Gaming Key to Blockchain Adoption, Mass Acceptance Closer Than Expected: Animoca Brands' Yat Siu
Summary:
Yat Siu, co-founder of Animoca Brands, argues that gaming is the key to widespread adoption of blockchain technologies. During a conversation on the Decentralize with Cointelegraph podcast, Siu speculated that mass adoption could occur within the next 12 to 18 months as distribution tools for web3 applications grow more robust. Siu also discussed the metaverse controversy and disagreed with suggestions of its failure, instead highlighting the growth of the web3 world, which he sees as an open metaverse where opportunities are virtual and value is real.
The crypto community has long grappled with the question of what will prompt widespread acceptance of blockchain technologies. While some cite Bitcoin's (BTC) functionality as a store of value and others point to the potential of nonfungible tokens (NFTs), Yat Siu, co-founder and chairman of Animoca Brands, argues that video games will be the game changer, with broad-based acceptance closer than many might think.
Speaking with host Jonathan DeYoung on the latest Decentralize with Cointelegraph episode, recorded during the Consensus 2024 conference in Austin, Texas, Siu projected widespread adoption happening within the next 12 to 18 months. Siu believes the array of tools available for distributing web3 applications has grown significantly, leaving even historically resistive players like Apple, Google and Valve's Steam with no other option than joining this movement. Siu speculates that "once those floodgates open, we’ll get even more mass adoption.”
Envisioning a future with perhaps a billion people on these kind of networks, Siu views this as an undefeatable force. He spotlights gaming as a prime mechanism for mass adoption due to its inherently social nature. Siu states that the essence of a blockchain's power lies in its community, making gaming— as a social activity— a perfect match. Whether it's gaming, SocialFi or a DeFi system, the social bonds that form give the platform its strength and continuity.
Commenting on the much-discussed metaverse, Siu disagrees with recent headlines claiming its demise, stating it's "far from dead". Siu criticizes Facebook's attempt at creating a metaverse and its subsequent failure, and suggests that the real beginning of the metaverse is when you own your digital property. To Siu, the thriving web3 world which is already worth $2.5-$2.6 trillion, can be likened to an “open metaverse” - a space where opportunities are virtual, and the value is real.
To hear Siu's perspectives on memecoins, financial education and Animoca Brands' investment strategy, the full episode of Decentralize with Cointelegraph is available on Cointelegraph's podcast page, Spotify, Apple Podcasts or your preferred podcast platform. Check out also Cointelegraph’s other shows!
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Published At
6/10/2024 2:10:00 PM
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