- Animoca Brands’ Yat Siu talks about shepherding companies into the Web3 space.
- Web3 and metaverse expansion could be on Animoca Brands’ cards this year.
- The Sandbox has also actively advocated the entry of institutions and celebrities in the metaverse.
With institutional and retail interest in Web3 and the metaverse growing, the Hong Kong-based game software company and venture capital, Animoca Brands, has laid down plans to speed up the evolution of the internet into an open metaverse.
Shepherding Firms Into Web3
In a recent interview, Animoca Brands’ co-founder and chairman Yat Siu claimed that his firm would continue to ‘shepherd companies into Web3.’ Siu has advocated the evolution of the internet into an open Metaverse for a long time.
The Hong Kong-based entrepreneur is not very fond of the idea of closed internet dominated by large centralized Web2 companies. Instead, Siu is pro -decentralization of the internet which heads towards Web3.
In the interview during the Australian Blockchain Week event, Siu discussed the broader aspects of Web3 for companies. The discussion was hosted by the CEO of crypto exchange BTC Markets — Caroline Bowler.
It covered several topics, including the actual value of Yuga Lab’s BAYC NFTs, the limitations of Web2, and Animoca’s ever-growing portfolio of companies and investments.
During the discussion, Siu said,
“When you buy an expensive handbag, you buy the network effect and the story that is embedded within it. The same goes for BAYC, except you receive extra commercial rights which develop deeper network effects.”
Siu’s argument remains that decentralized Web3 platforms and digital assets like NFTs offer users a chance to maintain ownership rights over their data and content online, instead of it being controlled and utilized by firms such as Meta.
Why #NFTs are the Foundation of the #OpenMetaverse? In case you missed @pgbiz London 2022 in February, here is the recap from the session with Animoca Brands co-founder & executive chairman @ysiu.
Available on YouTube: https://t.co/LPvr5HqT1m pic.twitter.com/RTDf46Ozb9
— Animoca Brands (@animocabrands) March 21, 2022
Furthermore, discussing the plans for Animoca Brands, Siu highlighted that the firm is still ‘super early’ in its long-term goal of building an open Metaverse. The entrepreneur also emphasized the importance of speeding up the process of building a decentralized space due to the risk of having larger centralized firms dominating the virtual sphere. He added,
“You will continue seeing us take that approach as we try to shepherd companies into Web3.”
Animoca Brands Strengthing Crypto Marketing
Crypto marketing has been an effective way for projects to take the lead in the market. One of the most notable names for effectively marketing its brand is Crypto.com. The firm once again made headlines after adding FIFA World Cup Qatar 2022 to its list of sponsorship deals with sports to drive brand awareness.
The Sandbox, a subsidiary of Animoca Brands, has also actively marketed its brand with celebrities on board the metaverse train alongside partnerships and collaborations with institutions.
As reported by FXEmpire, HSBC was the new corporate giant to enter the metaverse through a partnership with the Sandbox (SAND). HSBC joined a swarm of global brands working with the Sandbox, including Gucci, Warner Music Group, Ubisoft, and Adidas.
With Sandbox’s crypto marketing game on point and Web3 expansion on its cards seems like Animoca Brands is set for a bright 2022.