- Yat Siu, co-founder and Executive Chairman of Animoca Brands, addressed inquiries from global youth about the metaverse during the Yield Guild Games Web3 Summit (YGG W3GS).
- He engaged with kids aged 15 and under who submitted video questions on web3-related topics.
- Siu answered questions on crypto use in Roblox, explained crypto to a six-year-old, discussed the role of games like Roblox in the metaverse, highlighted the positive impact of web3 on people with disabilities, promoted the potential of the gaming industry for financial success, and more.
During the inaugural day of the Yield Guild Games Web3 Summit (YGG W3GS), Yat Siu, co-founder and Executive Chairman of Animoca Brands, took part in a distinctive session where he addressed queries from children worldwide about the metaverse.
The Chairman and the Children
In an innovative initiative, the YGG Web3 Games Summit invited kids worldwide to submit video questions for Yat Siu. Emfarsis, program lead of the event, curated up to 10 of these videos to be presented on the main stage. Siu, in turn, responded to various inquiries centered around web3.
Kids, aged 15 and under, were encouraged to submit creative, concise questions emphasizing topics like the transition to web3, life in the metaverse, cryptocurrencies, avatars, digital property rights, and online safety. The initiative aimed to engage digitally-savvy kids in a global conversation about the future of the internet.
Read YGG W3GS Recap:
Yat Siu Gets Grilled
“It’s a pleasure to be here, I’m both excited and slightly terrified to have perhaps the most difficult session ever because children are not only very open speakers but they are also incredibly blunt and don’t care. So they’ll ask anything and I look forward to the questions,” Siu started.
Question from Martina: How do you use crypto in Roblox?
Siu explained that players cannot directly use crypto in Roblox, but they can use crypto to buy Roblox gift cards on websites and then purchase items with them.
“Martina, maybe you can choose to play something like Axie Infinity or Sandbox, and then you don’t actually have to use a gift card, you can just use crypto directly. So maybe you can try that,” he suggested.
Question from Sebastian: How can you explain crypto to a kid like me?
“Hi, Sebastian. So the fact that you are six years old and you’re asking me about crypto is already quite unusual. So you’re quite a special kid. But I would say, imagine you play a game like Roblox on Fortnite and you earn these things called Robux and those are virtual currency and you can use this currency today only inside the game. But imagine if you can use that currency to buy your favorite ice cream or your toys or anything in the real world or outside. Or even use them in other games. Well that is kind of crypto but it’s only possible because it’s powered by this thing called blockchain. So crypto is the way.”Yat Siu, Chairman, Animoca Brands
Question from Rocko: Is Roblox games in the metaverse?
In response, he described the metaverse as a new, expansive realm that has been likened to a nation or universe. According to Siu, it provides economic opportunities, a distinctive mode of existence, and job prospects and the metaverse is a virtual world where various activities, including earning money and living, can take place, drawing on the idea that life is similar to a game.
“And so, in this sense, you playing Roblox games is a way of training in the metaverse. But I would also say that Roblox is not the real metaverse. The real metaverse is powered by blockchain in web3. It’s the kind of place where you can actually make a living, have an income, and build an ownership, an existence based on your ownership of things.”Yat Siu, Chairman, Animoca Brands
Question from Sevi: How can web3 help people with disabilities and let them earn and save up for their future?
“Thank you for your question. So I would say, first don’t have anyone ever tell you that you have a disability,” Siu stated, noting that people on the spectrum see things differently and are able to visualize the world in a way that others cannot.
Moreover, he emphasized the importance of Ethereum as a foundational element of web3, where Vitalik Buterin emerged as one of its most prolific founders. He highlighted that several decades ago, Vitalik may have been perceived as an individual with a disability, “but actually, he is a hero.”
“Because he saw the world differently. Because he was able to connect to a group of people around the world in the way that he could, that nobody else could at the time, to build the community, to build his original thousand true fans, and build from that, effectively, the foundations of Ethereum, and what we might define broadly as the web3 movement today. And if you’re now already an NFT artist, you’re already connecting to your community. You’re connecting to the very people who see the world as you do in different ways. And web3 provides that ability to connect with those who share that.”Yat Siu, Chairman, Animoca Brands
Sevi Agregado, who started being an NFT artist at 9, ventured into NFT art after the influential sale of Beeple’s digital artwork. His paintings, focusing on everyday scenes and inspired by his therapeutic journey through art due to autism, gained global recognition. His art has been featured in exhibitions worldwide, including Vogue Singapore and Art Fair Philippines.
Question from Trey: Do you think it’s possible to turn to the avatar you created in real life?
To answer, Siu explores the concept of turning into avatars in real life, suggesting that the evolution of personal expression has already transformed individuals into avatars. He reflected on how societal norms have shifted, allowing for unique self-expression through features like tattoos, colored hair, and unconventional outfits, deviating from previous conservative norms.
