Yat Siu: Bridging Reality and the Metaverse

• Yat Siu of Animoca Brands Discusses Web3 Beyond Cryptocurrency at TED2023
• An Influential Stand in a Volatile Year
• Transitioning from Investment to Education
• Diversifying the Portfolio
• Engaging with Governments
• Strategic Acquisitions and Partnerships
• Future Outlook
• Collaborations and Future Plans
• Web3 Development in Hong Kong

Yat Siu of Animoca Brands Discusses Web3 Beyond Cryptocurrency at TED2023

Yat Siu, co-founder and executive director of Animoca Brands, spoke at TED2023, emphasizing the scope of Web3 beyond just cryptocurrency. Despite a hesitant audience, many of whom equated the metaverse solely with Facebook, Siu persisted in sharing his insights.

An Influential Stand in a Volatile Year

Despite the tumultuous events of 2023, Animoca Brands, a Hong Kong-based Web3 gaming behemoth, consistently invested, innovated, and educated. As a result, Yat Siu, the company's spokesperson and principal investor, found himself on the 'most influential' list for the second consecutive year.

Transitioning from Investment to Education

2023 marked a shift for Animoca Brands, valued at $5.9 billion in the bull market of 2022, as they evolved from an investment-centric firm to one that also emphasizes education. Animoca Brands launched a Web3 education platform and became part of the Web3 global educators fund facilitated by Open Campus Protocol. The company extended its reach to the Middle East, Japan, and beyond, promoting the thriving Web3 ecosystem outside of the United States and Europe.

Diversifying the Portfolio

By 2023, Animoca Brands' portfolio grew to include 450 projects and brands. We are becoming much more than a gaming company, shared Siu. The company, with over 2,700 shareholders, operates somewhat like a decentralized autonomous organization (DAO).

Engaging with Governments

Siu reflected that one of the biggest changes for him and the company in 2023 was increased engagement with governments and regulators. He noted that this collaboration might not have happened if there had been no issues in 2022. While Siu continues to invest in Web3, he has assumed a greater role in education and advocacy.

Strategic Acquisitions and Partnerships

Despite reducing its fundraising target, Animoca Brands raised $20 million to augment its Web3 identity project, Mocaverse. Midway through the year, the company decided to shift its focus away from U.S. markets due to the Security and Exchange Commission's crackdown on cryptocurrencies. Animoca Brands acquired Web3 streaming platform Azarus to enhance metaverse gaming and partnered with the Chiliz network to strengthen its SportFi ecosystem. They also invested in Hi, a Hong Kong-based crypto startup exchange.

Future Outlook

Siu envisions the upcoming year as one of growth for numerous existing and emerging sectors in crypto, such as GameFi, EduFi, and digital identity. He sees these as the intersections where crypto meets the real world, where finance technology and blockchain can stimulate healthy competition, align incentives, and encourage cooperation.

Collaborations and Future Plans

Animoca Brands entered a $50 million deal with Saudi Arabia to bring Web3 to NEOM, the futuristic desert city under development. This followed the company's collaboration with Japan-based trading firm Mitsui to establish a new Web3 business in Japan.

Web3 Development in Hong Kong

Siu was appointed to the Hong Kong Task Force on Web3 development as Hong Kong aims to establish a Web3 hub. He acknowledged that mass adoption of Web3 will not be possible unless governments are comfortable with the concept. He remains optimistic despite arguments that investing in Hong Kong is risky due to Beijing's unfriendly stance towards cryptocurrency. Everything comes with risks, we understand that we are pushing new boundaries, and I would argue that is far less risky for us in Hong Kong than some of our friends in America right now, stated Siu.

Highlighting Hong Kong's renewed vigor, Siu expressed, Hong Kong is hungry, which Hong Kong has not been for a long time. He emphasized the need for continuous effort, saying, nothing is forever, you have to fight for it.

Edited by Jonathan Stoker