NFTs aren’t always taken too seriously, especially now that AI and content creators are taking the spotlight, but not everyone is so quick to discount crypto’s oft-derided younger brother. According to Animoca Brands president and co-founder Yat Siu, the growing influence of artificial intelligence and content is exactly why there is a growing need for NFTs in the world.
Yes, we know that’s a bold claim, but before you roll your eyes, listen to it:
Animoca has its own collections of NFTs, blockchain products and a collection of extremely popular games. The company has also collaborated with other well-known brands and personalities such as Disney, WWE, Power Rangers, The Walking Dead, Formula E and Snoop Dogg.
Speaking of TechCrunch's latest Chain Reaction EpisodeSiu said NFTs are "digital stores of culture that we can then transform," whether that's something as simple as owning your value online or protecting your intellectual property.
He explained that NFTs could be used to open up avenues to monetize content while avoiding traditional routes to monetization, which could cost a lot of money. He gave the example of someone who is a teacher in Venezuela and earns a monthly salary of about $10 or $15 — they could create educational content or assets that can open doors to side income. It can cost too much to have a lawyer draw up a contract, but with an NFT, you could create one in one transaction for less than $1, he said.
“We've seen this in reality, where teachers in these countries have started to build assets. They make a small return and then investors from all over the world say, 'I'll buy it, I can make more value out of it,'" he added.
This encapsulation of intellectual property rights can be extended to anyone creating their own IP using NFTs, Siu said. For example, a dancer on TikTok can create a viral dance trend, but without proof that he created it first, he couldn't make money if he wanted to.
“Web3 is so important, especially given the fact that artificial intelligence is becoming such a pervasive part of our lives. However, we have no control over the ownership of any of them,” Siu said.
With blockchain technology, anyone can create a trademark or copyright claim on something they've created, Siu said. “These are other ways you can start standing up for your rights. This really empowers everyone to do it.”
Of course, it will not be easy for everyone to quickly develop such an understanding of NFTs and related technology. But over time, Siu believes there will be more accessible routes to make this vision a reality for everyone.
The whole movement can feel deeply personal because it involves money, Siu noted. "In that sense, it feels like digital capitalism is coming home in a big way."
In the US, Siu said he has seen several anti-capitalist movements, especially among young people. “Money and capitalism are starting to feel futile […] People have been very negative about people in the financial industry and they talk about people in cryptocurrency the same way.”
But Siu thinks that's ironic, because web3 users were initially the ones who "rallyed against the establishment and created an alternative system" outside of traditional financial railroads.
He believes that on-chain dynamics is the best way to verify information because it is fully controllable. "That's why I believe blockchain technology will help solve many of the world's biggest problems to come."
