How will NFTs and DAOs change the way we do business? Cointelegraph’s reporter Rachelwolf00 gathers Animoca Brands co-founder Yat Siu’s insights about the impact of Web3 at NFT LA.
. If you think The Sandbox is going to keep growing, then it makes sense to have that token since those people most likely care about the future of that community. You also see this in countries. For example, America is one of the most desirable immigration spots in the world. As such, the resources and systems within America are more valuable. If you have a stake in America, then you’d be doing well in the long term since it’s desirable, so having a vote and being a citizen is also valuable.
From an investment perspective, one way to look at DAOs is by the community strength and whether it’s a desirable place to be. It’s not just about how much money the DAO makes, but it’s also about whether it has longevity or if it serves the community well. People aren‘t going to be a part of Sandbox, ApeCoin or any other community if the members don‘t serve the community properly.
For example, countries might look at DAOs as a consensus mechanism that works well for a virtual society serving millions of users. Iterating on democracy in the physical world can be risky, but this isn’t the case in a technological framework. You now have a sandbox to experiment on — some DAOs will fail, some will succeed and different governance models will develop.
We are excited about Web3 because the future of work is all digital, and the resources of Web3 are data created by users. As such, we are the creators of our own equity, which provides everyone with a form of universal basic equity. Imagine if Facebook considered all of its users to be workers that provide the company with data. Well, this is what we are doing for free. We think data should be a natural right, like property, meaning users have ownership of the data they create.
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