NFT Wave 2.0, Global Web3 Trend, and Cultural Aspect: Animoca Brands’ co-Founder Yat Siu Shares Insights

The crypto world has ups and downs and is subject to constant and rapid change. Web3 technology is gradually making its way into the mainstream. Gone are the days when this domain was only for tech-savvy geeks. Blockchain technology is now being used in the gaming industry and may spread to other industries. However, the question of whether it will ever become truly mainstream remains. Are blockchain and NFT games performing well enough to win the hearts of gamers? What does the future of web3 gaming look like? Animoca Brand’s Yat Siu, one of the industry’s leading experts and torch-bearers, recently gave a media interview to answer these questions.

Animoca Brands is a Leading Web3 Firm

Animoca Brands is a leading web3 game and NFT development and VC firm. Its investment portfolio is impressive having stakes in The Sandbox, Aurory, Axie Infinity, Atari, Alien Worlds, and more. Additionally, it is said that Animoca Brands is an expert in utilizing blockchain technology in its projects. Yat Siu shares insights on the global trend of web3 technology and the role of Asia in it. He also talks about NFTs and the possibility of a second boom, and finally the importance of the cultural aspect in web3 gaming.

Cultural Aspect in Web3 Gaming

According to Yat Siu, it isn’t the financial aspect of web3 technology that grabs the attention rather it is the cultural aspect. It is about the idea of owning things in video games in true essence that excites Yat Siu. Besides video game players, people can own digital assets via marketplaces. As a gamer, owning in-game digital content, especially your character or valuable skin means a lot. A gamer is always eager to keep their virtual identity intact as the character evolves by playing and grinding in the game. Animoca Brands is a staunch supporter of this culture and made more than 450 investments in projects related to NFTs and Web3.

Yat Siu Talks About China’s Stance

China has had a love-hate relationship with blockchain and it has its reasons. The hate mainly comes from the energy consumption issue of mining. The massive crackdown against crypto came due to the huge mining that was taking place. However, the country is excited about the blockchain technology. Hong Kong is the financial hub of China and its openness to blockchain, NFT, and web3 is paramount. Nowadays, China is even looking to publish its Web3 strategy paper. So, Hong Kong can take the central position when it comes to crypto, but China will not allow crypto elsewhere in the country by the looks of it.

How the US and Japan are Taking Web3?

As we delve deeper into the complex realm of consumer opinion, we see a striking contrast between regions. Consumers in Asia have shown a surprisingly positive attitude toward Web3 technologies. In contrast, one finds a different attitude in the United States, one that lacks warmth and even displays hostility at times.

Interestingly, gamers make up a sizable proportion of the target market because they represent the future of the economy. The anti-capitalist beliefs of these gamers are now fully embedded in the cryptocurrency industry. Essentially, they project their own skepticism and critical attitudes toward individuals working in Wall Street’s traditional banking sphere onto those occupying the crypto space. Bitcoin, NFTs, and even Bored Apes are seen as examples of digital capitalism in this setting.

While this dislike of conventional financial structures may not be stated directly, it is clear that this is the underlying sentiment. The passionate responses of American gamers to NFTs stand out as an interesting observation. This isn’t just a logical conclusion; it’s an emotional response that exemplifies the complex relationship between cultural norms and technological progress.

Even though it’s starting from a low point, the worldwide trend toward Web3 adoption shows promising signs of expansion. Consumers’ contrasting reactions on different continents shed light on the multifaceted connection between culture and the Internet. It is clear that the contours of digital capitalism are still being defined as gamers expressing their anti-capitalist ideals through the lens of cryptocurrency, negotiating the complex waters of both logic and emotion.

Yat Siu on NFT Wave 2.0?

Yat Siu responds confidently when asked about the chances of an NFT revival, reiterating the likelihood of a second wave. The exchange begins with a resounding yes: “Absolutely, yes.” He then shifts his outlook to focus on the most important driver of this predicted resurgence: widespread adoption spurred by cultural forces.

Yat Siu reiterates that while the purely financial aspects of crypto have undeniable appeal for a subset of financially astute individuals, it is the cultural realm that has the potential to bridge the gap to widespread adoption. Connecting these cutting-edge digital assets to the full range of human experience, the convergence of entertainment, gaming, fashion, and other culturally resonant elements emerges as the transformative conduit.

There is a clear parallel between the creative timeline of game development and the impending NFT resurgence. A compelling observation emerges: many influential games have received significant funding in the past 12–18 months, and their releases are expected to occur within the next year. So, the funding and launches will coincide, ushering in a period of rapid growth in widespread use.

The looming return of NFTs is shown to be deeply embedded in the process of cultural recognition. A testament to the enduring power of culture in shaping the trajectory of technological evolution, the upcoming release of painstakingly crafted games acts as a harbinger of change, hinting at a future where the fusion of culture and crypto could pave the way for an era defined by widespread crypto acceptance.

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