Animoca Brands CEO believes NFTs to be a new way to preserve culture

Non-Fungible Token (NFT) game developer Animoca Brands expresses its views on the NFT’s contribution to store the culture in the virtual world.

Yat Siu, the company’s co-founder, believes that it might be new for people to understand the technology behind NFTs, but the desire to preserve their culture is not new in them.

“What is art? It stores culture. WE find NFTs a store of culture because they represent a moment of the past.”

Siu is a young entrepreneur who has also founded the gaming company Outblaze. He has also worked with Atari.

Animoca Brands CEO finds data as the most valuable resource

Animoca Brands has released striking NFT projects like The Sandbox, MotoGP, F1 Delta Time, etc. The company came live in 2014 and has actively been a member of the crypto community by investing in OpenSea, Dapper Labs, and Axie Infinity.

Siu said if we look beyond the monetary value of the artwork, culture is much more than that. He advised people to buy NFTs with a desire to learn from them. They should give less priority to the profitability factor. 

Company’s co-founder said that NFT newbies should focus on diving into revolutionary utilities by the technology instead of just making fast profits.

He added that NFTs are different from cryptocurrencies because they are the result of creation and cannot be dug from the ground. He added that these are not a sort of scarcity. This is an amazing point about NFTs representing a dialectic shift in data ownership.

He added that data is everything these days, and it has become the source of absolute power.

Siu defines data as one of the most precious forms of resources and gives examples of big tech companies like Amazon, who dig every inch of data from their customers to find the best products and advertisements that suit them.

In May, Animoca Brands raised $88.88 based on a valuation of $1 billion, a huge success for the company.