Yat Siu, co-founder and chairman of Animoca Brands, has pushed more developers to enter the Web3 market and warned that there cannot be a “decentralized environment” without “options.”
Sui emphasized the necessity for additional developers to enter the market in order to give users more options when selecting their platform of choice, which may be based on “best value” or the one they are most culturally accustomed to:
“We need as many choices of Layer-1’s and Layer-2’s […] or creative companies so that they [crypto users] have a choice in machine code from one another […] so we have a desire to create many alternatives.”
Siu observed that many developers have continued to “struggle under the yoke of centralized platforms” like Apple and Google, requiring them to “exist under [their] rules,” even if they have been eager to create software products.
Siu further emphasized the need for additional developers to enter the field in order to provide Web3 consumers with more options, even while many developers aren’t exactly “blockchain versed” but are “passionate on the notion” of doing so:
“The fact that I don’t have an alternative to Facebook is the reason why Facebook is a monopoly. But if it was on a blockchain, I could transmit data freely, there could become [different] Facebooks. So I could choose to go with Facebook that gives me the best value.”
Yiu stressed that he “doesn’t want any [Web3 initiatives] to do badly” since that would mean that “we have less choice” when asked whether blockchain developers should be focusing on competition or collaboration.
A number of Web3 projects competing for market share would be considerably more sustainable, the Animoca Brands CEO claimed, than a small number of Web3 businesses monopolizing the space:
“They can sustain themselves with a lot less […] some of these blockchain [projects] are like 500,000 to one million [users] [and] they still have a sustainable framework and it creates an alternative, and that’s important for a free decentralized environment.”
With the goal of creating an open and interoperable Metaverse, Animoca Brands is a venture capital firm that focuses on advancing digital property rights through gaming and NFTs.
The business was listed among the High-Growth Companies in the Asia-Pacific area by the Financial Times in 2021. Revv Motorsport and Sandbox, which can be accessible with the REVV (REVV) and Sandbox (SAND) tokens, respectively, are Animoca’s two most well-liked game offerings.