Yat Siu, co-founder and chairman of Animoca Brands, urged more developers to enter the Web3 space, warning that there is no “decentralized environment” without “choice.”
Speaking to Cointelegraph during Korea Blockchain Week (KBW) 2022, Sui emphasized that when it comes to choosing a platform, more developers need to enter the space in order to provide consumers with more choices — possibly based on “the most best value” or their favorite platform cultural connection.
“We need as many Tier 1 and Tier 2 options as possible […] or creative companies so that they [crypto users] Machine code can be selected from each other […] So we are eager to create many alternatives.
Siu noted that while developers are excited about building software applications, many continue to “struggle under the yoke of centralized platforms like Apple and Google,” forcing developers to “exist in [their] rule. “
Siu also noted that while many developers are not necessarily “blockchain-savvy,” “they are enthusiastic about the idea of entering the space,” again emphasizing the need for more developers to enter the space to provide Web3 users with more options:
“Actually, I don’t have an alternative to Facebook, that’s why Facebook has a monopoly. But if it’s on the blockchain, where I can freely transfer data, it could become [different] Facebook. So I can choose to use the Facebook that gives me the most value. “
When asked if blockchain developers should focus on competition or cooperation, Yiu stressed that he “doesn’t want any [Web3 projects] do bad things” because that means “we have fewer options”.
Animoca Brands executives also believe that it will be more sustainable for various Web3 projects to gain their fair share of the market than just a few Web3 projects dominating the field:
“They can sustain themselves with less money […] Some of these blockchains [projects] like 500,000 to 1 million [users] [and] They still have a sustainable framework that creates an alternative, which is important for a free and decentralized environment. “
Animoka Brands is a venture capital firm focused on advancing digital property rights through NFTs and games with a vision of an open and interoperable metaverse.
The company was named to the Financial Times’ list of High Growth Companies in Asia Pacific in 2021. Animoca’s most popular gaming offerings are Revv Motorsport and Sandbox, accessible with REVV and SAND tokens, respectively.