Web 3.0 Will Deprive Tech Giants Of Their Ultimate Power, Says Animoca Brands’ CEO

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Prominent tech critics have been vocal about the power that several tech companies have, and the co-founder of a mighty crypto behemoth just echoed that.

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Yat Sui, a leader of the Hong Kong-based Animoca Brands — which backs a number of significant crypto projects and owns The Sandbox — told Bloomberg in a report published Wednesday that his firm has invested in more than 340 firms spanning finance, gaming, and blockchain. 

He told Bloomberg that they’re aiming to disarm tech giants that are dominating the industry and return online ownership of one’s digital identities and properties back to users. He signaled that Meta, Facebook’s new parent company, and Microsoft were “digital dictatorships” without saying more in the interview.

Web3 is, in theory, the future of the internet that will live on the blockchain. Thanks to its decentralized nature, no company can take complete control.

Web3 enthusiasts argue that a decentralized online world can strip power from the tech monopolies of Web2, namely Meta, Google, Apple, and others.