Yat Siu’s journey to blockchain pioneer includes founding Animoca Brands, a leader in blockchain gaming, and Outblaze, Asia’s first free online service. He champions digital ownership with investments in OpenSea and Dapper Labs, while advancing culture and education through tech.
In an exclusive interview with CoinGape at Blockchain Life 2024, Yat Siu shared valuable insights into the evolving landscape of NFTs and Web3 gaming, highlighting the UAE’s significant role in this innovative sector.
What Insights Can You Share About the Current Trends in the NFT and Web3 Gaming?
Yat Siu highlighted that the NFT and Web3 gaming sectors are significantly influenced by the rise of meme coins and the introduction of Bitcoin ETFs, which have attracted institutional capital. He noted that the start of 2024 saw the crypto market recovering, with increasing interest in gaming and innovations like Telegram’s Ton protocol driving the development of Web3 gaming. The convergence of meme projects creating their own NFT collections signifies a growing synergy within the cryptocurrency space.
What Challenges Do You See Facing the NFT and Web3 Gaming Industries?
Yat Siu identified several challenges, including the need for mass adoption. Leading platforms like Apple, Facebook, and Google currently restrict the use of NFTs in games, which limits their utility and hinders growth. He also mentioned the reputation of the NFT and Web3 sectors, pointing out that the absence of a reputation layer complicates targeting genuine users, as many participants are bots or airdrop farmers. Animoca Brands is developing “Mocaverse” to create a reputation framework that fosters trust and engagement within the community.
How Do You View the Future of NFTs and Web3 Gaming in the Coming Years?
Looking ahead to 2025, Sui expressed optimism about the potential for growth in gaming and education. He believes that advancements in game development will attract traditional gamers to Web3 as game quality improves. Furthermore, he sees decentralized finance (DeFi) as a transformative force in student financing, addressing a $2.2 trillion market largely neglected by traditional finance.
What Advice Would You Give to Newcomers in the NFT and Web3 Space?
Yat Siu encourages newcomers to approach the NFT and Web3 ecosystem similarly to exploring a new country—by learning about its culture, participating in community activities, and immersing themselves gradually without the pressure of immediate financial investment. He emphasized the importance of understanding network effects in the token economy, as the value of projects often stems from their network strength rather than just price.
What Role Do You See the UAE Playing in the Web3 and Blockchain Landscape?
Sui noted that the UAE is emerging as a global leader in the Web3 space, supported by a strong network of investors and technology providers. The country’s commitment to innovation, even amid challenging market conditions, positions it well to continue leading in the blockchain ecosystem.
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