Jon Jordan talks to Animoca Brands' chairman Yat Siu about the rise of memecoins, the value of Telegram and TON as a distribution platform, and how AI agents could shake everything up. [3:56] What's the state of memecoins in 2025? [6:28] "We are narrative, story-telling people - money, democracy, politics are all stories." [8:32] "The part that makes me a bit negative about memes is they are being abused by snipers." [11:02] Is PENGU a pure memecoin? Can a memecoin gain utility? [13:18] Will institutions buy memecoins? There will be memecoin ETFs. But this need narrative. [16:45] "Telegram is still the most powerful distribution platform." [20:50] "TON means that Telegram will survive [22:52] Ronin demonstrates the power of community as Axie was joined by Pixels. [23:22] "In web3, they came for the money but stayed for the social." [27:01] 'AI agents can now create tokens and pay humans to do things for it.' [28:31] How Yat deals with vampire agent IP attacks such AImonica and an AI Yat agent. [29:25] AI agents will make it easier for humans to interact with blockchains and wallets. [31:54] Yat's attitude to the AImonica AI agent project. [34:47] What's next for Mocaverse and the MOCA token? [36:15] Reputation systems don't have to just be for humans, but can be for AI agents too. [37:22] How blockchains and reputation can help student loans. [38:07] Why Animoca isn't as focused on building and investing games as it once was. [38:51] "We think NFTs are going to have a pretty big comeback in 2025."