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.
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.