Animoca Brands targets social media giants in latest Web3 expansion plans


© Reuters.

Animoca Brands co-founder and president Yat Siu said his company will continue to “guide businesses to Web3” to accelerate the Internet’s evolution to an open metaverse.

Siu has long advocated for enlargement open metaverse concept, as opposed to a closed structure dominated by large centralized Web2 companies. At the heart of Siu’s argument is that decentralized Web3 platforms and technology such as non-fungible tokens (NFTs) offer users a chance to retain ownership rights over their data and online content instead of being controlled and used by companies such as Meta, formerly Facebook (NASDAQ:).

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