Yat Siu, co-founding father of Hong Kong-based venture firm Animoca Brands has contended that on-chain digital property legal rights would be the primary facets of blockchain technology which will drive a far more decentralized society.
Speaking at Korean Blockchain Week 2022 (KBW), the Hong Kong entrepreneur noted that we’re all “digital dependents” and “data may be the resource of metrics” that bring value to platforms like Apple, Google, and Facebook, Sui stated:
“The most effective companies these days aren’t energy companies or resource companies, they’re tech companies and they are not effective simply because they make software. They are effective simply because they control our data.”
But unlike the Web2 platforms that we’ve become familiar with, blockchain-based applications let us control that data and never be susceptible to “digital colonization”, stated Sui, adding:
“The effective [factor about] Web3 is always that we are able to take possession and the largest an alteration with this particular because we’ve distributed and decentralized possession of these assets.”
Sui also reinforced the significance of property legal rights by looking into making the reality that countries that afford strong property legal rights for their citizens enable their society to thrive. Sui stated the correlation between your Worldwide Property Legal rights Index (IPRI), and also the Gdp Index (GDPI):
“Places which have very little property legal rights […] You can observe [have been in] the underside 20% [of GDPI] However the countries which have quite strong property legal rights, Columbia, USA, Japan, the majority of Europe, enjoy very, high property legal rights,” he described, adding that digital property legal rights should not be a different.
Digital possession set to consider off in Asia
Siu added the Asian continent has probably the most room to develop with regards to Web3, in addition to taking advantage of digital property legal rights.
Siu stated that Asia includes a very wealthy good reputation for “incredible content” and “digital expression”, a lot of which may be changed into blockchain-based assets [by means of NFTs] and give them digital property legal rights over their assets.
Related: Digital sovereignty: Reclaiming your personal information in Web3
Siu added that although people of Asia take more time on the web today than you are on every other continent, there’s still a lot room to develop. “Unlike all of those other world, that has almost 100% transmission in the western world,” Asia is just around 67% continent-wide internet adoption, he noted.
Siu also stated the sentiment toward blockchain-based metaverses, gaming, and non-fungible tokens (NFTs) along with the digital property legal rights that include them is a lot more positive when compared to West.
