Animoca Brands Co-Founder Predicts 2025 Will Mark Crypto’s Mainstream Adoption
Yat Siu, a venture capitalist with over a decade of experience in crypto, co-founded Animoca Brands, a significant player in Web3 culture. CoinGecko estimates the market cap of tokens from Animoca's portfolio companies exceeds $45 billion.
Challenges and Recovery
The 2022-23 crypto winter severely impacted Animoca, with many of its tokens dropping nearly 90%. In February 2023, concerns about the company's survival were raised by the Financial Times.
However, the landscape shifted in 2024, marked by a 120% increase in bitcoin prices and a pro-crypto U.S. president. Animoca expanded its office space in Hong Kong significantly, despite challenges in local finance.
Crypto Industry Inflection Point
Siu views the current state of the crypto industry as akin to the internet's transformative phase in the 1990s. He recalls how the garment industry relied on slow physical sample deliveries before broadband made high-resolution scans possible, streamlining client interactions.
This innovation parallels the anticipated mass adoption of stablecoins, which Siu believes will become essential for global commerce. He cites supply chain finance in Asia as an example where stablecoins are already prevalent and beneficial.
Memecoins and Community Building
Siu predicts that memecoins will evolve into their own ecosystems, creating communities beyond mere financial speculation. He emphasizes that successful NFT projects must also integrate into broader ecosystems, enhancing cultural engagement.
Crypto Gaming Potential
Despite previous failures in Web3 gaming, Siu remains optimistic. He believes gaming can bridge Web2 and Web3, focusing on enjoyable gameplay while integrating blockchain benefits. He anticipates that by 2025, players may not distinguish between Web2 and Web3 games.
Reputation as Currency
Trust is vital in any economy, and Siu suggests that reputation should be quantifiable within networks. His concept for Moca ID aims to unify decentralized identification across Animoca's portfolio, potentially facilitating unsecured crypto loans.
Transformative Capitalism Through Web3
Siu advocates for capitalism's benefits but acknowledges the role of financial literacy in addressing inequality. He argues that Web3 can foster a more inclusive capitalism by turning users into stakeholders. He urges the industry to prioritize long-term transformation over short-term profits, emphasizing the greater purpose of building a better system.