Interview With Yat Siu: On Web3’s Identity and Future
Animoca Brands chairman and co-founder Yat Siu is one of the nicest and most approachable people not only in all of Web3 but also in the top tier of the most influential crypto movers and shakers. He’s a legitimate Web2 gaming OG who found his way to crypto through NFTs back in 2017.
Animoca drove most of the 2021 NFT and gaming bull market narrative, and the Web3 pioneer’s incredible stable of investment winners, such as Axie Infinity, OpenSea, Dapper Labs and various crypto gaming stars, catapulted them to the top during the last cycle.
In March 2023, it launched Mocaverse, an innovative Web3 community connected through its unique NFT collection of 8888 Mocas, categorized into five tribes: Dreamers, Builders, Angels, Connectors, and Neo-Capitalists. Mocas represent different personas in the Web3 ecosystem and offer many associated initiatives and benefits to their holders.
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Yat Siu: I’ve been in the tech space since the 1980s, starting with Atari. I went from there to online services, including a free internet service called CompuServe. This was during the computer era in the mid-80s, which propelled me into the digital internet space, or pre-internet space.
I was part of the first wave of the internet. I used Mozilla, saw the birth of Netscape, and set up some of the very first internet service providers. Silicon Valley really became a force during that era, and its influence today came from what happened in the ‘80s and ‘90s.
After a messaging business that was later acquired by IBM, I got back into gaming around 2009. Animoca, our company, officially started in 2011 as a game company.
Yat Siu: Actually, yes, I do. To me, it’s kind of representative of a class struggle. It’s like, “Hey, this is my turf, and now you’re coming in and how dare you take value or make money in my environment.” It’s really about protecting their own status.
The powerful thing about networks and network effects is that you can never predict where they’ll go. You might write a piece of code for one purpose, but the wisdom of the crowds creates wonderful, amazing stuff that you could never have predicted. We benefit as a result of that.
The genesis of Moca ID came from issues we faced with KYC wallets being sold to third parties who shouldn’t have passed KYC. Sometimes up to 70 or 80% of wallets were mixtures of farming or people just hoping for good luck. This is a problem that plagues our industry.
Yat Siu: Generally speaking, we love looking at projects that have an eye for impact and purpose. It doesn’t have to be about saving the world, but we look for founders who are passionate and are trying to build something greater than themselves. These are the types of founders who are willing to persevere through the hardest times, which is crucial in the volatile crypto space.
Yat Siu: By 2030, I believe we won’t be talking about blockchain as a separate concept anymore. Three major shifts will have occurred:
1. Billions of people will be using Web3, leading to broader financial literacy.
People will have a better understanding of financial systems and will think more like investors or owners.
2.People will expect value for what they’re giving.
They’ll be more rational about joining networks, considering the benefits beyond just entertainment or social connections.
3. I think DAOs will become bigger than traditional organizations.
We’ll see token networks become commonplace, fundamentally changing how we interact with and value digital spaces.
https://coinmarketcap.com/community/profile/ysiu/
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