- According to the co-founder of Animoca Brands, Asian gaming companies don’t experience the same level of opposition to NFTs as American firms do.
- This recognition of NFTs was attributed to a broader Asian view of capitalism.
- In comparison to the United States, Siu noted that capitalism is more demonized by some people there, as well as rightly so because many individuals haven’t seen capitalism “work for them.”
Yat Siu, the co-founder of Animoca Brands, contends that GameFi has the greatest opportunity for growth in Asia because gamers there aren’t as hostile to nonfungible tokens (NFTs) as they are in the West.
During Asia Crypto Week, Asia has a more warm and inviting culture toward gaming and technology innovation, including such NFTs, electronic property, as well as Play-to-Earn (P2E).
The Animoca co-founder credited this acknowledgment of NFTs to a broader Asian view of capitalism, which he recommended is regarded more favorably in the region — forbidding China — than in the United States because individuals see it as a way out of economic hardship.
He cited South Korea, which “only four decades ago” possessed the same size economic system as North Korea but has rapidly raised the global rankings through advancement, creativity, legal structures, and property rights despite a lack of resources.
In comparison to the United States, Siu noted that some individuals there has a more negative perception of capitalism, and understandably so, as many individuals, there haven’t experienced capitalism working for them.
The end result, he claimed, is that gamers push back against NFTs because they are concerned about being priced out of the market by expensive NFTs that are viewed as rich man’s tools.
Siu elaborated on the Asian context by pointing out that blockchain gaming is bringing up formerly untapped access to venture funding from Silicon Valley, particularly in the context of nations like the Philippines, where P2E gaming guilds have grown to be highly popular.
He emphasized once again that this is due to a thriving ecosystem that is developing in Asia, where many gamers are adopting the technology, and numerous projects are actively advancing in the field.