NFTs create a symbiotic relationship between web 2 and web 3 gamers, allowing gamers to rent NFTs and earn revenue shares for the original owners.
The value of NFTs lies in their decentralization and record of ownership, fostering trust and cultural aspects of ownership.
NFTs enable the creation of new revenue streams, personalization of experiences, and the composition of brand new value propositions in various industries.
Deep dives
NFTs in Gaming and Financial Incentives
NFTs are revolutionizing the gaming industry by allowing gamers to rent NFTs and earn revenue shares for the original NFT owners. This creates a symbiotic relationship between Web 2 and Web 3 gamers. Additionally, NFTs are being used in education, where teachers can create and sell learning content as NFTs, earning income from rentals or sales. These NFT use cases demonstrate the financial incentives and new opportunities that NFTs bring to various industries.
Decentralization and Value of NFTs
The value of NFTs lies in their decentralization and record of ownership. By owning an NFT, individuals become part of a community and target audience for platforms and businesses. Decentralization ensures that the value of NFTs is retained within the network and community, while also providing censorship resistance and control to individual owners. The trust in the network and cultural aspects of ownership plays a significant role in the adoption and success of NFTs.
Future of NFTs: Modular Applications and Ownership Representation
The future of NFTs includes modular applications and new experiences built on top of NFT ownership. NFTs allow for the representation of ownership in various domains, such as gaming, education, and intellectual property rights management. This enables the creation of new revenue streams, personalization of experiences, and the immortalization of various assets, including dances and content courses. The modularity and permissionless nature of NFTs enable the composition of brand new experiences and value propositions on top of NFT ownership.
The influence of growing up in a virtual environment
The podcast explores the idea that individuals who grew up in a virtual environment with no real repercussions may exhibit socially awkward behavior and make poor decisions in the real world. The speaker questions whether individuals who take risks in web 3 games or digital environments are more likely to take unnecessary risks in real life.
The negative US perception of NFTs and web 3 gaming
The podcast highlights the negative perception of NFTs and web 3 gaming in the US, specifically due to a growing anti-capitalist sentiment. The speaker suggests that this sentiment stems from inequalities and the belief that labor has underperformed in comparison to capital. In contrast, Asia, particularly Southeast Asian countries, embrace NFTs and web 3 gaming due to positive experiences with capitalism and property rights.
When it comes to NFTs and blockchain gaming, very few companies can rival with Animoca Brands’ early conviction, investment thesis and time horizon. They understood early on that community building and network effects are the core pillars for a true paradigm shift in gaming. However, culture and narratives transcend the boundaries of gaming, becoming social phenomena. Animoca’s latest undertaking, the Mocaverse, aims to unite communities in a truly open metaverse.
We were joined by Yat Siu, chairman of Animoca Brands, to discuss the importance of digital culture in our modern-day lives and how NFT ownership unlocks community building in the open metaverse.
Topics covered in this episode:
Yat’s background and Animoca Brands’ interest in NFTs
