Animoca Brands co-founder Yat Siu thinks that GameFi has the biggest opportunity for growth in Asia, as gamers there don’t hold the same vitriol toward nonfungible tokens (NFTs) as they do in the West.
Sitting down with Cointelegraph during Asia Crypto Week, Siu argued that Asia generally has more of a welcoming culture toward gaming and advancements in tech such as NFTs, digital property and play-to-earn (P2E).
“I think that Asia has the potential to really lead in blockchain gaming, at least in the short term. And there’s a couple of reasons why I think that’s the case. Not just because, you know, there’s the most gamers in this region of the world, but it’s also because gamers in Asia are welcoming NFTs.”
“Gaming companies in the West have to deal with consumer resistance that gaming companies in Asia do not have to,” he added.
The Animoca co-founder attributed this acceptance of NFTs to a broader Asian viewpoint on capitalism, which he suggested is viewed more favorably in the region — barring China — than in the United States, as people see it as a path out of poverty.
He pointed to examples such as South Korea, which “only four decades ago” had the same size economy as North Korea, but has swiftly climbed the global rankings through innovation, “creativity, legal frameworks and property rights” despite lacking natural resources.
“The consumer in Asia looks at capitalism as a net-good fight. In other words, okay, there is inequity. There’s a guy who made a lot of money, but people think ‘I can get there too, or I have an opportunity,’” he said.
Drawing a contrast to the U.S., Siu highlighted that capitalism draws a more demonized view by some people there, and rightly so as many people haven’t seen capitalism “work for them.”
He argued that this type of thinking ultimately bleeds into gamers pushing back on NFTs, as people worry about being priced out of the market with expensive NFTs that are seen as a “rich man’s tool:”
“When the headline news isn’t a…..