Yat Siu, co-founder and president of game developer NFT Animoca Brands, believes that NFTs offer a new way to hide culture in the virtual world.
In an interview with Cointelegraph, Siu said that while the technology behind NFTs is new, the desire to “preserve culture” has been with us throughout human history.
“We define NFTs as culture storage tools because they contain a memory of history. What is art? Art hides culture ”, he said.
Yat Siu is a Hong Kong-based tech entrepreneur with experience working at Atari and founder of the gaming company Outblaze. Founded in 2014, Animoca Brands; Sandbox has launched NFT as F1 Delta Time and MotoGP Ignition, and Dapper Labs has invested in OpenSea and Axie Infinity.
The Animoca director said that culture is related to more than the monetary value of the artwork, citing his daughter and favorite group BTS as an example. According to Siu, her daughter’s goal of requesting autographs from the popular K-Pop group is not to make a quick profit:
“Most of the images in the world don’t have great value, but just like having a culture, most of the people who buy artwork or photographs today are not ready to sell right away. Culture is nothing of the sort. “
When asked what he would recommend to newcomers to the field of NFT, Siu recommended exploring the revolutionary services that technology offers, rather than looking for opportunities for quick profits.
“I bought your first NFT just to learn from it, not to earn money,” Siu said.