The crypto market has shed more than $2 trillion of its value since November last year. As a safeguard against the market’s heightened volatility, a number of investors and traders opted to remain in the backseat.
However, the industry is being led by the founder of a Hong Kong-headquartered game software company and venture capital firm.
Yat Sui, the executive chairman of Animoca Brands, has revealed that the company is building a portfolio of 340 firms in the social media, gaming, and finance industries in order to grant consumers full control of their digital assets.
Crypto Powerhouse Founder Wants To Tear Down Monopolies
Moreover, Siu disclosed in an interview with Bloomberg that the objective is to break up “digital dictatorships” such as Meta Platforms and Microsoft.
“Currently, none of the information you provide to Facebook belongs to you. It is owned solely by Facebook. We believe in a shared network, digital property rights for all, and equity in the field for creators,” he stated.
Opponents of big tech have long criticized the industry for having too much power, and the co-founder of the crypto behemoth has now weighed in on the topic.
Web3’s basic premise is that a decentralized internet world can take away control from Web2’s tech monopolies, such as Meta, Microsoft, Apple, and Google.
The notion is that since people’s data would, in theory, be decentralized — residing on the blockchain as opposed to servers held by big digital giants — this would reduce people’s dependency on the big corporations that currently monopolize the market.
Are Meta and Microsoft 'Digital Dictatorships?' Image: Analytics Insight
Time To Invest More In Crypto And Web3
Siu believes this is the moment to pour in more money in the technology and Web3 industries. He associated the crypto winter with the 2018 market catastrophe. “If this is a crypto winter, then 2018 was the crypto ice age,” he remarked.
According to a research by Bloomberg, the game economy has expanded rapidly, due in part to the appeal of digital collectibles.
A recent survey revealed that the Asia-Pacific market is home to more than 6,000 digital businesses, with a large chunk of them concentrating on gaming, non-fungible tokens (NFTs), and decentralized finance (DeFi).
The Animoca platform has expanded its presence within the cryptocurrency industry. Among the nearly 150 NFT-related initiatives in the company’s portfolio are Axie Infinity, OpenSea, Sandbox, and Dapper Labs.
Last year, the company sold about $300 million in NFT and cryptocurrency. Investors valued the company at $6 billion in July.
Animoca Brands is now focused on blockchain companies. It bought TinyTap this year and has an investment in Yuga Labs, the creator of Bored Ape Yacht Club. Additionally, the company intends to go public in the next few years.
Crypto total market cap at $1.02 trillion on the daily chart | Source: TradingView.com Featured image from Tatler Asia, Chart from TradingView.com