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Animoca Brands’ Yat Siu wants more than $10 billion for the metaverse

Will projects like Meta need to accept losing money, before making money?

At TechCrunch Disrupt, Animoca Brands co-founder and executive chairman Yat Siu shared his thoughts on the world of Web3 and Meta’s approach to the metaverse.

Animoca Brands has a lot of experience and association with Web3 investments. After all, they own one of the most widely known metaverse experiences, The Sandbox.

In the discussion Meta‘s approach to the metaverse was touched upon and how it was stated that Meta would spend $10 billion a year to make the project work. Siu’s take was that this figure may not be enough to incentivize people to actually use the platform when they could instead use something like The Sandbox which gives creators 95% of the revenue.

Speaking on what actually makes a metaverse, Siu explained that the key aspect is the idea of ownership, commenting that “Just how George Washington said that you can’t have basically, freedom without property rights, we think the same is true with digital. You can’t have digital freedom without digital property rights. So our perspective on the open metaverse is that it has to start with a foundation of ownership. And that’s where The Sandbox stands out”.

Meta and it’s future

The area surrounding what a metaverse actually is still seems to be one people love to debate about, is it simply a virtual space where users can come together? Or perhaps as Yat Siu says a true metaverse is not only about providing a space for users to explore and create but one in which they can achieve true ownership.

Mark Zuckerberg has previously stated that the Meta project is not one he expects will suddenly boom overnight but will most likely be a very long-term project that could be another decade away before seeing a substantial payoff. 

He has a point considering that Reality Labs, the business that works on Meta platforms, reported a $3.6 billion loss in the third quarter of 2022 alone. However, given Zuckerberg’s commitment to Meta and its future, it would seem that losses, for now, are a sacrifice the project is willing to make.

Written By

Paige Cook is a writer with a multi-media background. She has experience covering video games and technology and also has freelance experience in video editing, graphic design, and photography. Paige is a massive fan of the movie industry and loves a good TV show, if she is not watching something interesting then she's probably playing video games or buried in a good book. Her latest addiction is virtual photography and currently spends far too much time taking pretty pictures in games rather than actually finishing them.

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