NFTs are not always taken seriously, especially with the current focus on AI and content creators. However, some individuals, like Yat Siu, chairman and co-founder of Animoca Brands, argue that the rise of artificial intelligence and content creation underscores the increasing relevance of NFTs in today’s world.
Animoca Brands boasts its own NFT collections, blockchain products, and a range of popular games. The company has also collaborated with renowned brands and personalities such as Disney, WWE, Power Rangers, The Walking Dead, Formula E, and Snoop Dogg.
In a recent episode of TechCrunch’s Chain Reaction, Siu emphasized that NFTs serve as “digital repositories of culture that can be reshaped,” whether it involves asserting one’s online value or safeguarding intellectual property.
He highlighted how NFTs offer new avenues for monetizing content without relying on traditional, often costly methods. Siu gave the example of a teacher in Venezuela earning a modest monthly salary who could leverage NFTs to create educational content or assets for supplementary income. By utilizing NFTs, individuals can streamline processes like contract creation at a fraction of the cost.
Siu further elaborated on how NFTs empower individuals to establish ownership over their intellectual property, enabling creators like TikTok dancers to monetize their original content effectively.
As AI continues to pervade daily life, Siu underscored the importance of Web3 in granting individuals control over their creations. Blockchain technology, according to Siu, offers a means for creators to assert trademark and copyright claims, thereby safeguarding their rights in the digital realm.
While grasping the intricacies of NFTs and related technologies may pose a challenge initially, Siu envisions a future where accessibility to these tools becomes more widespread, democratizing the process for all.
Siu acknowledged the deeply personal nature of the financial aspect within this movement, likening it to a form of digital capitalism that resonates on a profound level with individuals. Despite anti-capitalist sentiments in some circles, particularly among the youth, Siu finds it ironic that those who initially rebelled against traditional systems are now embracing a new paradigm within the crypto sphere.
He believes that on-chain dynamics offer a transparent and auditable means of verifying information, positioning blockchain technology as a potential solution to major global challenges on the horizon.
