Metaverse is a Tool to Construct New Economies – Animoca CEO

Yat Siu, the co-founder, and CEO of Animoca Brands has thrown his weight behind the metaverse as a tool to onboard new economies that will profit adopters. While speaking during the Future Blockchain Summit, Siu expressed his thoughts about the much talked about metaverse.

While speaking on the topic, Sui was particular about the gaming industry. The $200 billion industry is developing into a key point that bridges the gap between web2 and web3.0. As a result of the growth of the sub-sector, several gaming companies have launched their metaverse. 

At the same time, others have integrated support for digital wallets and introduced NFT-based reward systems for users.

The gaming industry has proven to be an entry point to usher in new users into the metaverse as the demand for metaverse experience continues to increase across all geographical regions.

According to Siu, over half of what is generated in the industry is controlled by big tech corporations like Google, Facebook, and Apple leaving game developers and players with crumbs. He added that this model makes for an unhealthy ecosystem.

The veteran argues that the advent of Web3.0 will correct this anomaly and create a balanced economy where all participants in the ecosystem will be duly rewarded for their role and contributions towards the industry. This would also introduce users to digital ownership.

Animoca Brands leads development in blockchain gaming

Animoca Brands, a leader in blockchain gaming has continued to push its interest in the ecosystem; raising funds, investing in metaverse projects, and making key acquisitions in the process.

The firm successfully completed a $100 million funding round led by Singapore’s Temasek recently. With the fund, it has doubled down on its expansion plans with several acquisitions. The Hong Kong-based game software company has begun the acquisition process for WePlay Media Holdings LLC to boost its engagement with fans of MotoGP.

With the acquisition, Animoca will expand on its existing relationship with Dorna Sports becoming its sponsor, NFT licensor, collectible cards provider, and blockchain game developer and publisher.