Animoca Brands is busy building in the world of web3. The company owns The Sandbox and has investments in many other platforms that all want to dominate in the metaverse. Animoca Brands has investments in OpenSea, Dapper Labs, Axie Infinity, and more. At the recent TechCrunch Disrupt Yat Siu, Co-founder and executive chairman of Animoca Brands delivered some of his thoughts on the metaverse and the role his company plays. He also took the time to expand what he thinks about Meta and how they are building their metaverse world as well.
They said they’re going to spend $10 billion a year to make the metaverse work. Well, here’s the thing — we think $10 billion is not enough for Facebook to succeed. Billions of dollars are transacted in the open metaverse space — actually much more when you consider fungible tokens. Most of the value goes to the end user, so why would I transact on something like Meta — regardless of its visuals — when I have to give half of it to the platform?
Whereas if I use Sandbox, I get 95% of it. It just doesn’t make any sense for me to do that, economically speaking. And because billions of dollars of value are already generated in an open way, why would I surrender that value? So Facebook would have to spend a lot more to incentivize people to go into its platform.
Siu spoke on the fact that Zuckerberg does understand the blockchain as the Facebook CEO was the originator of the Libra project and thus Siu said that Zuckerberg is the correct person to head up the project that Meta is on at the moment. Siu could be speaking to the fact that Meta and Mark Zuckerberg have not fully announced any embrace of a fully open metaverse. Recently the Meta leader did state that he believes the metaverse should be interoperable and open, but never stated that Meta would be the one to bring that change. Facebook is known as a very closed and centralized system and many in the web3 community think it would be interesting to see if Zuckerberg plans to make his latest project completely different from that.
The question of what the metaverse truly is remains an ongoing debate, the direct definition has yet to be set in stone. There is the question as to whether it is just the internet with VR, online universes, or digital property.
Yat Siu believes the answer is simple as the metaverse is defined by digital property rights.
“Just how George Washington said you can’t have freedom without property rights, we think the same is true with digital. You can’t have digital freedom without digital property rights. So our perpsective on open metaverse is that it has to start with a foundation of ownership and that’s where The Sandbox stands out”
Animoca Brands has a strategy built on investments. The company is investing in web3 due to its strong network and is expecting web3 to lift all things into the next level of profits. With the number of investments made by Animoca Brands, the strategy is for the company to become a key player in the web3 world once it all is said and done.
Both Meta and Animoca are major players currently in the growth of the community and technology each has its own methods and ways. At this time it would seem that The Sandbox is more capable to build upon the future of web3 and tap into the market with Meta trailing behind. Though the sentiment from Animoca and Yat Siu is that Meta is not doing enough both platforms seem to be having the same issue with the attendance of their metaverses. Both Meta and The Sandbox would do great to focus on the core audiences they wish to attract, as the metaverse grows in popularity and understanding that may not be too hard of a task but the road is very long for now.
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