Understanding the Ownership Revolution
At Korean Blockchain Week 2022, Yat Siu, co-founder of Animoca Brands, emphasized a notion that might ruffle some feathers in tech circles: that data is not just the new oil; it’s the actual currency of the digital age. Siu passionately argues that true power lies in controlling this data, especially as we pivot away from traditional tech giants to a more decentralized model that blockchain technology promises.
The Shift from Digital Colonization
Siu’s insights delve into what he calls “digital colonization,” a term that perfectly captures the predicament many find themselves in under the regime of Web2 platforms. According to him, we are all “digital dependents” trapped in a system that exploits our personal data. The blockchain revolution however, dares to challenge this status quo by granting users ownership and control of their digital identities and assets.
To illustrate, think about how you post a photo on social media. In Web2, that stampede of likes and comments enriches a platform more than you, the contributor. Web3 flips the script, enabling you to retain ownership of your content – and potentially, profit from it!
The Critical Role of Property Rights
Siu makes a compelling case about property rights being the backbone of a thriving society. He draws parallels between countries that recognize strong property rights, like the USA and South Korea, and their overall prosperity. The International Property Rights Index (IPRI) is not just a number; it is a reflection of people’s ability to maintain and grow wealth, digital or otherwise.
A Lesson from Overseas
According to Siu, nations with robust property rights often find themselves at the top of the economic ladder, while those lacking such rights languish in the depths of GDP performance. If we are discussing digital property rights, it logically follows that strong protections are essential for all things blockchain.
Asia: The Sleeping Giant of Digital Ownership
Asia emerges as a region with unparalleled potential for growth in the realm of digital property rights. Siu boasts about the vast, unexplored treasures of “incredible content” and “digital expression” that can be transformed into blockchain assets, such as NFTs. Imagine this rich tapestry of culture morphing into something that provides tangible ownership and protection.
Internet Adoption: Room for Growth
While Asian internet usage is booming – people are spending more time online than on any other continent – there’s still a tantalizing gap. As Siu points out, the continent’s internet penetration is approximately 67%, compared to almost 100% in the West. There’s a tech gold rush waiting to happen!
Positive Sentiments Towards Blockchain Innovations
Interestingly, sentiment towards blockchain applications like gaming and metaverses is booming in Asia compared to the Western world. As people warm up to the idea of ownership, the climate is ripe for innovations in gaming, NFTs, and decentralized platforms that empower the individual.
Conclusion: The Future is Bright
The argument for digital property rights made by Yat Siu is not only intriguing but essential for the evolution of a decentralized society. With Asia poised for a digital revolution and a brighter relationship with tech ownership, we might just witness the dawn of a new era where users reclaim power over their data and digital identities.
