Alex Cohen, Cointelegraph’s managing editor, sat down with Helen Hai, head of Binance’s NFT platform, for a candid discussion on the early inspirations for their NFT platform, as well as her vision for regulatory communication, among other topics, while attending and reporting from the two-day Paris Blockchain Week Summit (PBWS).
Hai stated that the internet era—commonly referred to as Web2—was a contributing factor in the widening of digital-economic disparities between various societal groups, citing the methods by which the Asian economy capitalized on the growth potential of the second industrial revolution by driving job creation for the lower and middle classes.
Binance to use the new plan
During the interview, Hai discussed how Web3 technologies can help restore this imbalance, as well as provide insight into the early stages of Binance’s NFT marketplace, the importance of cultivating reciprocal relationships with regulators in policymaking, and the importance of female leadership in the Web3 ecosystem.
Binance started its nonfungible token (NFT) marketplace in June of last year in an attempt to cash in on the growing interest in digital collectibles, registering 2.5 million NFTs and over 1,000 producers by the end of 2022.
Artistic revival with blockchain
Hai explained that the platform’s first inspiration came from the possibility of an artistic revival with the help of blockchain technology, praising their hopeful values of idea generation and deployment-as-you-go.
“It’s very much a 2% strategy and 98 percent implementation for us.” Changpeng Zhao, the company’s founder, and CEO is quoted as saying, “CZ genuinely empowers leaders, including me.” He adds to Helen, “If I have a good idea, why don’t you just do it and prove yourself.”
“After six months, we’ve amassed millions of users and pioneered the mystery box and initial game offering (IGO) models for the gaming industry.” We’re still learning, but we’re working with our users every day to see how we can assist creators connect with their audiences.”
Optimism of dialogue
Hai expressed her optimism for the prospect of engaging in constructive, open dialogue with regulators in the crypto and NFT space, as well as the potential obstacles to education literacy and governmental advocacy, saying that she is “very positive,” but that “regulation is very much a one-way thing” right now and should evolve into a “two-way communication” system.
“We need to get people in the crypto industry to figure out a good way to communicate to regulators everything we’ve done well and what we need to improve on, and regulators should learn what’s going on, what’s actually achieving values, and how they can use regulations to protect users,” says the author.
Binance and Dubai officials’ discussion
Conversations with senior banking officials in Dubai delighted Hai, who empathized with her concerns about the banking industry’s strict financial limits in comparison to the crypto industry. She stated that the growing trend of jobs in crypto from traditional banking and government offices should help bridge the comprehension gap and drive more adoption.