Animoca Brands, the Hong Kong-based game software and venture capital company, is serious about the potential of the Metaverse. In a recent statement titled ‘Cars, Ownership, Capitalism, NFTs, and the Metaverse’, the founder of Animoca, Yat Siu, emphasized the need for a free and open metaverse.
Animoca Brands predicts that 2022 will be a massive year of growth for the Metaverse. They suggest that hundreds of millions will enter the market. Animoca envisions “an open, decentralized network of systems and environments connected by the all-important concepts of ownership, interoperability, and community governance.” According to Yat Siu, NFT gaming will be at the heart of this, creating a decentralized open space.
Animoca Brands and metaverse capitalism
The company is massively involved in NFTs. Since 2018, Animoca Brands has been at the forefront of the space. They have consistently found projects that have gone on to be successful. In 2018, they acquired The Sandbox and invested in Axie Infinity, OpenSea and Decentraland. Now, Animoca Brands is using its forward-thinking approach to ensure that the Metaverse remains open space, free from the constraints of web 2.0
In fact, Animoca Brands has invested in over 150 companies with a focus on openness. More importantly, they chose these companies because of their ability to contribute to the open Metaverse and the shared network effect.
As well as investing in NFTs, Animoca Brands has played a massive part in the development of digital property rights for them. The company believes that we can build towards a new type of capitalism, far beyond the simplicity of maximizing profits. This contemporary capitalism will be more sustainable, ethical and equitable.
Traditional capitalism benefits the few, whereas the new vision for capitalism will allow more people to thrive. It would still encourage innovation, entrepreneurship, and risk-taking. However, the outcome should benefit all stakeholders, not just the owners at the top. Animoca Brands hope that others will follow this approach in the Metaverse.
“Web 3.0 makes it possible for all participants to create and own a portion of the digital worlds that form the open Metaverse. This means not only benefiting from your creations and property. Also sharing in the network effect of the greater whole”.
Digital rights in the Metaverse
Yat Siu highlights that better property rights provide higher economic growth across the world. Animoca Brands will continue to focus on digital rights in the Metaverse. They consider the Metaverse as a new country or society.
“With the metaverse, we have been blessed with a rare opportunity: we are building in an exciting new space, but we are also in a position to help shape it, steer it away from centralized structures, and toward truly open ones.”
Finally, Animoca Brands believes that NFTs are one of the most important technologies to emerge in recent times. Furthermore, the Metaverse will expand on that. The Metaverse continues to grow, and big companies are entering the market.
Now, more than ever, it is essential to remember the fundamental principles of openness and ownership.
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