Crypto Juggernaut Founder Brands Meta and Microsoft as ‘Digital Dictatorships’
The crypto market has lost more than $2 trillion in value since last November. As a hedge against the market’s increased volatility, a number of investors and traders chose to remain in the back seat.
However, the industry is led by the founder of a Hong Kong-headquartered gaming software company and venture capital firm.
Yat Sui, executive chairman of Animoca Brands, has revealed that the company is building a portfolio of 340 firms in the social media, gaming and financial industries to give consumers full control over their digital assets.
Crypto Powerhouse Founder Wants To Tear Down Monopolies
Moreover, Siu revealed in an interview with Bloomberg that the goal is to break up “digital dictatorships” such as Meta Platforms and Microsoft.
“For now, none of the information you provide to Facebook belongs to you. It is solely owned by Facebook. We believe in a shared network, digital property rights for all and fairness in the field for creators,” he said.
Opponents of big tech have long criticized the industry for having too much power, and the co-founder of the crypto behemoth has now weighed in on the issue.
Web3’s basic premise is that a decentralized internet world can take control from Web2’s 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 as opposed to servers held by large digital giants – this would reduce people’s dependence on the big companies that currently monopolize the market.
Are Meta and Microsoft 'Digital Dictatorships?' Image: Analytics Insight
Time to invest more in crypto and web3
Siu believes this is the moment to pour more money into the technology and Web3 industries. He associated the crypto winter with the market disaster of 2018. “If this is a crypto winter, then 2018 was the crypto ice age,” he said.
According to a Bloomberg survey, the gaming economy has expanded rapidly, in part due to the attraction 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 concentrating on gaming, non-fungible tokens (NFT) and decentralized finance (DeFi).
The Animoca platform has expanded its presence in 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 in NFT and cryptocurrency. Investors valued the company at $6 billion in July.
Animoca Brands is now focused on blockchain companies. It acquired TinyTap this year and has an investment in Yuga Labs, creator of Bored Ape Yacht Club. In addition, the company intends to go public within 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
