Digital property rights are key to a thriving Web3 economy — Yat Siu of Animoca

Yat Siu, co-founder of Hong Kong-based venture capital firm Animoca Brands, argued that on-chain digital property rights are key aspects ...



Yat Siu, co-founder of Hong Kong-based venture capital firm Animoca Brands, argued that on-chain digital property rights are key aspects of blockchain technology that will lead to a more decentralized society.

Speaking at Korean Blockchain Week 2022 (KBW), the Hong Kong entrepreneur noted that we are all “digital addicts” and that “data is the resource of metrics” that bring value to people. platforms like Apple, Google and Facebook, Sui said:

“The most powerful companies in the world today are not energy companies or resource companies, they are technology companies and they are not powerful because they make software. They are powerful because they control our data.

But unlike the Web2 platforms we’ve grown accustomed to, blockchain-based apps allow us to control that data and not be subject to “digital colonization,” Sui said, adding:

“The powerfull [thing about] Web3 is the fact that we can take ownership and we can make a big change with this because we have distributed and decentralized ownership of these assets.

Sui also reinforced the importance of property rights by emphasizing that countries that provide strong property rights to their citizens enable their societies to prosper. Sui highlighted the correlation between the International Property Rights Index (IPRI) and the Gross Domestic Product Index (GDP):

“Places that have almost no property rights […] You can see [are in] bottom 20% [of GDPI] But countries that have very strong property rights, South Korea, the United States, Japan, most of Europe, have very, very high property rights,” he explained, adding that digital property rights should be no different.

Digital ownership set to take off in Asia

Siu added that the Asian continent has by far the most room for growth when it comes to Web3, as well as capitalizing on digital property rights.

Siu said Asia has a very rich history of “incredible content” and “digital expression”, much of which can be turned into blockchain-based assets. [in the form of NFTs] and provide them with digital ownership rights to their assets.

Related: Digital sovereignty: recovering your private data in Web3

Siu added that although Asians spend more time on the internet today than on any other continent, there is still a lot to do. “Unlike the rest of the world, which has nearly 100% penetration in the West,” Asia only has about 67% continent-wide internet adoption, he noted. .

Siu also said sentiment towards blockchain-based metaverses, games and non-fungible tokens (NFTs) and the digital property rights that come with them is much more positive compared to the West.