Metaverse Will Bring About the "Construction of New Economies" - Animoca CEO
Godfrey Benjamin Oct 13, 2022 10:00
Animoca Brands CEO, Yat Siu sees the GameFi ecosystem as a major avenue to welcome people into the new economy the metaverse is creating
Yat Siu, the Co-Founder and Chief Executive Officer of Animoca Brands has shared his thoughts on what he believes the metaverse is metamorphosing into in the near future.
Speaking at the Future Blockchain Summit, the veteran industry leader noted that the metaverse is not a central entity and is bound to stir the advent of new economies that will benefit its adopters.
In the explanation for his position about the highly talked-about marketplace, Siu said industries cannot be quantities based on a single metric, and that the collective performance of key offshoots of the ecosystem often comes together to make a whole.
“Metaverse to us is a whole economy. We don’t want to measure the future of these companies using PNL, we want to measure it in terms of GDP. Just like we can’t define Ethereum’s value by how much gas it generates but rather its utility as a whole, in the same way, the metaverse is an all-accomplishing picture. So, thematically, it’s a metaverse; but practically, itu2019s digital ownership."
Siu faults the usurping role big tech companies like Google and Facebook have played in the evolution of the gaming industry thus far. According to him, the bigger portion of the more than $200 billion industry is controlled by big tech with little going to the game developers and almost nothing to players.
Per the model of Web3.0, Siu believes this anomaly will be corrected, creating an economy whereby everyone will be fairly compensated for their participation in the ecosystem.
“More than half of the value that is generated in the gaming industry goes to Apple, Facebook and Google. How much of that goes back to the gaming industry? Zero. This is the issue today, and it makes the ecosystem unhealthy.”
Yat Siu, whose company owns The Sandbox metaverse and has invested in hundreds of gaming protocols believes GameFi is one of the contending avenues by which users will be onboarded into the Web3.0 industry.
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