Learn how Web3 can empower users and creators to own their data and assets, and challenge the dominance of big tech platforms.

Learn how Web3 can empower users and creators to own their data and assets, and challenge the dominance of big tech platforms.

Key takeaways:

  • Web3 is a vision for a more open, fair, and user-centric web, where users and creators have more control and ownership over their data and assets.
  • Web3 is powered by blockchain technology, which enables peer-to-peer transactions, smart contracts, and digital tokens, and ensures transparency, security, and immutability of data.

The Internet has been dominated by a few powerful players who control the data, content, and platforms that we use every day. These giants have created monopolies that stifle innovation, exploit users, and censor dissenting voices. A few ago, a new wave of technology promised to change this status quo: Web3, but has failed to reach to its full potential. 

Quick Recap of Web3:

Web3 is a vision for a decentralized, distributed, and democratic web, where users and creators have more control and ownership over their data and assets. The tech is powered by blockchain technology, which enables peer-to-peer transactions, smart contracts, and digital tokens. Blockchain also ensures transparency, security, and immutability of data, making it resistant to manipulation and censorship.

A Reflection on Current State of Web3 by a Pioneer:

One of the pioneers of Web3 is Animoca Brands, a Hong Kong-based gaming and NFT company. Animoca Brands has invested in over 450 Web3 projects, including some of the most popular ones like Axie Infinity, OpenSea, Dapper Labs, and CryptoKitties. Animoca Brands believes that gaming is the best way to introduce Web3 to the masses, as it is a digital-first and digitally native experience.

According to Yat Siu, the chairman and co-founder of Animoca Brands, Web3 has inherently anti-monopolistic qualities embedded in it. He explains that Web3 allows users to participate in the network and benefit from its growth, rather than being passive consumers. Web3 also enables users to own their digital assets and identities, and transfer them across platforms and ecosystems. This creates a more open and fair web, where users have more choices and opportunities.

Siu also predicts that Web3 will create a new wave of entrepreneurship and innovation, as it lowers the barriers to entry and reduces the dependency on intermediaries. He says that Web3 will enable anyone to create value and monetize their skills, talents, and passions, without having to rely on centralized platforms or gatekeepers. He cites examples of Web3 creators who have earned millions of dollars by selling their digital art, music, games, and collectibles.

Web3 is not just a technological revolution, but also a social and cultural one. It challenges the existing power structures and paradigms of the web, and empowers users and creators to shape their own digital future. Web3 is the next frontier of the Internet, and Animoca Brands is at the forefront of it.

To wrap up, Web3 is a decentralized, distributed, and democratic web, powered by blockchain technology. It enables users and creators to own their data and assets, and participate in the network. Web3 also fosters innovation and entrepreneurship, and breaks the monopoly of big tech platforms. Animoca Brands is a leading Web3 gaming and NFT company, that invests in and supports Web3 projects.

Source: Animoca's Yat Siu, on Entrepreneur