‘It’s all about reputation’—Yat Siu on how trust will define web3’s winners and losers
Yat Siu, the founder of Animoca Brands and Outblaze, spoke about the future of web3 and digital ownership at South Korea Blockchain Week, emphasizing the importance of trust and reputation in determining the winners and losers in the space.
Animoca, which has over 540 investments in web3 projects—including major players like Axie Infinity, OpenSea, and Dapper Labs—is heavily invested in the growth of web3. Yat highlighted the transformative role of user-generated content (UGC), noting its impact on platforms like YouTube and TikTok. He believes that UGC is the foundation of internet growth, and companies should work with it rather than against it.
Yat referenced how musicians benefit from TikTok by having their older content resurface and reach new audiences, driving revenues decades after the original release. He stressed that while corporations can streamline content production, UGC is crucial for expanding reach and fostering innovation.
On the subject of digital regulations, Yat emphasized the need for consumer protection in web3, comparing the need for refunds in crypto and NFTs to the same expectations when buying faulty physical products like cars. He pointed out that regions like Hong Kong, Taiwan, and Japan are beginning to adapt regulations for the growing blockchain industry, which he views as a positive step.
Yat also touched on Animoca’s strategy, acknowledging the difficulty for smaller companies to gain traction in blockchain gaming but recognizing the challenge for leading companies to maintain their position. Despite market volatility, Animoca remains committed to investing in the web3 ecosystem.
He closed by discussing the growth of the total crypto market cap, which now stands around $2 trillion, with Bitcoin dominating but altcoins also seeing significant growth—from $200 billion a year ago to around $500 billion today. Yat’s outlook is clear: reputation and trust will be key factors in determining the future success of web3 brands.
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