Binance Claims NFT Technology Seeks New UsesKiana Griffin
Last week, Helen Hai of Binance spoke about why NFT still has room to grow and what obstacles may lie ahead.
The Paris Blockchain Week Summit recently ended, where NFT Head Helen High said that NFT is “a technology that is still in the application development stage.” Today, NFTs are finding their way into the entertainment, art, and music industries. But the representative of one of the largest cryptocurrency exchanges admits that NFT still has a lot ahead.
Binance believes that the NFT space is still growing, no matter how many different NFT-based products have emerged. This year has already surprised us with how huge corporations register NFT-related trademarks or how many enthusiasts organize NFT-related events. Currently, the main areas of application, as Hui suggests, are art and music. For artists, she notes, this is a chance for new talent to enter the market without the need for galleries and curators to approve their work. As for musicians, NFTs provide complete financial independence from unscrupulous labels.
Helen High stated that she saw a positive application of NFTs in the real estate industry. But this does not apply to the metaverses, as many people think, but to the real world. NFTs offer greater “timing efficiency and reliability” in real estate and transaction processing, which creates more value. The concept of a blockchain-powered real estate industry can simplify a lot. If every home were equipped with NFT technology, then the transaction would be completed in a matter of minutes, and would not be delayed for several months. However, the challenge Hai faces in implementing blockchain in the real estate industry is related to the common problem of cryptocurrencies – regulation and traditional adoption:
“What will happen to the traditional industry if NFTs take over the real estate market?”
Another problem is the inability of traditional industries to adopt new technologies . This is mainly due to those industries where there is not a large percentage of young professionals in leadership positions. There is also the issue of regulation. This became the main topic of the last summit. Hai believes that the solution to NFT and blockchain progress lies in improved communication, not regulation:
“Regulation is a one-sided thing. And that’s not what we need. We need better two-way communication. You set a rule that you don’t understand and start regulating. If you don’t communicate with each other, it will never work.”
The problem of implementing NFT is still relevant. Many people still do not know how to get into the world of cryptocurrencies. They are also concerned about the security of many platforms. People don’t know who to trust. It is for this reason that Binance puts a lot of emphasis on education:
“Our cardinal principle at Binance is how we can put users first.”