Virtual Land Scarcity, Animoca Brands Founder Yat Siu Explains Its Importance
By Shiela Bertillo
Yat Siu, Founder of Animoca Brands, a global developer for blockchain companies, answered a concern on “why metaverse land should be scarce from a consumer product market fit perspective.”
Animoca Brands is an investor for Decentraland, a decentralized virtual reality platform, and owner of The Sandbox Game, a blockchain digital universe, which both offer virtual land. In an earlier tweet, An NFT artist under a username of @punk6529, wondered why virtual land cost is high even though the cost to build them is “effectively zero.”
Addressing the onboarding concern on Decentraland limits, Yat Siu stated that “onboarding can only happen if it is desirable to do so, Greenland is the size of the entire U.S. east coast but has a population the size of a small town. Many reasons why but more, cheap or free land has not onboarded more people into their countries.”
Siu noted that in the real world, the higher the per capita influence of a land is, the more desirable it is.
“Metaverse Land functions similarly,” he added.
He reiterated that onboarding will happen faster if desirability is greater, saying that a “land with no value will not help onboard the next 1b because it is undesirable.”
“When you buy a Land in real life, it is more than just a roof over your head. You want to own a place in New York because (of the) social, community, culture, buzz, prominence and the idea of what it represents.” Siu explained Metaverse Land’s purpose of digital property rights.
Yat Siu is a big believer and proponent of digital property rights, in an article in Cointelegraph, he noted how through blockchains, NFTs are unique, indivisible tokens that grant owners property rights and enable digital assets to have real value, independent of the platform.
“Digital ownership rights on a blockchain are provided by open permissionless protocols and guaranteed by the collective reckoning of community consensus. This allows NFT game assets to be traded between holders in a way that is unthinkable in most traditional games.” he added.
Aside from Metaverse Land offers in Decentraland and The Sandbox game, Animoca Brands also recently launched Revv Racing, a blockchain racing game. (Read more on: Revv Racing’s Play-to-earn Feature is Upcoming)
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