NFTs aren't always taken very seriously, especially now that artificial intelligence and content creators are in the spotlight, but not everyone is quick to dismiss cryptocurrencies' oft-derided little brother. According to Animoca Brands president and co-founder Yat Siu, the growing influence of artificial intelligence and content is exactly why there is a growing need for NFTs in the world.
Yes, we know it's a bold statement, but before you roll your eyes, hear it:
Animoca has its own nft collections, blockchain products, and a collection of very popular games. The company has also worked with other well-known brands and personalities such as Disney, WWE, Power Rangers, The Walking Dead, Formula E and Snoop Dogg.
Talking about the latest from TechCrunch chain reaction episodeSiu said NFTs are “digital stores of culture that we can then transform,” whether it's something as simple as owning their value online or protecting their intellectual property.
He explained that NFTs could be used to open avenues for making money from content while avoiding traditional paths to monetization, which could cost a lot of money. He pointed to as an example someone who is a teacher in Venezuela and earns a monthly salary of around $10 or $15: they could create educational content or assets that can open doors to additional income. It may cost too much for a lawyer to get a contract, but with an nft, one can be created in a single transaction for less than $1, she said.
“We have seen that in practice, where teachers in these countries have begun to generate assets. They're getting a little return, and then investors around the world have said, 'I'm going to buy this, I can get more value out of this,'” she added.
That encapsulation of intellectual property rights can be extended to everyone who creates their own intellectual property using NFTs, Sui said. For example, a dancer on TikTok can create a viral dance trend, but without proof that he created it first, he couldn't monetize it if he wanted to.
“Web3 is very important, especially considering the fact that ai is becoming such a predominant part of our lives. However, we have no control over ownership of any of that,” Siu said.
With blockchain technology, anyone can create a trademark or copyright claim on something they created, Siu said. “These are other ways you can start standing up for your rights. “That really empowers everyone to do that.”
Of course, not everyone will find it easy to quickly develop that understanding of NFTs and related technology. But over time, Siu believes there will be more accessible routes to making this vision a reality for everyone.
The whole movement can seem deeply personal because it involves money, Siu noted. "In this sense, it seems as if digital capitalism is coming home in a big way."
In the United States, Siu said he has seen quite anti-capitalist movements, especially among young people. "Money and capitalism are starting to seem useless (...) People were very negative about people in the financial industry, and they talk about cryptocurrency people in the same way."
But Siu feels this is ironic, because Web3 users were originally the ones who “united against the system and created an alternative system” outside the traditional financial rails.
He believes that chain dynamics are the best way to verify information because it is fully auditable. "That's why I believe blockchain technology will help solve many of the biggest problems facing the world."
