Helen Hai Explores the Future of NFTs and Regulation at Paris Blockchain Week

A Candid Conversation on NFTs

At the bustling Paris Blockchain Week Summit, Cointelegraph’s managing editor, Alex Cohen, had the pleasure of chatting with Helen Hai, who heads Binance’s NFT platform. Their discussion ranged from early inspirations for Binance’s NFT marketplace to how Web3 can bridge economic disparities in our digital world.

The Birth of the Binance NFT Marketplace

Hai shared that the NFT marketplace, launched in June of last year, aimed to tap into the excitement surrounding digital collectibles. By the beginning of 2022, Binance had registered an impressive 2.5 million NFTs with over 1,000 creators. It was a bold step into what they believed was an impending artistic renaissance.

The Vision Behind It

According to Hai, the driving philosophy behind their marketplace is a practical one: “For us, it’s very much 2% strategy and 98% implementation.” She alluded to Binance’s founder, Changpeng Zhao (CZ), who promotes a culture of experimentation. “Helen, why don’t you just try it and you’ll prove yourself,” she recalls him saying. And try they did!

Web3: A Solution for Societal Imbalances

During the interview, Hai touched upon a pressing issue: the widening digital-economic divide intensified by the internet era (Web2). She emphasized that Web3 could offer a remedy. “This imbalance could be re-established through the usage of Web3 technologies,” she stated, projecting hope for future equality.

Building Bridges with Regulators

Communicating with regulators is another critical topic Hai championed. “Currently, regulation is very much a one-way thing,” she said, advocating for a two-way conversation where the crypto sector can share successes and identify areas for improvement. Hai emphasized the need for regulators to understand the crypto landscape better and how their policies can protect users while fostering innovation.

A Lesson from Traditional Finance

In her conversations with senior banking officials in Dubai, Hai recognized the limitations of traditional banking compared to the flexibility of crypto. She argues that as finance professionals transition from traditional sectors to crypto, it could improve mutual understanding and refine regulatory measures.

Encouraging Female Leadership in Web3

Hai did not shy away from stressing the importance of female leadership in the Web3 ecosystem. By cultivating diverse voices and perspectives, the industry can thrive creatively and effectively. “We need to lead the charge and inspire more women to step into these roles,” she stated, clearly passionate about paving the way.

Conclusion: Optimism for the Future

As the conversation wrapped up, Hai conveyed a sense of optimism. While challenges abound in the rapidly evolving world of NFTs and crypto regulation, constructive dialogue and innovative thinking could chart a brighter course for all involved.