NFTs Are Getting Important: So What Should Newbies Do?
Yat Siu, co-founder and president of NFT game developer Animoca Brands, believes non-fungible tokens offer a new way to store culture in the digital realm. In an interview with Cointelegraph, Siu argued that while the technology supporting NFTs is new, the desire to “store culture” has been with us for a long time in human history.
Culture, Art and NFTs
In his statements on the subject, he said, “We define NFTs as cultural repositories because they embody a moment in history” and said, “What is art? Art hides culture.” added the description.
Siu, on the other hand, is a Hong Kong tech entrepreneur who previously worked at Atari and also founded the game company Outblaze. Animoca Brands was founded in 2014 and has released major NFT projects such as The Sandbox, F1 Delta Time and MotoGP Ignition . The company has also invested in Dapper Labs, OpenSea and Axie Infinity.
The head of Animoca said that culture is more than the monetary value of a work of art and used the following words.
Most paintings in the world aren’t worth a ton, but like owning culture, the vast majority of people who buy art or photography today aren’t willing to sell it right away. We don’t relate to culture that way.
What’s New in NFT
When asked what advice he would give to those new to the NFT field, Siu argued that opportunities to make quick money should not be sought. Instead, Siu said new entrants should focus on revolutionary tools.
In other words, the important name thinks that investors should buy their first NFTs not with the desire to make money, but with the desire to learn.
Siu also argued that NFTs represent a dialectical shift in data ownership and data rights, and said, “The interesting thing about this ownership that we’ve been able to create is that it doesn’t come from some kind of scarcity that you can dig up. ” he used the words.