Yat Siu, co-founder and chairman of NFT game developer Animoca Brands, believes that NFTs (non-fungible tokens) offer a new way for culture to be maintained in the virtual world.
Despite the fact that the technology behind NFTs is relatively new, Siu contends that the desire to “preserve our own culture” has existed from the beginning of time and throughout human history.
“We refer to NFTs as cultural stores since they reflect a certain era in history,” he said before adding, “What is art? Art acts as a cultural reservoir.”
Animoca Brands was co-founded by Siu in 2014 and has since released notable NFT initiatives such as The Sandbox, F1 Delta Time, and MotoGP Ignition, in addition to investing in Dapper Labs, OpenSea, and Axie Infinity.
NFT Is Not Just About Art, But Also Its History
The Animoca chairman said that culture is more than the monetary worth of an artwork.
Most paintings in the world are not worth much, but, like culture, the vast majority of people who buy art nowadays do not intend to sell it right away.
When asked what advice he would provide to people who are still new to the NFT craze, Siu said that they should avoid seeking fast profits and instead immerse themselves in the revolutionary utilities made available by the technology.
“What’s interesting about this ownership is that we’re able to create it. It doesn’t come from a scarcity that you can dig out of the ground,” Siu explained.
Siu further claimed that NFTs constitute a paradigm change in data ownership and data rights.
Using Amazon and Facebook as examples, Siu described data as one of the world’s “most valuable commodities,” noting their persistent efforts to collect as much as possible data from their consumers in order to customise the advertisements they see on social media platforms.
“Data has grown to the position of an ultimate source of power,” he added.
Siu is a Hong Kong-based software entrepreneur who formerly worked for Atari and established the game firm Outblaze.
McDonald’s China Celebrates 31st Anniversary With NFT
On October 8, McDonald’s China introduced the “Big Mac Rubik’s Cube” NFT to celebrate the company’s 31-year presence on the Chinese mainland. The NFT is commemorating three decades in business in China as well as the opening of a new headquarters in Shanghai.
McDonald’s is not the only fast-food chain to join the NFT arena recently. Another fast food franchise, Burger King also launched an NFT collection in September 2021. Meanwhile, in March 2021, Taco Bell launched taco-themed NFTs on Rarible in the form of pictures and GIFs.
We Want To Hear From You
What is your opinion on this matter? Share your thoughts with us in the comments below.