YouTube’s early days where users spurred viral growth.
User Content as the Cornerstone of the Internet
Siu argued that UGC is essential to digital ownership, stressing that large companies should embrace this user-driven content. He noted how platforms like TikTok have allowed even older musicians to profit from decades-old content. Siu believes that while major brands can expedite content production, the user-centric approach remains pivotal for innovation.
How Should Digital Regulations Protect Consumers?
Addressing digital regulations, Siu asserted that consumer protection is crucial for the future of cryptocurrencies and NFTs. He compared the need for consumer rights in Web3 to the right to return a faulty car. Siu pointed out that countries such as Hong Kong, Taiwan, and Japan are making strides in advancing these regulations and highlighted the importance of reliable brands in the crypto market.
“Consumer protection is the most important aspect of regulations. Even without regulations, we must rely on trustworthy brands,” said Yat Siu.
How Does Institutional Support Influence Web3?
Siu emphasized the necessity of institutional support for the growth of Web3. He noted that the introduction of Bitcoin ETFs has boosted institutional investment, although this growth has not extended equally to altcoins. According to Siu, institutional investment is crucial for establishing trust in crypto projects, as seen in the traditional stock market where institutions account for over 80% of investments.
Conclusions from the Interview
– User-generated content (UGC) is vital for internet growth and innovation.
– Consumer protection is a cornerstone of future digital regulations.
– Institutional support is essential for building trust in Web3.
– Fraud in Web3 necessitates the development of robust digital identity systems.
– Network states and DAOs offer innovative governance models integrated with blockchain.
In the final segments of the interview, Siu explored the potential of digital ownership and network states. He discussed how DAOs create digital politics and envisioned traditional states adopting blockchain principles for enhanced transparency. Siu clarified that while Animoca Brands does not seek to lead the Web3 ecosystem, it aims to shape it through significant investments. He concluded by emphasizing that user-owned digital rights are critical for the sustainable development of Web3, and Animoca remains committed to this goal.