Yat Siu outlines the evolution of Web3 and the open metaverse since 2023, examining digital ownership, economic opportunities and the growth of DAOs, cryptocurrencies and NFTs.
Opinion by: Yat Siu, co-founder and executive chairman, Animoca Brands
In 2023, I gave a talk on the TED mainstage about the opportunity of Web3, the true meaning of the open metaverse and why digital property rights are fundamentally important (watch: The dream of digital ownership, powered by the metaverse, TED Talks, 2023). Not long after that, Web3 and crypto began to suffer serious setbacks, putting my talk in a somewhat awkward position. As we enter 2025, I’d like to review how some of the open metaverse metrics I discussed back then have evolved since I gave that talk.
The year 2023 was a tumultuous one for Web3, with unprecedented confusion, uncertainty and the removal of significant names such as TerraUSD, Luna and FTX, which had, up to that point, been regarded as deities in the industry. It was a time of trouble. Much of 2024 was similarly concerning: Lingering uncertainty affected the Web3 market economically and politically as late as the past summer.
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