CRYPTO

NFT provides a new way to create a ‘store culture’ for society, says CEO of Animoka

Yat Siu, co-founder and chairman of the NFT game developer Animoka brand, believes that providing a new way to preserve virtual spheres for unwanted token culture.

In an interview with Cointelegraph, Siu argued that technology based on NFTs may be new, but the desire to “save culture” has long been with us throughout human history.

“We describe NFTs as a treasure trove of culture, because they embody a moment in history,” he said. “What is art? Art stores culture.”

Siu is a Hong Kong-based technology entrepreneur who previously worked at Atari and also founded Outblaze Gaming Company. The Animoka brand was founded in 2014 and has published significant NFT projects, including The Sandbox, F1 Delta Time and MotoGP Ignition, and has invested in Dapper Labs, Opensia and Axis Infinity.

The chairman of Animokar said culture is more than just the financial value of a work of art, and cited the example of his daughter and her favorite band, BTS, who said his goal in getting autographs from the popular K-Pop group was not to turn it around for quick profit:

“Most paintings in the world aren’t worth a ton, but like owning a culture, most of those who buy art or photography today don’t want to sell it directly. Thus we are not involved in culture. ”

When NFT newcomers were asked what advice he would give, Siu urged newcomers not to have the opportunity to make quick profits, instead advising themselves to immerse themselves in revolutionary utilities enabled by technology.

“Start with buying your first NFT, not for the purpose of making money for you, just with a desire […] Learn from it, ”he said.

Related: Blocktopia, a VR Metaverse, partners with Animoca Brands, Jake Paul and Bitboy to give users access to crypto information.

Sue further argued that NFTs represent a dialectical shift in data ownership and data rights, claiming: “The interesting thing about this ownership that we are able to create is that it does not come from a lack of ground that you can dig. “

Sue described the data as the “most valuable resource” in the world, pointing to the tireless work of big tech companies like Amazon or Facebook to personalize every ad they see on social platforms from their users.

“Information has become a source of absolute power,” he added.

Animoka Brands raised 88 88.88 million in May, valued at 1 billion.