Prominent online entrepreneur and founder of blockchain-centric gaming company Anomica Brands, Yat Siu, has compared the impact of non-expendable cryptographic tokens (NFT) to the advancement of property rights in early Europe.
Speaking to Cointelegraph, Yat Siu compared the established gaming industry to the feudal kingdoms, where „all the profits flow to the lords and kings [who] get everything, and the peasants and serfs […] essentially rent out the land.
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„When the Black Death occurred, all these people died in Europe […] and the birth of the Renaissance was only possible because these nobles began to die, […] and there were not enough people to do the job, and suddenly the economy had to be rebalanced [and] different incentives given,“ he continued.
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Despite the serious disruption of the social order, Yat Siu claims that in the post-plague era there was a „massive growth“ as the class of former serfs dedicated themselves to the progress of society, resulting in higher overall performance.
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„Now, we spend so much time in these virtual worlds, in many cases, more than we do in the real world, especially because of COVID-19, that it’s really time for a little revolution in games, like we had with the French Revolution during the Renaissance,“ he added.
„But that shake-up can … open up this whole new dimension of property rights essentially for a class of virtual assets that wasn’t possible before.
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„It was property rights, in the real world, that really created this economic, capitalist and democratic boom, and that is missing in the virtual world,“ said the entrepreneur.
„We’ve seen that obviously a little bit with Bitcoin in terms of currencies, we haven’t seen this ownership of virtual assets yet, and that’s why we’re so excited about NFT and blockchain games.