Animoca Brands' Siu Sees Web3 as Fairer Capitalism, Invests $10M in Education

Yat Siu, the co-founder and executive chairman of Animoca Brands, a prominent web3 gaming unicorn, shared his journey and insights during an interview. Despite his influential status in the crypto world, Siu remains humble and approachable, navigating the industry with a clear vision and unwavering conviction.

Born in Vienna and raised in Hong Kong, Siu's path to success was shaped by his early experiences in music and technology. His passion for gaming led him to develop composition software, which eventually landed him a job at Atari. Siu's journey was not without challenges, including facing "innocent racism" while studying at the Vienna Music Conservatory. These experiences, along with witnessing the extremes of capitalism and communism, have shaped his perspective on creating a fairer form of capitalism through web3.

Animoca Brands, with an estimated value of $5.9 billion, has over 500 companies in its investment portfolio. Siu emphasizes that the company is more than just a gaming studio; it is driven by the mission to promote digital property rights and stakeholder capitalism. He believes that web3 can change the dynamics of equity and income by making everyone a stakeholder through tokenization. Siu uses the example of Apple products to illustrate how users contribute to the network value without receiving any compensation, highlighting the need for a more equitable system.

Siu and his team entered the web3 space in 2017, attracted by the potential of NFTs rather than the financial aspects of Bitcoin. Their early involvement in projects like CryptoKitties, which famously clogged the Ethereum chain, provided valuable lessons in blockchain scalability. Despite the challenges, Siu saw the potential in web3 as a cultural movement and invested in various infrastructure projects, including OpenSea, Polygon, and Flow. Animoca Brands has become a significant ecosystem investor, recognizing the need for a comprehensive approach to grow the web3 space.

One of Animoca Brands' top priorities is onboarding the masses to crypto, with gaming seen as a key catalyst. Siu believes that investing in education, such as the recent $10 million investment in Pencil Finance, a DeFi student loan platform, will help onboard young people to web3. This investment aims to provide financial services to students who may not have access to traditional banking, setting a foundation for future growth in the web3 ecosystem.

Siu's resilience and conviction have been tested in the volatile crypto space, but he remains steadfast in his mission. The collapse of FTX set the industry back but also accelerated regulatory changes. Siu sees these challenges as tests of character and resilience, emphasizing the importance of having conviction and taking action despite uncertainties. He advises against hesitation or doubt, encouraging others to have the conviction to move forward, even if it means making mistakes along the way.