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Here’s why the Binance NFT platform is successful

Less than a year since its launch, Binance’s NFT Marketplace has quickly grown into one of the leading NFT trading platforms globally, boasting over a million users. That’s even with Binance’s swastika gaffe. Here’s why. 

How to Build a Successful NFT Platform In Months 

In June 2021, Binance launched its non-fungible token (NFT) marketplace. The idea was to capitalize on the mainstream euphoria surrounding digital assets and collectibles. 2.5 million NFTs and over 1000 creators later, that idea has grown into a huge success and made Binance a global NFT trading powerhouse. 

During a recent interview at the two-day Paris Blockchain Week Summit (PBWS), the head of Binance’s NFT platform, Helen Hai, discussed the early inspiration for the NFT platform, her vision for regulatory communications, and other related topics.

According to Helen, the platform’s initial inspiration stemmed from the potential of an artistic renaissance through blockchain technology. 

“Six months down the line, we have accumulated millions of users and have innovated the mystery box and the gaming industry’s initial game offering (IGO) model. We’re still in the learning stage, but we’re working with our users every day on how we can help creators to get more connected with them.”

“For us, it’s very much 2% strategy and 98% implementation,” she said when speaking of the company’s optimistic value of idea creation and their learn-as-you-go deployment style. 

Helen stated that the platform’s success is partly due to the empowering support of Binance founder and CEO Chaopeng Zhao, known as CZ.

“CZ really empowers leaders like myself. If I have a good idea, he says, Helen, why don’t you just try it, and you’ll prove yourself.”

Bridging the Gap through Web3

During the second industrial revolution, the Asian economy capitalized on the existing growth potential by prioritizing job creation for the lower and middle classes.

Although the internet era – typically referenced as Web2 – contributed significantly to widening digital economic disparities between different societal groups, Hai stated that this previous phenomenon could also be re-established through Web3 technologies

Hai had this to say, on the prospect of engaging in constructive, open dialogue with regulators in the crypto and NFT space and on the possible hurdles of education literacy and government advocacy. 

“We need to get people in the crypto industry to find a good way to communicate everything we’ve done well and the things we need to improve to the regulators, and the regulators should also learn what is happening, what is actually achieving values and how they can use regulations to protect the users.”

A Sign of Greater Things to Come 

If we learned one thing from Helen Hai’s interview at the Paris Blockchain Week Summit (PBWS), it’s that, more than anything; a team of individuals who have total belief in you is an underrated aspect of building a successful business. CZ’s unwavering faith in Helen gave her all the ammunition she needed, and the success of Binance’s NFT Marketplace is proof.

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Musa
Musa is a content creator, student, and founder of Equatif.com He is interested in the creation of thought-provoking pieces about digital technology. When he’s not working on Equatif, he’s volunteering across West Africa to bring about social change. He’s most passionate about SDG 4.

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