Animoca Brands’ Yat Siu Thuoughts On Meta

Yat Siu, Animoca Brands' executive chairman and co-founder, has a lot to say about the metaverse. That's because his business owns The Sandbox and has financial stakes in other web3 businesses, including OpenSea, Dapper Labs, and Axie Infinity.

Who is Yat Siu?

They said they’re going to spend $10 billion a year to make the metaverse work. Well, here’s the thing — we think $10 billion is not enough for Facebook to succeed.  Billions of dollars are transacted in the open metaverse space — actually much more when you consider fungible tokens. Most of the value goes to the end user, so why would I transact on something like Meta — regardless of its visuals — when I have to give half of it to the platform?

What He Said -

Whereas if I use Sandbox, I get 95% of it. It just doesn’t make any sense for me to do that, economically speaking. And because billions of dollars of value are already generated in an open way, why would I surrender that value? So Facebook would have to spend a lot more to incentivize people to go into its platform.

He Further Added

But that does not imply that Zuckerberg is the incorrect leader for this endeavour. "I'd say that in terms of construction, Zuckerberg did get it right. You do recall that he attempted to extinguish Libra? He is aware of blockchain, thus," Yat Siu stated. But what is the metaverse exactly? A lot of people are still arguing about that. Some people think it’s online universes, while others think it involves virtual reality. According to Yat Siu, the key thing that makes a metaverse a true metaverse is property rights.

"For instance, when we made our first check in OpenSea, which had a very small valuation back in 2018–2019, it wasn’t because we hoped that OpenSea would be a decacorn,” he said. “We did it because OpenSea had lots of NFT work and relatively good NFT volume. We would help push that and we would have our own NFT sales and every company we invest in could sell on OpenSea.” In other words, it's obvious that Animoca Brands is in a good position to become a major player in the web3 market if it becomes a big deal.

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