Meta’s $10B metaverse investment is ‘not enough’ according to Animoca Brands’ Yat Siu • TechCrunch

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Yat Seo, co-founder and CEO of Animoca Brands, has a lot of ideas about the metaverse. This is because his company owns sand It has investments in many different web3 companies, such as OpenSea, Dapper Labs, and Axie Infinity. in TechCrunch disabledIn this article, he shared his thoughts on the Meta’s view of the metaverse.

They said they would spend $10 billion annually to make the metaverse work. Well, here’s the thing – we think $10 billion isn’t enough for Facebook to succeed. Billions of dollars are traded in the open metaverse space – actually a lot more when you think of redeemable tokens. Most of the value goes to the end user, so why would I treat something like Meta – regardless of its images – when I have to give half of it to the platform?

Whereas if I use Sandbox, I get 95% of it. It doesn’t make sense for me to do that, from an economic point of view. And because billions of dollars of value are already being created in an open fashion, why would I compromise on that value? So Facebook will have to spend a lot to motivate people to get into its platform.

But that doesn’t mean Zuckerberg is the wrong person to head this project. “I would say Zuckerberg definitely did it right in terms of construction. Remember he tried to get rid of Libra, right? … So he understands blockchain,” Yat Seo said.

But what exactly is metaverse? A lot of people are still arguing about that. Some people think that they are online worlds, while others think that they involve virtual reality. According to Yat Siu, the main thing that really makes the metaverse is property rights.

“Just how George Washington said you can’t have freedom without property rights, we think the same goes for digital. You can’t have digital freedom without digital property rights. So our point about the open metaverse is that it has to start with a foundation of ownership. Here The Sandbox stands out.”

Animoca Brands is much bigger than Sandbox. There are 380 companies in the group and portfolio. Thirty of them are subsidiaries. Animoca Brands is a technically Australian company headquartered in Hong Kong with nearly a thousand employees.

It is very easy to summarize Animoca Brands’ strategy. The company is investing in the web3 ecosystem due to the presence of some strong network influences. She’s betting on a rising tide of web 3 that can lift all boats.

“Economic activity around car ownership is much larger than car sales,” Yat Seo said. He cited Uber, Lyft, and car wash companies as examples of businesses that do without selling cars.

“For example, when we did our first OpenSea check, which had a very small valuation in 2018-2019, it wasn’t because we were hoping for OpenSea to be a decimal,” he said. “We did that because OpenSea had a lot of NFT business and a relatively good size of NFT. We’re going to help drive that and we’ll have our own NFT sales and every company we invest in can sell on OpenSea.”

In other words, if web3 becomes a huge thing, then Animoca Brands is clearly well positioned to become a major player in the space.

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