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Yat Siu is a technology entrepreneur/investor based in Hong Kong. He is co-founder and chairman of Animoca Brands, a company focusing on leveraging popular brands, gamification, AI, blockchain, and mobile technology to make engaging apps ranging from games to fitness solutions. Yat began his career at Atari Germany in 1990. In 1995 he moved to Hong Kong to establish Hong Kong Cybercity/Freenation, the first Asian free web page and email provider. In 1998, Yat set up Outblaze, an award-winning pioneer of multilingual white label web services. He sold Outblaze’s services business to IBM in 2009, and pivoted Outblaze to become a conglomerate specializing on cloud, AI, blockchain, and mobile software. Yat is a director for TurnOut Ventures, a partnership between Outblaze and Turner Entertainment that brought to prominence the hugely popular emoticon character Tuzki. In 2017 he set up the Dalton Learning Lab, an afterschool lab environment that supplements Hong Kong students with skills not emphasized by the local education system, including divergent thinking and design thinking. He is the founder of ThinkBlaze, the research arm of Outblaze investigating socially meaningful issues in technology. Yat has earned numerous accolades including Global Leader of Tomorrow at the World Economic Forum, and Young Entrepreneur of the Year at the DHL/SCMP Awards.View the profile
Who is the chairman and co-founder of animal friends. And also the CEO of race is Knology today you will speak. My name is, I'm the chairman and co-founder of a mocha Brands, the company behind the sandbox and F1 Delta time which is powered by our reps. Open today. It is my great pleasure to discuss with you why we believe 100 Wilkins will not only fuel sustain, the current define revolution In order to better understand our perspective, we think it would be worthwhile to go back in time a little bit. In fact, go back to the 14th century when the
pandemic, a different kind of known as the Black Plague, how it was affecting whole world, in particular year, tens of millions of people died. An estimated 60% of the US population was decimated talk about this because actually up until that time, your was a predominance of feudal society, and it was serves their monarchs and Kings. A one thing that the semi did back then, as it did not discriminate between two cultures and age groups, or nobility or serves everyone died equally. What it also did was it provided for
a new kind of opportunity because they were less people than they were before men that labor and people became scarce and social Mobility was not possible. It was possible as a surf. Jackie rise and become someone bigger or better than they were before not since you suppress, and which basically meant that, that was the end of the field of society. As we know it and the beginning of a new rise of people that actually enjoy something, they didn't have before that was property rights because before you had all of the property rights were maintained really just by the nobility, as well as
people to manage the land, and they were actually more opportunities because they were less people, those who didn't have money when I was able to advance in societies. And that gave rise to a new Mercantile class as well, that Mercantile class or Traders merchants and because of various Innovations including currencies until one provided for a form of capitalism to grow. It was really sustainable in the past, all of that money was controlled typically, just buy the central organization. So, the feudal society that existed like the kings of the queens of
there. In fact, one of the earliest forms of capitalism is capital. In fact, the word Capital comes from the same set of root word and is synonymous with capitalism, because it was up on the property, for the recordings, people would trade happy with each other and that is one of the. So the first forms of movable wealth that you can actually provide services to because of the fact that they represented money, in this case, kind of yield generating instrument happens to cow as a result of this new Services started emerged that were actually more sustainable. In this
case, through banking services in the past, they were forms of banking services but they really only existed to support feudal societies. But now that wealth is distributed and there was property rights distributed throughout Europe. It allowed for a major new banking institutions, that became very powerful. I'm about to provide his financial services These Financial Services, one of the most well-regarded a players in their time during the Renaissance, was the Bank of America in the medicis were very successful Bankers. For one particular invitation, it was the double entry, the
double entry is, if you think about it, a very simple standard is basically saying, when I give you some money, I have to make another entry on the corresponding side account is referred to as debit and credit. And really what it did was created a booking essentially, two entries, as a form of backup and that end of the fueling sort of financial revolution in the 15th century or loans will be able to provide it for collateral for financial services that we seek our own place today. And in fact, even to this day, we continue to
be using basically the double booking entry in financial accounting, terms to this date. So why does blockchain matter and how does this all have to do with any of these and defy? Or first of all we are in the boxing conference so I'm not going to have to describe all the details on this one but basically the way that you can think of blockchain for all of you really understand. It is we've gone from double entry to distributed Ledger in the same way that the medicis innovated the financial industry by creating a double entry where the same data is effectively verified on two different
sources, blockchain created that same verification but across millions of notes and that is how you get that certification of you know that I have a axle Bitcoin or ethereum token, or non-fungible told, it's a very fine millions of nodes around the world. That is the power of launching a supercharged double-entry, if you will And of course, that particular Innovation is matched with something else because of all of this technology that is out there because of blockchain and the valley, that's locked. You now have defy decentralized Finance which is now seeing
these Services deliver over 12 billion dollars of value locked in the form of loans, or liquid a liquid or whichever essentially because of Block Chain made that possible in the process environment that it is and because of potentially the distributor letter and you seen all the news around here is a trending in house. She can everyone's talking about what makes it amazing and it's great for Collectibles and and maybe there's a little bit of hype around but there's something much more fundamental outside of the hype. That does not just
around the wind of these are sexy and cool. And that is because they really represent traditional ownership. In fact, the end of tea is effectively a property, right? It is no different than in the Middle Ages when people own cattle when people on their first house or when people were trading their first assets, that is actually what an entity is in the virtual Digital World of today, or in the world equipto or boxing. Well, you don't just like values is Wendell token. You actually now own that acid and by owning that acid, you have also all the benefits attached to it.
