Yat Siu Discusses Digital Ownership and Web3 at South Korea Blockchain Week

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At the South Korea Blockchain Week, the Cryptopolitan team interviewed Yat Siu, founder of Animoca Brands and Outblaze. Animoca stands out as a company with over 540 investments in blockchain and NFT projects. In this interview with Yat Siu, the future of digital ownership and Web3 were discussed. Siu emphasized that user-generated content (UGC) plays a significant role in the growth of the internet.

User Content as the Cornerstone of the Internet

Yat Siu stated that user-generated content is fundamental to digital ownership. According to Siu, major brands and companies should learn to benefit from these contents rather than control them. Siu recalled how, in YouTube’s early years, users contributed to viral growth by remixing others’ content, and he expressed that UGC is the key to innovation today. Siu also noted that while major brands can accelerate content production, they need user-centric content.

“Even old musicians are making money from content they released 20-30 years ago thanks to TikTok,” said Yat Siu.

Digital Regulations and Consumer Protection

In the interview, Siu also answered questions about digital regulations and stated that the future of cryptocurrencies and NFTs depends on consumer protection. Siu mentioned that just as one has the right to return a faulty car, Web3 systems should provide similar rights. Highlighting that regulations are advancing in countries like Hong Kong, Taiwan, and Japan, Siu emphasized the crucial role 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.

Web3 and Institutional Support

According to Yat Siu, institutional support is vital for the growth of the Web3 ecosystem. Siu noted that the launch of Bitcoin ETFs has increased institutional investment, but the altcoin market has not grown at the same pace. He emphasized that over 80% of investments in the US stock market come from institutions and stated that institutional support is critical for building trust in crypto projects.

Siu mentioned that Animoca would continue to grow the Web3 ecosystem and especially invest in digital ownership rights. He noted that fraud activities are widespread in the Web3 world and added that digital identity would be key to solving these issues. Siu emphasized that digital identities would play an important role in building trust and that the functionality of the Web3 ecosystem would continue to increase.

Digital Ownership and Network States

In the later parts of the interview, Yat Siu discussed the potential of digital ownership and network states. Siu stated that DAO (Decentralized Autonomous Organization) systems create a kind of digital politics and that current states would not lose their place in the short term but would sustain their existence by integrating blockchain and network principles. He mentioned that traditional governments would transition to an innovative structure by adopting transparency and blockchain voting systems.

Finally, Siu stated that it is difficult to hold a leading position in the Web3 ecosystem without centralization and that Animoca Brands does not aim for leadership but rather works to shape the ecosystem. He added that investments in Animoca’s portfolio could play roles such as DAO managers or a political voting bloc in future network states.

Siu emphasized that the ownership of digital rights by users is critical for the sustainable development of Web3. He stated that Animoca would continue to be part of this process and work to ensure the value of digital ownership is understood.

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