2023-05-26 03:57:09 ET
It is clear that
NFTs
Yat Siu, co-founder of defunct Animoca Brands, defended the non-fungible token market in an interview with Bloomberg.
interview
With host Caroline Hyde. According to Siu, the world of NFTs is still strong despite the decline in activity. He emphasized that the industry continues to make huge sales.
Siu revealed that the non-fungible token industry will generate $24 billion in sales in 2022. He further added that the first quarter of 2023 generated 4.7 billion NFT sales. This means that individuals continue to see value in these assets. Additionally, the NFT owner and creator will enjoy his 90% of the value generated.
Siu compared NFT to Spotify, one of the world’s largest creative sites. The streaming platform paid just $7 billion in 2022, even though musicians pointed out that they couldn’t make money on Spotify.
Content creators can earn income with NFTs
While blaming Spotify, Yat Siu said that artists, gamers and traders can earn income in non-fungible tokens. Nonetheless, only individuals who know how spaces work can reap significant benefits. Co-founder said:
“It’s very easy for people who don’t understand the metaverse to throw stones at it. But once you’re in it, nobody comes out.”
Blockchain Helps Regulators Fight Privacy Issues
“Good. On the other hand, regulatory issues. I think in Europe, for example, we can overcome a lot of privacy issues if we actually accept it.”
blockchain
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Yat Siu believes that regulators are making it difficult for SMEs to participate in blockchain technology due to high requirements. He added that blockchain ensures comprehensive accessibility. Additionally, individuals can control their own data. Siu believes the regulatory framework should consider data as an asset for fair and proper monetization.
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Animoca Brands Co-Founder Explains Why NFTs Won’t Die
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