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NFTs haven’t always been taken very seriously, especially now that AI and content creators are in the spotlight, but not everyone is so quick to discount crypto’s oft-ridiculed younger sibling. According to Animoca BrandsAccording to Chairman and Co-Founder, Yat Siu, there is a growing need for NFTs in the world due to the growing influence of artificial intelligence and content.
Yes, we know it’s a bold claim, but before you roll your eyes, hear him out:
Animoca has its own NFT collection, blockchain products, and a collection of extremely popular games. The company has also worked with other famous brands and celebrities such as Disney, WWE, Power Rangers, The Walking Dead, Formula E and Snoop Dogg.
Speaking on TechCrunch's latest chain reaction episodeSiu said NFTs are "digital stores of culture that we can transform," whether it's something as simple as keeping your value online or protecting your intellectual property.
He explained that NFTs can be used to open up avenues for making money from content while avoiding traditional avenues of monetization, which can cost a lot of money. He pointed as an example to someone who is a teacher in Venezuela and earns a monthly salary of about $10 or $15 — they could create educational materials or assets that could open doors to additional income. Having a lawyer draft a contract can cost a lot, he said, but with NFTs, you can create a contract for less than $1 in a single transaction.
“We have really seen that teachers in these countries have started to create wealth. They're making small yields, and then investors around the world have said, 'I'm going to buy this, I can make more value out of it,'' he said.
Siu said the encapsulation of intellectual property rights can be extended to everyone who creates their own IP using NFTs. For example, a dancer on TikTok can create a viral dancing trend, but without proof that they created it in the first place, they can't monetize it if they wanted to.
“Web3 is very important, especially given the fact that AI is becoming a prevalent part of our lives. Still, we have no control over the ownership of any of this,” Siu said.
With blockchain technology, anyone can claim a trademark or copyright on something they create, Siu said. “These are other ways you can start protecting your rights. “It really empowers everyone to do that.”
Of course, it will not be easy for everyone to develop such an understanding of NFTs and related technology quickly. But over time, Siu believes there will be more accessible pathways to make this vision a reality for everyone.
The whole movement can feel extremely personal because there is money involved, Siu said. “In this sense, it feels like digital capitalism has come home in a very big way.”
Siu said he has seen a considerable amount of anti-capitalist movement in the United States, especially among youth. “Money and capitalism begin to seem meaningless […] People were very negative towards people in the finance industry, and they talk the same way about people in crypto.
But Siu thinks this is ironic, since Web3 users were originally the ones who "rallied against the establishment and created an alternative system" outside the traditional financial rails.
He believes that on-chain dynamics is the best way to verify information because it is completely auditable. “So I think blockchain technology will help solve many of the world's biggest problems in the future.”
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