The crypto market has lost more than $2 trillion of its value since November of last year. As a safeguard against further market volatility, a number of investors and traders chose to remain in the backseat.
However, the industry is run by the founder of a Hong Kong-based gaming software company and venture capital firm.
Yat Sui, CEO of Animoca Brands, has revealed that the company is creating a portfolio of 340 companies in the social media, gaming and finance industries to give consumers full control of their digital assets.
Crypto Powerhouse Founder Wants To Bring Down Monopolies
Furthermore, Siu revealed in an interview with Bloomberg that the goal is to end “digital dictatorships” such as Meta Platforms and Microsoft.
“Currently, none of the information you provide to Facebook belongs to you. It is the exclusive property of Facebook. We believe in a shared network, digital property rights for all, and fairness in the field for creators,” he stated.
Opponents of big tech have long criticized the industry for having too much power, and the crypto giant’s co-founder has now weighed in on the issue.
The basic premise of Web3 is that a decentralized Internet world can take control away from Web2 technology monopolies such as Meta, Microsoft, Apple, and Google.
The idea is that since people’s data would, in theory, be decentralized (residing on the blockchain rather than on the servers of the big digital giants), this would reduce people’s dependency on the big corporations that They currently monopolize the market.
Are Meta and Microsoft 'Digital Dictatorships?' Image: Analytics Insight
It’s time to invest more in cryptocurrencies and web3
Siu believes this is the time to invest more money in the technology and Web3 industries. He associated the crypto winter with the market catastrophe of 2018. “If this is a crypto winter, then 2018 was the crypto ice age,” she commented.
According to research from Bloomberg, the gaming economy has been expanding rapidly, due in part to the lure of digital collectibles.
A recent survey revealed that the Asia-Pacific market is home to more than 6,000 digital businesses, with a large portion of them concentrated in gaming, non-fungible tokens (NFTs), and decentralized finance (DeFi).
The Animoca platform has expanded its presence within the cryptocurrency industry. Among the nearly 150 NFT-related initiatives in the company’s portfolio are Axie Infinity, OpenSea, Sandbox, and Dapper Labs.
Last year, the company sold around $300 million worth of NFTs and cryptocurrencies. Investors valued the company at $6 billion in July.
Animoca Brands now focuses on blockchain companies. He bought TinyTap this year and has an investment in Yuga Labs, the creator of the Bored Ape Yacht Club. In addition, the company intends to go public in the next few years.
Crypto total market cap at $1.02 trillion on the daily chart | Source: TradingView.com Featured image from Tatler Asia, Chart from TradingView.com