- Yat Sui wants to crush the dominance of Meta and Microsoft in the online world
- Animoca Brands Founder told Bloomberg that he and Web3 aim to take power from Big Tech.
- This is the core of Web3: decentralizing technology and returning ownership power to the user.
Yat Sui, the executive chairman of Animoca Brands, recently revealed that the company is building a portfolio of over 340 firms. The portfolios service the social media, gaming, and finance industries in order to provide their consumers with full control of their digital assets.
The move has been made in order to tear down tech giants’ dominance over the industry and return online ownership of one’s digital identities and properties back to the users. He called the likes of Meta, Facebook’s new parent company, and Microsoft “digital dictatorships.” Sui did not elaborate much in his interview with Bloomberg.
Yat’s strategy was developed by the digital currency crash of 2018. That is when Yat turned his small video game studio into a crypto investment firm. Animoca is one of the crypto industry’s most influential investors, with backing from Sequoia Capital and George Soros.
Sui told:
If people say this is a crypto winter, then 2018 was the crypto ice age,” Siu said in a statement. “Now is the time to deploy more capital, not less.
In theory, Web 3 is the future of the internet that will live on the blockchain, with the same platform supporting cryptocurrencies like Bitcoin. It will not be controlled by entities such as Google or Twitter.
Web3 is still only an idea, despite Mark Zuckerberg proclaiming that the metaverse is the future — and spending $10 billion on building it.
Just recently in other rounds making the news, Mark Zuckerberg, CEO of Meta, was mocked by hundreds of people online after posting about the company’s release of its “Horizon Worlds” in Spain and France this week.
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