Critics of big tech have long complained about the industry having too much power, and the cofounder of a major crypto company just joined the chorus.
According to Bloomberg on Wednesday, Yat Sui, co-founder of the Hong Kong-based Animoca Brands, which backs a number of major crypto projects and owns The Sandbox, said that his company has invested in more than 340 firms across finance, gaming, and blockchain.
In the end, he told Bloomberg, the mission is to reduce tech giants’ dominance and give users back control over their digital identities and properties. He labeled the Meta, Facebook’s new parent company, and Microsoft as “digital dictatorships” without elaborating further.
Web3 is the future of the internet that will be built on the blockchain, the very same technology that supports cryptocurrencies like bitcoin.
A decentralized online world can strip power from the tech monopolies of Web2, including Meta, Google, Apple, and others, has been fundamental to Web3’s argument. In theory, decentralizing data would weaken our reliance on the massive firms that currently dominate the space since people’s data would be decentralized.
In spite of Mark Zuckerberg’s screaming from the rooftops that the metaverse is the future and spent $10 billion on making it happen, Web3 is still just an idea.
Even before the term became a buzzword, Siu and Animoca Brands have been part of the Web3 sphere.
The corporate was founded in 2014 and has poured money into quite a lot of important crypto tasks for instance, purchasing a stake in Dapper Labs, the parent firm of Cryptokitties in 2018. The company also owns The Sandbox, one of many extra fleshed-out metaverses the place rapper Snoop Dogg “lives.”
Also backed by Animoca is Axie Infinity, a scorching crypto sport, and OpenSea, the world’s largest on-line NFT market.