NFTs aren't always taken seriously, especially now that AI and content creators are hogging the spotlight, but not everyone is so quick to dismiss the often-derided little brother of cryptocurrencies. According to Yat Siu, chairman and co-founder of Animoca Brands, artificial intelligence and the growing influence of content are the reasons why the need for NFTs is increasing around the world.
Yes, I know that's a bold claim, but before you roll your eyes, hear him out.
Animoca has its own collection of NFTs, blockchain products, and wildly popular games. The company has also worked with other famous brands and talents such as Disney, WWE, Power Rangers, The Walking Dead, Formula E, and Snoop Dogg.
In TechCrunch's latest episode of Chain Reaction, Siu said NFTs are "a digital store of culture that can then be transformed," even if it's something as simple as owning your value online or protecting your intellectual property. He said that.
He explained that NFTs can pave the way for monetizing content while avoiding traditional monetization paths that can be costly. He gave the example of someone who works as a teacher in Venezuela and earns about $10 a month, or $15 for him. They may be able to create educational content and assets that can open the door to extra income. Having a lawyer draw up a contract might be too expensive, but with NFTs, contracts can be drawn up for less than $1 per transaction, he said.
"We've seen teachers in these countries actually start to create assets. Yields are low, but investors around the world are saying, 'I'm going to buy this, I can create more value with this.' "I said so," he added.
Intellectual property encapsulation can be extended to anyone building their own IP using NFTs, Sui said. For example, a dancer on TikTok can create a viral dance trend, but without proof that they created it in the first place, they can't even if they wanted to monetize it.
"Web3 is very important, especially given the fact that AI is becoming a part of our lives. But we have no control over the ownership of any of it," Siu said.
Blockchain technology will allow anyone to claim trademarks and copyrights on what they create, Siu said. "These are other ways to protect your rights. This will allow everyone to do it."
Of course, not everyone will find it easy to quickly develop such an understanding of NFTs and related technologies. But over time, Siu believes a more accessible route will be found to make this vision a reality for everyone.
Siu noted that the entire movement can feel very personal because it involves money. “In this sense, it feels like digital capitalism is back in a very big way.”
Siu said there is a significant anti-capitalist movement in the United States, especially among young people. “Money and capitalism begin to seem wasteful.” […] People have been very negative about people in the financial industry, but they also talk about people in the crypto industry the same way. ”
But Siu finds this ironic. This is because Web3 users were originally those who "opposed the establishment and created alternative systems" outside the traditional financial rails.
He believes that on-chain dynamics are the best way to verify information, as it is fully auditable. “That's why I think blockchain technology can help solve many of the world's biggest problems going forward.”