Yat Siu, the co-founder and chairman of Animoca Brands, said that pro-capitalist Asian countries both invest in and adapt to web3 more willingly than countries in North America and Europe.
While speaking at Outer Edge conference in Los Angeles, Siu said international game publishers from Japan, Hong Kong, South Korea and the rest of South East Asia actively discuss web3. Going further he said they’re ready to adapt to NFTs and the metaverse.
“The adoption, readiness and willingness actually sits in Asia. Like, you go and want to sell something to people in Japan or Korea or Southeast Asia, you’ll find a much more ready market versus over here,” Siu said, as reported by CoinDesk.
Yat Siu further reasoned that the crypto winter affected several US companies, which is why many of them steered away from web3. However, Asian companies are still keen on web3 and the enthusiasm drives them to invest; something Animoca Brands continuously shows with its further investments in the region.
Siu also stated that the development of IPs was advancing more in Asian regions. This can be attributed to the “pro-capitalist” sentiments among the investors.
“A large swath of people in the US kind of start to veer somewhat outside of capitalism. Capitalism doesn’t work for them. Whereas in Asia, a lot of people are very pro-capitalist because of their own experiences with what capitalism has brought to them” Yat Siu explained.
He even opined that the “American Dream” for web3 is much more alive in Asia than America.
Asian countries like South Korea and Japan have been significantly more accepting of web3. Looking for instance at Hong Kong’s recent plan to allow the retail sector to trade larger crypto tokens.