Beryl Li Represents YGG at World Economic Forum Annual Meeting 2023
Yield Guild Games (YGG) co-founder Beryl Li represented YGG at the World Economic Forum Annual Meeting 2023 (WEF23) in Davos, Switzerland, on January 16–20, 2023, to share the potential of blockchain, tokenization, digital asset regulation, governance and value creation on a global stage. Beryl spoke on the WEF-organized panel “Tokenized Economies, Coming Alive,” where she discussed how tokenization is revolutionizing new economies and participated in the workshop “Value Creation in the Metaverse,” which explored how virtual worlds create new roles and opportunities.
She was also invited as a speaker at a youth-focused event hosted by Saudi Arabia’s Mohammed bin Salman Foundation (MISK) alongside WEF23. The panel, called “Thriving in the Orange Economy,” examined the benefits of leveraging technology to empower the creative sector.
Tokenized Economies, Coming Alive
During the panel discussion “Tokenized Economies, Coming Alive,” moderated by Michael Casey, Chief Content Officer at CoinDesk, Beryl and her co-panelists, Jirayut “Topp’’ Srupsrisopa, Group CEO of Bitkub Exchange, and Jeremy Allaire, co-founder, Chairman, and CEO of Circle, explored the potential of tokenization and how it enables almost any real-world asset to have a digital representation on a blockchain. The panel also delved into which sectors will see the greatest impact of tokenization in terms of resilience, innovation and societal benefit. This session was closely related to the ongoing work of the World Economic Forum’s Digital Currency Governance Consortium.
Beryl highlighted the gaming industry as a sector that greatly benefits from tokenization, as it allows players to have ownership of their in-game assets. “Currently, players of web2 games like Roblox are not able to own their in-game assets. However, with the advent of web3 technology, players will be able to share in the value generated by the community, leading to a more equitable distribution of wealth within the gaming community,” she said. Michael Casey commented that this intriguing model could lead to a transfer of wealth from game developers to gamers.
Touching on the significance of gaming in the world markets, Beryl and Michael also noted that there are around 3 billion gamers who spend 14% of their waking hours playing games. “You can call it real or not, but that’s a huge chunk of the digital economy. The transfer of wealth to gamers through tokenization is a fascinating model,” Michael said.
Value Creation in the Metaverse
In “Value Creation in the Metaverse,” a workshop moderated by Sanjay Nazerali, President of Global Brand at dentsu X, Beryl was joined by her co-firestarters, Yat Siu, co-founder and Executive Chairman of Animoca Brands, Eva Maydell, member of the European Parliament, and Cathy Li, Head of Media, Entertainment and Sport of the World Economic Forum (WEF) to discuss how virtual worlds create real-world value and the positive impact they can have. The group also highlighted the potential of the Metaverse as a virtual world accessible through multiple devices not limited to virtual reality (VR) and augmented reality (AR). They emphasized how the Metaverse can open up many possibilities for the creator economy, where individuals can own and monetize assets in this virtual space.
The workshop also discussed the importance of governance in addressing unique issues such as interoperability, synchronicity, cybersecurity, privacy, and accessibility within the Metaverse. The closing remarks of the workshop were given by Kelly Ommundsen, who is a member of the World Economic Forum’s Executive Committee, as well as the Chief of Staff and Head of the Global Collaboration Village.
After the workshop, participants shared their insights and remarked on how refreshing it was to learn about the ways blockchain technology is being used outside of traditional capital markets, such as in the gaming industry, where blockchain technology is being utilized to create new and innovative gaming experiences.
Thriving in the Orange Economy
Beryl also visited the Youth Majlis to speak at an event organized by the Mohammed bin Salman Foundation (MISK), a Saudi Arabia-based nonprofit that focuses on youth. During the panel discussion titled “Thriving in the Orange Economy,” with Refik Anadol, Media Artist and Studio Director at Refik Anadol Studio, Beryl shared her insights on how the creative sector can leverage digital technologies and data to optimize policymaking.
She highlighted the concept of digital ownership in web3 and how it proliferated in the creative sector during the pandemic. Beryl also noted the emergence of new roles in the creative sector of web3, such as content creators, streamers, influencers, as well as Metaverse land brokers, and professional esports players, all of which are part of the “Orange Economy” where business is rooted in unique creative ability. Beryl and her co-panelists also delved into ways in which governments and institutions can ensure fair opportunities for young people in creative fields.
Takeaways from WEF23
As a representative of YGG and web3 communities worldwide, Beryl took the stage at WEF23 in Davos to share her perspective on the potential of web3 to create a positive impact on the world. With a focus on how web3 and tokenization can drive social progress, she drew attention to the capacity of web3 games to teach the concepts of blockchain technology, as well as the upskilling opportunities offered by YGG.
Reflecting on her conversations with leaders from all over the world at WEF23, Beryl believes there is a greater need for diversity in global discourse so that thought leadership can gain a broader perspective of the world’s challenges. “Cooperation and dialogue are necessary to share knowledge among stakeholders from different backgrounds in the blockchain industry. As the industry is still new, it’s important to hear from different perspectives to have strategic conversations and find solutions as a group,” she said. Representing YGG at the WEF23 is a step towards that goal.
For more information about the World Economic Forum, visit its website.
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