So you have the scarcity when I buy a house. I know it's a unique house. When the bone by 9:50, I have a unique entity is not just used an artwork. It can be used for all assets to verify title on a piece of property. And of course, not touchable tokens was made first famous buy cryptokeys where everyone was breeding individual cats, and it was doing tremendously well. But today, of course, all of the blockchain games and that are out there or an introduction art, YouTube The format of the month punchable token as a way to verify true digital ownership
is things like virtual and since I'm very well, but also as it's like, a Formula 1 cars or collectible football cards, or any kind of other acid. But for now, you actually own these assets, truly just like a car that you buy in the real world in the virtual world, you only Sussex. And we think that there is already a connection there because / 2.6 billion, Gamers actually have virtual asset in one form of another and they however do not have to Delona ships. They are in fact
the serfs of the digital era and the game companies in studios are in fact, the feudal societies are out there, you can trade, you can have interoperability. And you also don't have any ownership in fact in 2019 over 50 perhaps even sixty billion dollars on Virtual goods are sold. But again the gamer or just case perhaps this Earth doesn't actually really ever owned it. This early in the virtual world in your game is projected to grow to a hundred billion dollars which again is only to the benefits of a game company in Kinston. Actually
was a gamer buys. It it does think of it as something he wants but it doesn't really do that and that is where blockchain an underwater currents. Coming to play one of the big reasons why the Mercantile class and banking services were needed is because you needed to be able to provide a letter of credit or you need a ride a way to reference trade of these assets, across multiple borders. And so you needed to have these assets. Be able to move freely. Do you remember? The example, I gave about capital or Capital actually represented movable well, or movable
capital in the form of capitalism and I need to be able to move his assets from one place to another person to be basically trading, fifty cattle for something, but that is how it happened. Back in ancient times, when you think of free trade, and you have the free movement of these assets, What we enjoy today with free trade, it created this large economic, and capitalist Revolution that we have enjoyed in the last hundreds of years, but that does not exist for virtual or digital assets. And again and if he's off yours and as a result, we
think all of the games or game environments, will have their own mini Revolution message with their own demand for property rights. And we believe that these games / fuel economy through truly lordship through property, will eventually provide broader prosperity to the liberalization of these clothes too, he's much like we have seen in the real world and who will be this new merchandise? We believe it will be the people who are actually going to be playing all of these boxing games. Owning these non-fungible tokens property, where the
needs of people playing Formula One Time sandbox for asking, finity, or any one of the other worlds that have true property rights in there. DNA in any essence of the design of the game on virtual world have already seen today. That these assets are being sold for incredible amounts of money. And how is that normally possible in the virtual world if not for something that was true. And again non-fungible to put sin with emphasis the true and real aspect of virtual items that the four could not be true because they were not on the distributed Ledger and where does it come
out for defy? Well if I imagine the example I gave before You saw a Mercantile class that was paid in these assets and a banking service that then provided services to enhance them to providing of loans. To providing a financial services. You have something was flipped upside down a little bit because effectively the world of crypto has delivered a kind of back Defy is the back. It's as if the medicis came before the Martians and that's what's happened here. But imagine what the bank would be like, if there were no Merchants, if there was no property,
what services would exist there? Would be no use and that is a reason. Why today, most of the crypt, the world is considered speculative because you're only trading coins and the majority of them still suffer from this image, has no real utility many of the tokens. And most importantly, there's also no real value in terms of a property, right? That I'm leveraging something against Again, it's the back before the merchants but non-fungible tokens will deliver the merchants and we'll deliver the properties that defy as a service needs to service already, seeing
the beginnings of this weather, this is people around the world playing games burning money as an asset income class. Punctual tokens on Virtual land triple fractionalizing assets of generating yield need a service is only possible because it's still small just like back in the ancient days, the people who have owned who actually owned property in this world is Tiny On one of the last measures in the non-fungible report, there may be only a hundred fifty thousand people who actually own a month on your book, open in the blockchain world alone in the city of almost 50 million crypto.
Effectively, nothing and all of those users should own some property to fuel this defy Revolution, but also to partake in this new economic growth and opportunity that was seeing Workforce. And of course, the growth potential isn't just within the cook the world. Is an estimated 300 million dollars worth of these non-fungible token Assets in the blockchain gaming World in art world that is out there. A small number of gaming alone represents a hundred, fifty billion dollars. Last we're still just at the very early stages of this Revolution and this is ultimately
what we hope to come in by bringing in all of our expertise building is virtual worlds with many of the famous Brands. We hope to bring these non-fungible tokens is true property rights to continue to enhance and will defy Revolution. Thank you.
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