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Speaking at the KBW 2022 – Korean Blockchain Week, the co-founder of Animoca Brands – a venture firm based in Hong Kong, Yat Siu, said she believes that the main aspect of the blockchain that will be a key driver to a more decentralized society is the on-chain digital property ownership rights.
The Hong Kong-based entrepreneur mentioned that everyone is dependent on the digital revolution and that data is the metric resource that brings more value to companies like Facebook, Google, and Apple.
Property Rights helps Countries
However, he added that compared to most Web2 platforms everyone is used to, most applications using blockchain technology will allow us to control our data usage and not make us a slave to digital colonization. He also reinforced the essence of property rights saying the countries that established strong property rights for their citizens always have a thriving society. He also highlighted the correlation between the Gross Domestic Product Index (GDPI) and the International Property Rights Index (IPRI).
Sui said: Most countries without proper property rights are the last 20% of the GDPI list, but then you consider other countries with strong property rights, they are the ones leading the race. Examples are Japan, the USA, South Korea, and most European countries. He added that the same should be the case for digital property rights.
Asia to Pioneer Digital Ownership Rights
The Animoca co-founder added that the Asian continent has come a long way in the web3 growth, and it has been capitalizing on digital property rights. He said the continent has an extremely rich history of digital expression and incredible content, most of which can be turned into digital assets on the blockchain through the NFT technology, and provide the creator a digital property right for their assets.
Even though the total time spent on the internet today in Asia is more than on every other continent, Siu believes there is still room for improvement. While the rest of the world, especially the West can boast of 100% penetration, internet adoption in the Asian continent is about 67%.
However, he added that there is a more positive sentiment toward NFTs (Non-Fungible Tokens), blockchain-based gaming, and the metaverse revolution, including the digital property rights that comes with the innovations, compared with the western countries.
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