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The chairman and co-founder of Animoca Brands, Yat Siu, has put up a call for more developers to consider the Web 3.0 space as he believes that if the space is monopolized, it cannot be truly decentralized as envisioned.

Speaking at the KBW 2022 – Korean Blockchain Week – with a representative of Cointelegraph, Yat Sui emphasized the need for more developers to find their way into the Web 3.0 space so that the consumer in the space can have more ‘choices’ of platforms which he added could be based on natural association or best value offered.

The Animoca co-founder noted that even though software developers have been creating exciting applications, most of them are under the stringent rule of centralized companies like Google and Apple, who are forcing the developers to work based on their business rules.

He also mentioned that even though some developers are not well-grounded in blockchain technology, but are interested in developing in the web 3.0 space, it will be better to have them around to create more options for users in the space.

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More Choices, Less Monopoly

He cited an illustration to back his opinion: “The main reason for Facebook’s monopoly is because there is no substantial alternative for the product. But assuming Facebook is a blockchain product that allows me to transmit data freely, we could have multiple Facebooks, and I will have to choose the one offering the best value.”

When asked if collaboration or competition is the way to go for blockchain developers, Yiu stressed that he doesn’t want any less-than-standard projects in the web 3.0 space as it will mean that there are fewer options in the space. He also argued that it is much better and sustainable for multiple projects to share in the web 3.0 market rather than having just one of them dominating the entire market.

About Animoca Brands

Yiu’s Animoca Brands is a venture capital company interested in digital property rights through gaming, and non-fungible tokens (NFTs), and their vision are to create an interoperable and open metaverse.

In 2021, the company was listed alongside others in the list of High-Growing companies in Financial Times for the Asia-Pacific region. So far, the most popular products of Animoca in the gaming industry are Sandbox and Revv Motorsport which can be played with the SAND and REVV tokens, respectively.

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Nathan Ferguson

By Nathan Ferguson

Nathan Ferguson is a talented crypto analyst and writer at Herald Sheets, dedicated to delivering comprehensive news and insights on the ever-evolving digital currency landscape. With a strong background in finance and technology, Nathan's expertise shines through in his well-researched articles and thought-provoking analysis. He holds a degree in Economics from the University of Chicago, and his passion for cryptocurrency drives him to stay up-to-date with the latest industry trends and developments.