The rise of Web3 has paved the way for new business models that could shape the next phase of the internet. For instance, nonfungible tokens (NFTs) will play a large part in the open metaverse as the underlying assets people interact with. Decentralized autonomous organizations (DAOs) are also coming to fruition to allow for community governance within virtual environments.
The growth of Web3 has essentially allowed NFTs and DAOs to flourish. For example, recent data from DeepDAO — a DAO stats platform — shows that DAOs have experienced 130-times growth over the last year, reaching a market capitalization of $24.8 billion. In December 2021, DeepDAO found that the total assets under management (AUM) for DAO treasuries listed on the platform increased from around $380 million in January to a peak of roughly $16 billion in mid-September. Nonfungible tokens are also on the rise as a number of crypto-platforms and mainstream organizations continue to implement NFT use cases.
Given this increased interest, Cointelegraph spoke with Yat Siu, co-founder and chairman of Animoca Brands — a Hong Kong-based gaming and venture capital company — during NFT LA to better understand the impact that NFTs and DAOs will have on the future of the internet.
Cointelegraph Senior Reporter Rachel Wolfson sat down with Yat Siu at NFT LA. Photo Credit: Larry Wong
Cointelegraph: Thanks for joining me, Yat. Can you please explain what you spoke about during your fireside chat at NFT LA?
Yat Siu: Sure, I talked about the future of NFTs and briefly discussed why I think nonfungible tokens are going to usher in human creativity that is truly valued. Currently, the content we create is an asset, which actually becomes a platform in itself because it is the data we own. In regard to Web3, I think that the idea of the open metaverse has now become permanent — it’s powerful. It represents hope, along with the idea of equity in a democratic fashion. In order to explain this, I compared the open metaverse to how people typically view…