According to Animoca Brands CEO, NFTs provide a new means for society to ‘store culture’. Yat Siu, co-founder of Animoca Brands, has asked new NFT users to look beyond profitability. And consider how nonfungible tokens might reshape culture.
NFTs, according to the co-founder and chairman, provide new means for culture to find a safe haven in the virtual world.
Siu noted in an interview that, The technology that underpins NFTs is new. However, the urge to “store culture” has existed throughout the history of mankind.
“We refer to NFTs as culture stores because they encapsulate a historical moment”, he explained. Adding, “What is art?”, “Culture finds its haven in art”.
Animoca chairman also said, “Most paintings in the world aren’t worth a great deal. But like owning culture, the vast majority of people who buy art today or photography don’t intend to sell it right away”, citing his daughter and her favourite band BTS as an example. “That isn’t how we approach culture”. He elaborated.
Who’s Yat Siu
Siu is a Hong Kong-based IT entrepreneur who established the Outblaze gaming company after working at Atari. Animoca Brands was created in 2014 and has produced significant NFT titles such as The Sandbox, F1 Delta Time, and MotoGP Ignition. As well as investing in Dapper Labs, OpenSea, and Axie Infinity.
When questioned what advice he would provide to beginners to the NFT, Siu advised them to focus on the revolutionary utility enabled by the technology rather than looking for quick profit opportunities.
“Begin by purchasing your first NFT not with the purpose of making money, but rather with the desire to learn from it”, he recommended.
NFTs represent a paradigm shift in data ownership and rights
“What’s amazing about this ownership that we’re able to originate, is that it doesn’t come from a kind of scarcity that you can dig up from the earth”, Siu said of NFTs.
Animoca brands CEO called data one of the world’s “most precious commodities”, citing huge tech companies like Amazon and Facebook’s tireless efforts to extract every single shred of data from their consumers in order to personalize the ads they see on social media.
He went on to say, “Data has become the source of absolute power”. In May, Animoca Brands completed a $88.88 million capital raising at a $1 billion value.