Entrepreneur, angel investor and game-developer, Yat Siu started his career in the web-service space in 1996 when he launched the first free web page and email provider in Asia. From that moment he steadily obtained one success after another, collecting remarkable achievements. Today Yat is the CEO and founder of the Outblaze (popular game-company) - and Animoca Brands (global app developing and publishing firm).
His prominent work and contribution in the technology sector resulted in several important recognition. Among them, an award as a “Global Leader of Tomorrow” and another one as a “Young Global Leader” by the World Economic Forum. Beyond his involvement in the Internet industry, he is also a member of the advisory board of BAFTA and director of the Asian Youth Orchestra.
Meet Yat Siu and shoot over your questions to him!
I big thanks to our guest Yat Siu for his very compelling answers about the gaming industry in blockchain technology. Yat also shared his view about what is currently missing in the industry and what could be done to make it better. Last but not the leas, he talked about Animoca Brands, explaining in details the vision of the company and how it identifies projects to be involved with.
HERE AN OUTLOOK OF THE MOS EXCITING CONVERSATIONS FROM THE AMA:
➡️ PrashantGUPTA: "As we know Crypto Kitties is the first introduces to the blockchain gaming industry, which uses Ethereum (ETH) in the backend. How long will it take till we can build blockchain-based PubG or Pokemon go type of games?"
➖ Yat Siu: "There is nothing limiting FPS or Pokemon Go type games using blockchain today, the key question is what part uses blockchain. It may not be realistic to do everything on chain due to TPS and other factors but if you consider that blockchain is used to validate ownership then that is sufficient (like for NFT eg. game assets). Currently many games are essentially off-chain for gameplay".
➡️ Thibaut BOUTROU: "The world of gaming is very close to the world of blockchain. We see many projects combining the two industries. Do you have any favourites?"
➖ Yat Siu: "If I may say so myself, we like SANDBOX.GAME and F1DELTATIME.COM and gamee.com (haha of course) but also check out Axie Infinity (AXS)and NBA Topshot amongst many other cool projects!"
➡️ Aylon Morley: "What do you see Sandbox maturing into? will it have a more property focused angle or world building?"
➖ Yat Siu: "SANDBOX is the best example of user generated (gaming) content in the form of the already wildly successful Minecraft and/or Roblox except with true digital ownership. As it is UGC it will be up to the players to decide where the focus will mature into, SANDBOX is the platform to make it a reality, most of the LAND buyers are developers".
➡️ Owen Simonin: "I know very well that one point is not enough. But, if you had to base your judgement of a company on just one point, before deciding whether or not to invest: what would it be? THE USP? The market? The entrepreneur carrying the project?"
➖ Yat Siu: "It depends on the stage of the project, in general very early projects (like blockchain games 2 or more years ago) you are generally investing in a seed stage investment the entrepreneurs are the most important because they need to pivot into new or alternative directions if it does not work. Very rarely have we seen the original design of the project become the end product, it changes as it must because the customers shape it as well based on the demand".
➡️ Jason: "At Animoca Brands which criteria do you use to select companies to invest on? What is the biggest benefit for them?"
➖ Yat Siu: "The biggest benefit that we bring to a portfolio is technology and know-how in gaming and game development, IP and Brands (we have one of the largest portfolio of IP brands in our network from Snoopy to F1 to WWE etc.) and our criteria we typically look for in the company and the entrepreneurs is the size of the impact (market potential) and the depth of their purpose (passion and purpose)".
➡️ Clément Santerre: "Do you think that platforms like Ultra, through their use with the blockchain, will be able to compete with platforms like Steam or Epic Games?"
➖ Yat Siu: "Steam and Epic are game discoverability platforms today but they didn't get there by accident. They got there because they already had lots of customers through a successful game. Steam is from Valce, the creators of Half Life, Epic is the creator of Fortnite. They built their distribution platforms to serve their customers and built the platform that way...Ultra is a platform but without the content and there are many platforms that try to go that way but as the saying goes, particularly true in the world of blockchain, CONTENT IS KING. Ultra and similar need to either make or bring in content in our opinion to succeed. Nintendo needs Mario, HBO needs game of thromes, ESPN needs the NBA. Content is King".
➡️ Peter Ing: "Do you see Play2EarnPlay2Earnas being a bigger driver of crypto adoption than trading? There are more unique gamers in the world than unique traders"
➖ Yat Siu: "Gaming will be, in our view, the biggest mass adoption driver for blockchain adoption. There are 2.6 billion gamers who are comfortable with virtual assets and virtual currency, we think they are the easiest conversion point to the world of crypto. Games is the most obvious avenue for them and for crypto adoption".
➡️ The Wolf Of All Streets: "What's missing from gaming going mainstream via crypto and blockchain? Why did it not happen yet?"
➖ Yat Siu: "Many of the games initially developed were created by non-game developers, they came from the blockchain world and understood the potential but not how to make a good game, it takes time to make a good game (sometimes 2-3 years) companies like ourselves who have built games for many years are building higher quality content that can be enjoyed by general users. We think that is the main missing link that is already being addressed, it is not a question of IF but WHEN".
Ask me Anything, Nov 5th @ 3:00PM (UTC)