He noted that the idea is that humans inherently seek to live authentically and be identified for who they truly are, a desire constrained in the past by physical limitations and societal values.
“But today, online, you can actually exercise that initially online. Through an avatar, you can experience what you may or may not want to be essentially realize that as a form of a physical expression. And this will just become big, you know, through other forms of, you know, fashion, outfit, tattoos, or whatever it may be. So I would say that, you know, the virtual world being an avatar is really the first step to help find who you are,” he concluded.
Question from Lehan: Axie Infinity was popular 3 years ago, it’s not anymore; why?
“Back then I think one of the reasons why Axie was so popular, and just to be clear, it’s still popular today, is because it was kind of the only game in town. It was the biggest and the first that sort of set that vision forward. So Axie showed the way as to where, you know, blockchain and web3 gaming can go, and so captured the imagination of sort of the entire industry. But today you have hundreds and hundreds of games out there that are also doing sort of web3 games that are similar to Axie or have innovated on certain concepts,” he clarified.
Siu emphasized the significant growth and expansion of the web3 gaming business, leading to increased variety and choices. He added that even today, Axie remains one of the largest games in the space, but its impact extends beyond its individual success.
He highlights that Axie has laid the foundation for the entire industry, citing examples such as Ronin, which serves as a platform for games like Pixels. Siu stressed that the interconnected growth showcases the ongoing vitality of Axie and its derivatives.
Question from Bea: Parents say that I spend too much time playing Roblox. Can you please say something that will make them change their minds so they let me play more?
“So first of all thank you for your question. But I actually kind of agree with your parents. You shouldn’t be playing Roblox. You should be playing Axie Infinity and Sandbox. But that aside, you know, I would say that if you want to tell your parents about why you should be learning about games or playing about games, show them that this is an industry that is bigger than movies and music,” he answered.
Siu suggested conveying the message that entering the gaming world is advantageous. He noted that it’s essential to inform others that the gaming industry holds significant potential for financial success, with more individuals earning money in games than in other sectors.
While acknowledging the validity of parental concerns about time spent on platforms like Roblox, Siu also emphasized that engaging in web3 games represents a constructive investment in personal development for the future.
Question from Alfina: What are you guys doing to fix it (play-to-earn mechanics)?
To answer Alfina’s question which noted that Axie Infinity crashed, Siu cleared that what the game did was they opened up this new market. He noted that the game showed the world what was possible with play-to-earn which is now commonly known as play-and-earn.
Siu added that the growing trend of play-and-earn games emphasizes the financial, accessibility, and opportunity aspects. He draws a parallel to real life, noting that, similar to conventional jobs, the gaming landscape evolves, requiring adaptation.
He noted that the people as well as the gaming sector itself must embrace change, acknowledging the evolving nature of both the gaming industry and professional landscapes, and considering personal innovation in response to these shifts.
Question from Jasmine: How can kids keep their NFTs and themselves safe online?
Siu put emphasis on the importance of education, drawing parallels between teaching children basic safety rules in the physical world and the need to educate individuals about safeguarding their digital assets, particularly NFTs.
He underscores that, just as parents teach children road safety or avoiding sharp objects, there’s a comparable need to educate about online safety, including the use of hardware wallets like Ledger or Trezor. The aim is to instill awareness about securing digital assets and understanding the measures, such as hardware wallets, that can contribute to online safety.
“Because after all, if you know how to have self-doubt, and it’s not a difficult thing to do, then you will be able to maintain the safety of these things yourself. These are things that we teach our children all the time, and if we can teach our children about digital safety and sort of all the issues that happen online, then I think we can also keep our children safe. Keep our assets online safe as well.”Yat Siu, Chairman, Animoca Brands
Question from Lexi: If there is web3; is there a web 4, web 5, and web 6?
“So if there’s anything that at least in my observation seems to be true is that the world constantly evolves, meaning that they will very naturally evolve. It might actually be a web4, a web5, a web6, a web7, a web8. But we don’t know what that looks like. If you had asked me 10 years ago what web3 would look like, I wouldn’t have known the answer,” he stated.
Siu explained that he might not have initially recognized the focus on ownership or self-sovereign rights because the issues observed in the current internet (web2) were not clearly understood 10 years prior. Frequently, he emphasized that the advancement of any movement or technology arises as a response to the challenges present in the existing system we currently inhabit.
“And there’s many problems that exist in web2. We don’t own our data, we don’t have self sovereign rights. We exist on platforms that actually tell us what to do. And web3, through blockchain, has actually given us that path. It is the antidote to the problems in web2. And some problems may happen in web3.Therefore there will be a web4 and a web5 and a web6 as we constantly evolve to a better place.”Yat Siu, Chairman, Animoca Brands
This article is published on BitPinas: Children’s Curiosity Meets the Metaverse: Yat Siu’s Engaging Q&A at YGG Web3 Summit
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