NFTs have gained a massive following in the crypto and digital art scenes. That is not surprising, as these tokens are a major medium of transactions and financing. A more unexpected situation is the popularity NFTs have gained in the entertainment and arts industries. A trend that is ultimately projected to continue as Head of Binance Charity Foundation Helen Hai explains in an interview.
Binance Executive Shares Her Thoughts on NFTs
Helen Hai was interviewed regarding this NFT craze during the Paris Blockchain Week. She attempted to give insight into the trend and explain what can be expected from the relationship between NFTs and the arts in the future.
Non Fungible Tokens (NFTs), according to Helen Hai, Head of Binance Charity Foundation, are a technological motivation for artists and content providers. The advent of NFTs, according to the Binance executive, has made it easier for artists to come out, express their thoughts, and get a fair wage for their work.
She went on to cite an instance where an African NFT artist made a profit from a successful Binance NFT transaction. Using these earnings, the student proceeded to establish a school in their locality for other artists in a bid to motivate and educate them to find their own creativity.
Binance is focused on creating a safe environment for artists to thrive while utilizing blockchain technology. “We are going to try to bring more valuable content into the industry”, she said, adding that the goal is to create “long-term sustainable value.” She went on to note that Binance is aware of the fear people have of untrustworthy and shady dealers in the NFT and indeed the bigger Blockchain community. Binance is of the principle to “protect its users”, understanding that a bad experience losing their savings would discourage clients from patronizing in the future. She acknowledged that there would have to be “certain checks” in place.
NFTs Are Another Step Forward In The Blockchain Industry
Cryptocurrency is merely the initial part of blockchain technology, Helen Hai mentioned when speaking further. She went on to add that the industry still has further innovation to anticipate as a result of the introduction of NFTs and the metaverse. She stated cryptocurrencies are only “the first layer of value transfer” and expressed the belief that there is still more to be expected, of which NFTs are just one. The metaverse is another step forward in the blockchain industry, she also mentioned. She concluded her thoughts by expressing the belief that NFTs are “ a significant step forward for crypto in terms of assisting blockchain in achieving its ultimate goal of free transfer values.”
Binance continues to be the largest cryptocurrency exchange in the world, with daily trading volumes that are more than double those of its closest competitors Coinbase, Kraken, and FTX.
This Sentiment Regarding NFTs’ Importance Is A Notion Shared By Many
The advantage of having a common visual style among numerous NFTs is that, theoretically, as many of the medium’s biggest advocates will point out, their design and acquisition are naturally democratic. Even if not every NFT creator earns as much as Bored Ape Yacht Club, they all have a fair shot at sharing their work. The only barrier to access is a working knowledge of cryptocurrencies. The interchangeability of these top-selling NFTs is due, in part, to the manner in which they’re made.