Thread by @ysiu

1/ This has been the mission of @animocabrands to deliver true digital property rights which #NFTs make possible since 2018. To elaborate on just why property rights are so important to the construction of any society (including the #openmetaverse) a🧵👇

https://twitter.com/AndrewSteinwold/status/1471842622616469507

2/ Property rights means you have the ability to truly own your assets and are free to do as you please, a concept that was not truly possible in the digital world before something we discussed on @CNBCi earlier this year #NFTs

https://twitter.com/CNBCi/status/1374979360982097926

3/ Gamers already spend billions of dollars on virtual goods they do not own and the implications for delivery true digital property rights to gamers is one of the main reasons we focused on #gaming with #NFTs so early on ysiu.medium.com/on-delivering-…

4/ Societies and countries where you cannot own property or such property rights are unstable have significantly lower GDPC like North Korea, Somalia - there is a clear correlation, better property rights means generally better economic activity theglobaleconomy.com/rankings/herit…

5/ The true metaverse functions much the same way which is why we insist that for the metaverse to deliver its promise it begins with true digital property rights as the paradigm where we can truly benefit from owning our data #openmetaverse

https://twitter.com/ysiu/status/1439775173096337409?s=20

6/ Economic potential is significantly lower in rental economies. Gaming has a 100b rental economy powered by an average 1.5-2% conversion rate, as we go from rental to ownership the space will grow into the trillions forkast.news/atari-yat-siu-…

7/ Private property rights is the foundation of capitalism which is built on the exchange of goods and services between different parties. What would the value of your house be if you could not rightfully own it? hoover.org/research/right…

8/ Private property rights permits you to innovate and create new industries/business on top of the foundation of others creating new value eg. @Uber (and many other industries) could not exist without private car ownership meaning that ownership of cars is itself a platform

9/ #NFTs represent this in the digital context and the metaverse as content creators become asset creators and as a result their own platforms ie. content is the platform ysiu.medium.com/the-content-is…

10/ .@TheSandboxGame is an early example how the ownership of virtual land can become a platform for creators, developers and financiers much like the real world eg. like @Indexgamehk #openmetaverse #nft scmp.com/tech/big-tech/…

11/ The threat to digital property rights in the #openmetaverse will come from the digital kingdoms who derive their power and influence by owning our digital property and fully control our digital lives and freedoms - they will resist this change

https://twitter.com/ysiu/status/1454430314395099142

12/ A perfect but unfortunately typical illustration of what happens inside those digital kingdoms where an instagram influencer thought she owned the metaverse handle for almost 10 years and then had it removed arbitrarily because she did not truly own it cnbctv18.com/technology/fac…

13/ It is truly an exciting time for the entire #openmetaverse and the growth of entirely new digital societies underpinned by true digital property rights and @animocabrands & family goal is to make this a reality (attached one of our original opening slide) #blockchain #wagmi