Animoca Brands co-founder and chairman Yat Siu stated that his firm will continue to “shepherd companies into Web3” to speed up the evolution of the internet into an open metaverse.
Siu has long advocated for the broader concept of an open metaverse, as opposed to a closed one that is dominated by large centralized Web2 companies. Central to Siu’s argument is that decentralized Web3 platforms and technology such as nonfungible tokens (NFTs) offer users a chance to maintain ownership rights over their data and content online instead of being controlled and utilized by firms such as Meta, formerly Facebook (NASDAQ:FB).