Animoca Brands Pioneering Web3 Adoption and Supporting Creator Economy in 2024
Summary:
Animoca Brands, a Hong Kong-based gaming company, is championing interoperability and the creator economy as it continues to promote the mass adoption of Web3 in 2024, according to CEO Robby Yung. The firm asserts that wider influence of gaming and exploration of other sectors like education will drive Web3 usage. Its subsidiary, TinyTap, introduces publisher nonfungible tokens (NFTs), allowing content creators, including teachers, to gain direct relationships with their students and monetise their work. Also, the firm's Mocaverse project and participation in the Open Metaverse Alliance for Web3 aim to enhance interoperability across Web3 applications. Yung believes in the potential of the REVV Racing motorsports ecosystem, among other initiatives. As of 2023, the company has invested in over 30 projects, with plans for continued support of promising opportunities.
Animoca Brands, a gaming company based in Hong Kong, has pledged to maintain its backing of the creator economy, fostering interoperability through various initiatives aimed at encouraging widespread adoption of Web3 in 2024, according to CEO Robby Yung. During his interaction with Cointelegraph at the 12th Global Blockchain Congress hosted in Dubai, Yung shared his belief that the widespread influence of gaming will spur Web3 adoption. Alongside gaming, Animoca is researching other sectors, including education, to offer support to creators via efficient infrastructural and networking systems.
Yung asserted that Web3 tools, such as publisher nonfungible tokens (NFTs), offer content creators a decentralized platform to monetise their creations in a more equitable and profitable way. He stated that publisher NFTs provide teachers with mechanisms to effortlessly monetise their content, thereby benefiting them more directly.
The concept of publisher NFT is a unique offering of Animoca subsidiary, TinyTap. The solution is designed to combine co-publishing rights to specific educational content produced and shared on the TinyTap platform. Yung stressed that these Web3 platforms allow educators to share content peer-to-peer and maintain direct connections with their learners.
Discussing the challenges faced by creators on Web2 platforms, including insufficient control and unfair compensation, Yung stressed the need for simplified experiences that enable creators to establish direct relationships with their audience. In parallel, he underscored the crucial role of interoperability in the adoption of Web3 within the Web3 sphere.
Animoca's major effort in this scenario is its Mocaverse project, designed to enhance gamification and identity systems across varied Web3 applications. Yung is also actively engaged in the Open Metaverse Alliance for Web3 to advance interoperability standards across the sector. Over the next year, Animoca plans to focus on the Mocaverse platform as a flagship project, expanding its partnership universe as wide as possible.
Yung expressed his faith in Animoca's REVV Racing motorsports ecosystem and several Telegram initiatives, including collaborations with the casual gaming platform Gamee and TON Foundation.
While Animoca doesn't follow a specific allocation or investment target strategy in terms of deal size or quantity, it endeavours to support promising opportunities. Animoca is poised for a positive 2024, pledging to continue ploughing resources into new and existing businesses, shared Yung.
He disclosed that so far in 2023, they have invested in over 30 projects and close to 500 in total across Animoca Brands and Animoca Ventures. He stated that half of their investments focus on infrastructure and tooling, while the rest focusses on entertainment content, including gaming, metaverse, music, art and decentralized finance, among others.
Published At
12/12/2023 4:24:20 PM
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