My web, my data – Animoca Brands co-founder Yat Siu champions the cause of digital property rights, with metaverses and non-fungible tokens (NFT) who would have a bright future in Asia.
Web3 as a liberator for Internet users
The web 3 will end the “digital colonization”. Yat Siu got Express on the importance of digital property rightsduring Korean Blockchain Week 2022.
The speech revolves around the issues of control of personal data, which constitute the manna of the giants of the web2. The behemoths, like Google and Meta, have built their empires by exploiting this data which “are the metrics resource”.
Yat Siu places his hopes for freedom in web3, which is supposed to deliver “digital addicts” that we are, from the grip of these web2 titans. Decentralized blockchain-based applications should theoretically allow everyone to reclaim ownership of their data on the internet.
NFT: Real wealth and virtual property rights
Yat Siu illustrates the importance of digital property rights, hinting at the potential wealth they can generate. He particularly emphasized correlation that exists between the International Property Rights Index (IPRI) and the Gross Domestic Product (GDP).
Countries where property rights are almost non-existent are at the lower end of the spectrum. 20%, in terms of GDP. Conversely, residents of South Korea, the United States, Japan or European countries, “enjoy very, very high property rights”.
Like property rights over physical goods, their digital equivalents would thus have the same ability to positively affect a country’s GDP.
Asia: fertile ground for the metaverse and NFTs
The future of web3 and the capitalization of digital property rights would be in Asia. Yat Siu defends this thesis by evoking the time spent on the internet on the continent, which would be greater than that of the others. Asia would also have a room for growthin view of the internet penetration rate which would amount to 67% on the continent, against “nearly 100% in the West”.
Yat Siu evokes another argument which pleads in favor of Asia. The perception of metaverses, decentralized games, and NFTs, including would be more positivethan in the West.
The web3 that will save us all: some believe in it, others are probably more skeptical. Jack Dorsey already imagines the web5.
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