Yat Siu, co-founder and executive chairman of Animoca Brands, brings a wealth of experience in tech innovation and a unique multicultural perspective to the evolving landscape of Web3. In a recent interview with BeInCrypto, Siu delved into how blockchain technology can revolutionize content creation, offering true ownership of intellectual property to creators.

He began by discussing the stark contrasts between Eastern and Western attitudes towards technology and capitalism. While Asia embraces capitalism wholeheartedly, even under Communist regimes like China, the West remains divided. This difference is crucial for understanding the growth of sectors like DeFi and GameFi in Asia. Siu noted that Asian gamers are more comfortable monetizing their assets, whereas their Western counterparts often resist integrating financial elements into gaming.

Siu also shed light on Mocaverse, a project aimed at addressing digital identity issues in Web3. As a global leader in blockchain and gaming, he emphasized the importance of institutional support in the cryptocurrency market. Unlike the traditional stock market dominated by institutional investors, the token market is primarily retail-driven. Institutional backing brings stability and long-term planning to projects, making them more relevant in today’s crypto landscape.

When asked about the rising MOCA token prices compared to other game tokens, Siu attributed this to strong institutional support. He pointed out that projects like Bitcoin ETFs signal the onset of an institutional era in crypto, where having institutional backing is crucial for standing out.

As an advisor to the Hong Kong Government’s Web3 Task Force, Siu provided insights into China’s and Hong Kong’s roles in the blockchain industry. While China supports blockchain technology, it remains cautious about cryptocurrencies like Bitcoin. Hong Kong, however, serves as a sandbox for China’s financial experiments, making it a pro-Web3 and pro-Crypto hub. This positioning allows Chinese capital to stay within a free market under China’s influence rather than moving to countries like Singapore.

Siu’s multicultural background also offers him a nuanced view of the global dynamics in Web3 and GameFi. Growing up in Austria, he observed that Western countries like Europe are more inclined towards socialism, which affects their acceptance of capitalism in gaming. In contrast, Asia’s capitalist nature drives the rapid growth of DeFi and GameFi sectors.

When asked to choose between Game Boy and Game Science’s Black Myth: Wukong, Siu expressed pride in China’s achievements but acknowledged that such successes were built on the foundation laid by earlier Asian game companies from Japan and Korea. He emphasized the importance of respecting these cultural milestones while celebrating new ones.

Drawing from his background in music, Siu advised aspiring artists to prioritize owning their intellectual property. He highlighted how successful musicians like Michael Jackson amassed wealth by retaining ownership of their creations. In the age of AI, understanding business and financial aspects is crucial for creative independence.

Siu also elaborated on how blockchain technology benefits content creators. In Web2, platforms like YouTube, Instagram, and TikTok often claim ownership of user-generated content, leaving creators without rights to their intellectual property. Blockchain, however, enables creators to mint their content as NFTs, providing a transparent history and record of ownership that can help defend against theft.

Finally, Siu shared his excitement about recent developments in the crypto industry. Over the past year, there has been a surge in launches, projects, and user engagement. He highlighted the TON ecosystem and Mocaverse as particularly promising. TON is bringing numerous users into Web3, while Mocaverse aims to solve digital identity issues by ensuring tokens are distributed to individuals rather than bots.

In summary, Yat Siu’s insights offer a comprehensive look at the transformative potential of blockchain technology in empowering content creators and shaping the future of Web3. His perspectives underscore the importance of institutional support, cultural differences, and the need for robust digital identity solutions in this rapidly evolving industry.