Non Fungible Tokens (NFTs) have grown in popularity in the arts, technology, and entertainment industries, and are likely to continue to do so in the coming years. Non Fungible Tokens, according to Helen Hai, Head of Binance Charity Foundation, are a technological motivation for artists and content creators. She shared this in an interview during the Paris Blockchain Week.
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 gave the example of an African NFT artist who profited from the Binance NFT exchange. The artist went on to establish an African school for artists in order to encourage more individuals to express themselves creatively. Another example is a young Nigerian man (@iamrhazkid) who recently used the money from his NFTs to build his own home.
Binance, according to Hai, is committed to creating a secure environment for artists to grow while utilizing blockchain technology. She stated,
“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.”
Cryptocurrency is merely the first layer of blockchain technology, according to the Binance executive. The industry still has more innovation to look forward to thanks to the introduction of NFTs and the metaverse. She added,
“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.