Yat Siu, who started Animoca Brands, thinks NFTs are not used enough and can be a big part of online business, changing industries like managing rights and education.
Siu believes that the lower prices of NFTs right now show that people are more really interested in how NFTs can be useful. This could be important in helping to reduce financial inequality around the world and teaching people more about money.
Laws in the U. S need to change to fully support this idea.
We haven’t started to use NFTs to their full potential yet, according to Yat Siu, the founder of Animoca Brands. He said this in a recent interview with CoinDesk.
NFTs are like virtual certificates that show someone owns something on the internet. These coins rose a lot in value during the 2021 good times for trading, but then they fell suddenly.
Some good things happened in the market. The Grails NFT collection sold for more than double the expected price at Sotheby’s. NFT’s did better than ether (ETH) in January.
But being able to own things on the internet using blockchain is very important. It can change the way we control and share things like education and gaming.
“NFTs can change how educational content is given out, and can make a lot of money, especially in areas with less money,” Siu said.
Siu talked about TinyTap, a company that makes educational technology that the firm bought in 2022. Teachers on the platform can make money from their content without going through publishing houses. These publishing houses just want to make money without really doing much. Though the numbers are currently low, this could still provide a good way for people in the southern parts of the world to earn money without putting in a lot of effort.
Siu thinks it’s ok that NFT values are lower now than they were in the past because it means only people who really care about the technology will stick around, making it stronger.
“NFTs are useful because they allow people to own digital items and make money. This can help reduce inequality and start teaching people about money. ” Said
“He said that NFTs and blockchain crypto are popular in Asia because they are seen as part of digital capitalism. He believes that democracy and capitalism are closely connected. ” “I think the biggest problem is that we don’t really understand how capitalism works. So when we see how money is being used in the world, we think it’s not fair. ”
“Property rights and capitalism are the building blocks that make democracy possible,” he said.
Siu says that many people in the U. S don’t like digital capitalism. He says the difference comes from how people feel about the money part of NFTs. This is similar to how people feel about money in general. It shows that teaching people about NFTs and money is important.
Inequality is getting worse, and he thinks the Democratic Party in the U. S is responsible He thinks that the political views have gone too far to the left and it’s a danger to our democracy.
Communism started because some people felt treated unfairly. He said that there is a connection between this, Web3, and understanding how money works. “Web3 can change things by making users part owners and giving them a say in how things are run. ”
Siu is hopeful about NFTs and thinks they can be useful beyond just speculation. The SEC is gearing up to take action against the industry, with its first punishment announced last August.
A new law still needs to change, so that the NFT project, which wants to help capitalism and reduce inequality, isn’t seen as breaking the law.