Animoca Brands Founder: NFTs Aren’t Just Glorified JPEGs

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  • Animoca Brands founder Yat Siu sees NFTs as more than just still images
  • Siu sees unexplored collectibles usage in the education and finance sectors
  • The founder also believes that the blockchain has some traces of a political system

Animoca Brands CEO Yat Siu has disagreed with views that NFTs are just mere JPEGs saying that they have a major role to play in the education and financial sectors. Siu noted that players in the education sector such as teachers can monetize their content, adding that their use in the finance world can have a positive impact “in less affluent regions.” The Animoca executive believes that NFTs’ role in proving digital ownership closes the inequality gap, popularizing their use in web3 projects like blockchain games.

Reimagining Gaming and Education

Speaking to Coindesk, Siu said that the blockchain space is yet to realize the full potential of virtual collectibles. According to the Animoca executive, digital ownership via NFTs is the first step into reimagining gaming, education, content delivery and rights management.

Siu also noted that proving digital ownership through NFTs levels the ground allowing “anyone to earn and make money.”

Giving an example of NFTs blockchain usage in Asia, the Animoca executive observed the technology is considered “an extension of digital capitalism.” Siu added that capitalism and proving ownership are key ingredients of a democracy.

The Animoca founder sees a bond between capitalism, web3 “and financial literacy” saying that blockchain-powered technologies can revive capitalism by eliminating “feelings of inequality.” However, Siu thinks that this bond can only be fully explored when there are clear laws governing the space.  

Just a URL to the JPEG?

Siu’s views contradict those of Tesla CEO Elon Musk who sees most collectibles as “just a URL to the JPEG.” Musk noted that investors in such NFTs are bound to incur losses once the projects shut down.

Despite Siu’s views on NFTs, it may take time before virtual collectibles gain traction as key players in the gaming, education and finance worlds.