Web3 Takes Off in 2024: Industry Poised for Massive Growth - Yat Siu

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Yat Siu is an entrepreneur, investor, and business leader who is very much the driving force behind the growth of so many Web3 projects that are changing the way we consume our entertainment, while also transforming the notion of ownership, through digital property rights.

Yat is something of a founding father in the online gaming space and for the last ten years, as Chairman and co-Founder of Animoca Brands, he is forging new ground in game development and the complex and often misunderstood world of NFTs.

For Yat and Animoca the long term goal is clear – to deliver true digital property rights to all, while investing in companies that share similar values and the common goal to bring more equity to the future of games, while radically changing the future of how we live, play and work for the better.

Reflecting on the past 12 months, Yat describes 2023 as a “cleanup year“ for the Web3 industry, marked by a necessary purging of bad actors. The FTX saga had a significant impact, and unlike other industries, the interconnected nature of Web3 meant that challenges in one sector, such as FTX, reverberated across the entire ecosystem.

This cleansing process, according to Yat, is a positive development that sets the stage for a robust 2024. The interdependence of various sectors within Web3 sharing the same infrastructure ensures that improvements in one area, like resolving the FTX saga, positively affect others, including blockchain gaming.

Yat draws parallels to a phoenix rising from the ashes, highlighting the industry’s resilience and constant transformation over the past year and a half. Despite predictions of demise in crypto, blockchain, and the metaverse, the current landscape tells a different story. Yat believes the Web3 space is experiencing a rebirth.