Yat Siu, co-founder and chairman of nonfungible token (NFT) game developer Animoca Brands, believes NFTs offering a new style for culture to exist stored in the virtual sphere.

In an interview with Cointelegraph, Siu argued that while the technology underpinning NFTs may be new, the want to "store civilization" has long been with us throughout human history.

"We draw NFTs as stores of culture because they embody a moment in history," he said, adding, "What is fine art? Art stores civilization."

Siu is a Hong Kong-based tech entrepreneur who previously worked at Atari and as well founded the Outblaze gaming visitor. Animoca Brands was founded in 2022 and has released notable NFT projects including The Sandbox, F1 Delta Fourth dimension and MotoGP Ignition, and it invested in Dapper Labs, OpenSea and Axie Infinity.

The Animoca chairman said that culture is about more than just the budgetary value of an artwork and pointed to the example of his daughter and her favorite band, BTS, stating that she doesn't aim to get an autograph from the popular Thousand-Popular group in a bid to flip information technology for a quick profit:

"Most paintings in the world aren't worth a ton, but like owning civilisation, the vast majority of people who buy art today or photography don't intend to sell it right away. That'southward not how we engage with culture."

When asked what advice he would give to NFT newcomers, Siu urged newbies non to seek opportunities for fast profiteering, instead recommending they immerse themselves in the revolutionary utilities enabled by the technology.

"Start with buying your showtime NFT, not with the intention to brand money for yous merely merely with a desire to [...] acquire from it," he said.

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Siu also argued that NFTs represent a dialectic shift in data buying and data rights, asserting, "What'south interesting about this buying that we're able to create is that it doesn't come up from a sort of scarcity that y'all can dig upwardly from the ground."

Siu described data as among the globe'south "most valuable resources," pointing to the tireless efforts of big tech companies like Amazon or Facebook to mine every skerrick of information from their users in a bid to personalize the advertising they meet on social platforms.

"Data has become the source of absolute power," he added.

Animoca Brands completed an $88.88-million capital raise in May based on a valuation of $ane billion.