- Siu recently elaborated on the company’s stance at the annual NFT Paris conference.
- According to Siu, there isn’t enough capital in the system to back new project improvements.
Yat Siu, the co-founder of Animoca Brands, a gaming company, has indicated that royalties have helped drive the rise of the non-fungible token (NFT) market. All of these developments occurred due to the fact that royalties were conceivable as per Siu.
Siu, the co-founder of the Hong Kong-based firm, has said that the company’s NFT licenses were provided so that digital producers would have a legitimate manner of safeguarding their royalties’ rights.
Industry Would Go Backward
He recently elaborated on the company’s stance at the annual NFT Paris conference. Highlighting the significance of creative rights and revenues within the Web3 ecosystem. Even though the market was down for much of 2022. The NFT sector nevertheless managed to generate almost $24 billion in sales.
“That means that billions of dollars went to creators but, more importantly, an even larger number went to owners of the assets of these entities that fueled an industry that made it possible to create companies like Blur, OpenSea or Magic Eden.”
According to Siu, there isn’t enough capital in the system to back new project improvements if royalties aren’t collected. The industry would go backward, he said, if that were eliminated.
The company’s focus has shifted to the MENA (Middle East and North Africa) area in search of the next OpenSea. According to him, the company has just made an investment in Nuqtah, Saudi Arabia’s first legal NFT marketplace.
Siu claims that big market players such as Japan have regional NFT participants. Yet, he continued, the MENA area has not yet established a single major player. According to Siu, Animoca Brands is supporting Nuqtah in order to jumpstart the growth of the NFT infrastructure in Saudi Arabia.