Nonfungible tokens have become popular in the arts and entertainment sector and are expected to grow bigger over the coming years.
Helen Hai, Head of Binance Charity Foundation, believes that nonfungible tokens (NFTs) are a technological inspiration for artists and content creators. She mentioned this in an interview during the Paris Blockchain Week.
According to the Binance exec, the emergence of NFTs has made it easier for artists to come out, express their ideas and earn reasonable money for their work.
She cited an example of an African NFT artist who made money from the Binance NFT marketplace. The artist went on to build a school for artists in Africa to empower more people to tap into their creativity.
Hai said Binance is focused on providing a safe environment for artists to thrive and leverage blockchain technology. She said;
“We’re going to try to bring more valuable content into the industry, something that really has a long-term sustainable value. I think behind all things people talk about, Binance is the principle to protect the users because I don’t want you to come to our platform buying something, and three months later, all your years of savings turn into zero. And then you will never want to work with our platform. That’s something we don’t want to do. If we want to provide you with a list of things, we need to at least have certain checks.”
The Binance exec added that cryptocurrency is only the first layer of blockchain tech. Thanks to the emergence of NFTs and the metaverse, the industry still has more innovation to look ahead to. She said;
“Crypto is just the first layer of transferring value, but then there are other forms. NFTs are another form. There’s going to be more – maybe in the metaverse. But I think it’s a definite upward version of crypto in terms of helping blockchain to achieve its ultimate goal of free transfer of values.”
Binance remains the largest cryptocurrency exchange globally, with a daily trading volume more than double those of its nearest competitors like Coinbase, Kraken and FTX.
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