Wednesday, May 29, 2024

According to Animoca Brands CEO, NFTs provide a new means for society to ‘store culture’

Chairperson and co-founder of Animoca Brands – a leading NFT game development firm – believes that NFTs are the future of cultural information storage. She feels that nonfungible tokens open up a whole new avenue for cultures to preserve what they consider valuable and artistic. Yat Siu, the chairperson of Animoca Brands, recently talked about these issues with CoinTelegraph.

Siu’s argument stems from the basis that throughout history, cultures have tried to find effective ways for storing and passing on cultural knowledge. That is how we evolved from engraving on cave walls to manuscripts to modern-day paper. The digital medium, as we know it now, is also a potent tool for the preservation and dissemination of cultural knowledge. In this context, NFTs appear to be the next big players. Though the technology behind NFT is very new, the underlying motive of storing cultural values is historical.

According to Siu, NFTs preserve a particular moment of history through art. Art has always been a reflection of cultural values. By this argument, NFTs are the natural progression from paper or the digital mediums we use currently.

Yat Siu is an entrepreneur based out of Hong Kong. Before co-founding Animoca Brands, he worked for Atari. After that, he founded Outblaze, a gaming firm. Animoca Brands is already a leading name in the NFT sector. Some of their notable NFT projects include F1 Delta Time, The Sandbox, and MotoGP Ignition.

Siu also gave some advice to NFT newbies. He urges them to immerse themselves into the art first before trying to make money from it.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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