The Sandbox's Animoca Brands targets social media giants

In a recent interview, co-founder and chairman of The Sandbox's Animoca Brands Yat Siu stated that the company will continue to "shepherd companies into Web3" in an effort to speed up the internet evolution into an open metaverse.

For a long time, the Hong Kong-based entrepreneur has advocated for the concept of an open metaverse rather than a closed one dominated by major centralized Web2 firms. Decentralized Web3 platforms and technologies, such as nonfungible tokens (NFTs), are crucial to Siu's argument since they allow individuals to retain ownership rights over their data and content online rather than being controlled and used by companies like Meta, previously Facebook. 

In an interview during the Australian Blockchain Week event, Siu talked about the border aspects of Web3 for companies. He discussed the genuine worth of Yuga Lab's BAYC NFTs, the limits of Web2, and Animoca's ever-growing portfolio of NFTs during his presentation. CEO of crypto exchange BTC Markets, Caroline Bowler, hosted the discussion.

When asked about Animoca Brands' roadmap, Siu stated that the company is still "super" early in its long-term aim to build an open metaverse. He particularly emphasized the importance of speeding up the process to avoid the risk of having big centralized companies dominate the virtual sphere. He said, "You will continue seeing us take that approach as we try to shepherd companies into Web3."

Source: Yahoo Finance