Animoca Brands’ Yat Siu sees NFTs as a way to protect ownership in the AI ​​era

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NFTs aren’t always taken very seriously, especially now that AI and content creators are hogging the spotlight, but not everyone is so quick to ignore 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 around the world.

Yes, we know that’s a bold claim, but before you roll your eyes, hear this:

Animoca has its own NFT collections, blockchain products and a collection of very popular games. The company has also worked with other well-known brands and personalities like Disney, WWE, Power Rangers, The Walking Dead, Formula E and Snoop Dogg.

Speaking on the latest TechCrunch Chain reaction episodeSiu said NFTs are “digital stores of culture that we can then transform,” whether it’s something as simple as owning your value online or protecting your intellectual property.

He explained that NFTs could be used to open up opportunities to make money from content while avoiding traditional avenues of monetization, which could be very expensive. He cited as an example someone who is a teacher in Venezuela and earns a monthly salary of around $10 or $15: They could create educational content or assets that could open the door to secondary income. It may be too expensive to have a lawyer draw up a contract, but with an NFT you can create one in a single transaction for less than $1, he said.

“We actually saw it when teachers in these countries started to gain ground. They generate a low return, and then investors around the world said, 'I'm going to buy this, I can get more value from it,'" he added.

This encapsulation of intellectual property rights can extend to anyone creating their own intellectual property using NFTs, Sui said. For example, a dancer on TikTok can create a viral dance trend, but without proof that they created it first, they wouldn't be able to monetize it if they wanted to.

“Web3 is very important, especially as AI takes a predominant place in our lives. Yet we have no control over the ownership of any of this,” Siu said.

With blockchain technology, anyone can create a trademark or copyright claim on something they created, Siu said. “These are other ways you can start to stand up for your rights.” It really allows everyone to do it.

Of course, not everyone will find it easy 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 seem deeply personal because it involves money, Siu noted. “In that sense, it feels like digital capitalism is sort of coming back to us in a very big way.”

In the United States, Siu said he has observed quite anti-capitalist movements, particularly among young people. “Money and capitalism are starting to seem futile […] People were very negative towards people in the financial industry, and they kind of talk about people in crypto the same way.

But Siu finds this ironic, because Web3's original users were those who "rallied behind the establishment and created an alternative system" outside of traditional financial channels.

He believes that on-chain dynamics is the best way to verify information because it is completely verifiable. “That’s why I believe blockchain technology will help solve many of the world’s biggest looming problems.”

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