Choose your language:
NFTs appeal to the human need to store culture, the executive explains
Hong Kong-based tech entrepreneur and investor Yat Siu opened up on his ideas regarding non-fungible tokens, giving advice to newcomers in the field and explaining how NFTs fit into the emerging movement for data rights.
In an interview with Cointelegraph, the co-founder and chairman of Animoca Brands, a leading digital entertainment, blockchain, gamification and artificial intelligence firm, explained that NFTs seek to capitalise on the human need to “store culture” that has existed throughout history.
“We describe NFTs as stores of culture, because they embody a moment in history,” Siu stated, adding that the essence of art is to capture culture.
The executive highlighted how monetary value is not at the core of things that represent culture by stating that someone who receives an autograph of their favourite celebrity is not likely to seek to sell it to earn a quick profit.
Siu pointed out that similarly, most people who buy paintings or photography want to own culture and don’t intend to sell it instantly. “That’s not how we engage with culture,” he added.
The Animoca co-founder advised newcomers into the field not to come in with the goal of earning profits off your first NFT but to instead seek to understand how the technology can enable revolutionary utilities going ahead.
Animoca is known for its prominent NFT projects including The Sandbox, F1 Delta Time and MotoGP Ignition. The company is also an investor in Dapper Labs, OpenSea and Axie Infinity.
When asked about how NFTs can be expected to affect the data ownership space, Siu stated that the technology has the potential to create a dialectic shift in how we view data rights today.
“What’s interesting about this ownership that we’re able to create, is that it doesn’t come from a sort of scarcity that you can dig up from the ground,” he explained.
He added that data is one of the world’s most valuable resources today and big tech companies including Facebook and Amazon are trying to extract every skerrick of data from their users to enable customised advertising. This only goes to show that data has become the source of absolute power, Siu concluded.
Keep updated with our round the clock and in-depth cryptocurrency news.
No SPAM ever!
Please be aware that some of the links on this site will direct you to the websites of third parties, some of whom are marketing affiliates and/or business partners of this site and/or its owners, operators and affiliates. We may receive financial compensation from these third parties. Notwithstanding any such relationship, no responsibility is accepted for the conduct of any third party nor the content or functionality of their websites or applications. A hyperlink to or positive reference to or review of a broker or exchange should not be understood to be an endorsement of that broker or exchange’s products or services.
Risk Warning: Investing in digital currencies, stocks, shares and other securities, commodities, currencies and other derivative investment products (e.g. contracts for difference (“CFDs”) is speculative and carries a high level of risk. Each investment is unique and involves unique risks.
CFDs and other derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how an investment works and whether you can afford to take the high risk of losing your money.
Cryptocurrencies can fluctuate widely in prices and are, therefore, not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Past performance does not guarantee future results. Any trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Your capital is at risk.
When trading in stocks your capital is at risk.
Past performance is not an indication of future results. Trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Prices may go down as well as up, prices can fluctuate widely, you may be exposed to currency exchange rate fluctuations and you may lose all of or more than the amount you invest. Investing is not suitable for everyone; ensure that you have fully understood the risks and legalities involved. If you are unsure, seek independent financial, legal, tax and/or accounting advice. This website does not provide investment, financial, legal, tax or accounting advice. Some links are affiliate links. For more information please read our full risk warning and disclaimer.
Choose your language: