Animoka Brand Focuses on Creator Economy and Interoperability in 2024
Robby Yung, CEO of Animoca Brands, said the Hong Kong-based gaming company plans to continue supporting the creator economy and promoting interoperability through investments and other initiatives in 2024 to drive mass adoption of Web3.
Yung told Cointelegraph at the 12th Global Blockchain Congress event in Dubai that Animoca believes gaming will be a key driver of Web3 adoption due to its broad appeal. But the company is also looking at adjacent industries, such as education, to support creators through “efficient infrastructure and network effects.”
Yung emphasized that Web3 tools, such as publisher non-fungible tokens (NFTs), allow content creators to monetize their work in a decentralized environment that creates a more equitable and profitable platform.
“For example, by empowering teachers through publisher NFTs, we are giving teachers a set of tools to monetize the content they have already created and do so in a much more seamless and more directly beneficial way. . ”
Publisher NFT is a concept introduced by Animoka’s educational technology subsidiary TinyTap, and is designed to combine co-publishing rights for specific educational content created and shared on the TinyTap platform. Yung added that these Web3 platforms allow educators to distribute content peer-to-peer and have a direct relationship with students.
He highlighted the challenges faced by creators on the Web2 platform, noting the lack of control and fair compensation. “With any kind of creator-centric platform… artists are generally not getting the revenue they made in previous models,” he said. “I think that’s really unfair,” he added, emphasizing the need for a “frictionless experience” so creators can have a direct relationship with their audiences.
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Animoca also emphasizes Web3 adoption through interoperability within the Web3 space. Yung said a key part of this effort is the Mocaverse project, which streamlines gamification and identity systems across a variety of Web3 applications. Yung is also actively involved in the Open Metaverse Alliance for Web3 to promote interoperability standards across the industry.
Yung said that over the next 12 months, the investment firm will focus on the Mocaverse platform as one of its key agenda items and “try to expand our partnership universe as broadly as possible.”
He also expressed confidence in the REVV Racing motorsports ecosystem and other Telegram initiatives, including the company’s moves with social casual gaming platform Gamee and the TON Foundation.
Yung said Animoca does not use specific allocation strategies or investment targets in terms of size and number of deals, but tries to support as many good opportunities as possible.
“We are optimistic about 2024, so we will continue to deploy resources across our existing portfolio as well as new businesses,” he said.
According to management, they have invested in more than 30 projects as of 2023 and nearly 500 projects to date across Animoca Brands and Animoca Ventures. He explained that about half of the investments are in infrastructure and tooling, while the rest is in content, which is segmented into games, metaverse, music, art, decentralized finance (DeFi), etc.
