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Yat Siu's Discourse on Metaverse & NFTs

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A Hong Kong-based entrepreneur, Yat Siu is a founder of Animoca Brands, which entered the blockchain gaming market in 2017 by signing an exclusive distribution deal for CryptoKitties in China.

Here's what he has to say on the topics of Metaverse and NFTs. (Ngl, I was truly blown away by the depth of his insights.)

1. METAVERSE

A true metaverse requires individuals to actually have real ownership of assets.

The metaverse is going to be — I consider the space like the Age of Exploration.

The world's most valuable resource is now data. People generate data. What we do with our time is really up to us. But it is the scarcest resource of everything we do.

What's happening in the metaverse is that a person is putting his attention to five or six different things at the same time.

Instead of universal basic income, consider universal basic equity.

The propensity for exponential reality is enormous within this.

It gives us some liberation as well in terms of being able to not always conform to a particular community, because sometimes the community has an expectation of how we need to be.

2. NFT

Non-fungible tokens and digital ownership is like homeownership. You care that this piece of property is truly yours.

If you don't own anything, if you're only renting, you don't care what happens to it.

All value is virtual in terms of its existence. It's not based on a material.

NFTs are really stores of culture. They embody a moment in history — a certain meme, moment, circumstance, culture.

When you buy an NFT, you're buying it to be part of a club. It is a membership. CryptoPunks and Bored Apes has become an elite membership, for sure.

For the games industry, the assets become the center of the experience, which means that games are going to be built around value for these assets.

The virtual aspect is more powerful than the physical one, because you can interact at scale.

Alpha: Phantom Galaxies' in game footage is high quality. It's built on unreal. And you can actually see it. It's a blockchain game coming out soon.

P.S. Photo by Minh Pham on Unsplash