One of the main cryptocurrency trade platforms, AAX just lately introduced the launch of AAX Impact Lab, specializing in fostering innovation within the crypto and blockchain sector. To perceive extra about their mission, NewsBTC caught up with Timothy Wong — Head of Impact Lab and requested him just a few questions.
Q: Can you please inform us extra in regards to the AAX Impact Lab? How is it going to learn the group?
Impact Lab is a research-partnership staff inside AAX devoted to exploring and sharing the brand new methods digital property are altering the world for the higher. We hope to foster significant crypto adoption by highlighting the essential social and environmental points that this expertise solves.
Q: Please elaborate in your position within the AAX Impact Lab initiative
I’m at the moment the Head of Impact Lab for AAX, main the analysis and improvement staff to deliver influence investing and sustainability consciousness to the digital asset house by means of partnerships and collaborations with manufacturers throughout the business.
Q: Please shed some mild on the studies created by the AAX Impact Lab. What are the completely different focus verticals within the crypto section and the evaluation strategies applied?
Impact Lab studies are organized by themes to systematically delve into each business that crypto is disrupting. The first three analysis studies, for instance, will probably be investigating the completely different use-cases of NFTs – Impact/ philanthropic NFTs, profile-picture NFT communities, and Music NFTs – and the important thing humanitarian points they resolve. The following set of studies will probably be about web3 digital identities, together with Soulbound tokens, decentralized social media, and the open metaverse. As lots of the ideas in web3 are nonetheless new and experimental, Impact Lab’s studies are consequently extra explorative than analytical in nature.
Q: How do you assume these studies will influence innovation within the crypto business?
Like some other technological innovation, a considerable understanding of the prevailing business ache factors is crucial to driving consciousness and utility demand. This is why Impact Lab’s studies take a particular effort in clarifying misunderstandings/articulating systemic inefficiencies earlier than going into the brand new business purposes with crypto. We consider that by attending to the foundation of issues, articulating them in a relatable voice, and showcasing concrete use-case benefits, we’re capable of supply readers a fascinating initiation into web3.
Q: It will probably be nice in the event you can present extra particulars in regards to the composition of Impact Lab staff, and what they create to the desk
Impact Lab staff consists of a advertising lead with an promoting background, a analysis analyst/ strategist, a model designer, a blockchain engineer, and a UIUX specialist. Collectively, the staff brings a big selection of expertise and views to create impactful content material and partnerships.
Q: Would you wish to current the important thing findings of the most recent “Impact of NFT Communities” report back to our readers?
The key thought behind the most recent “Impact of NFT Communities” report is that NFTs are way more than profile footage. They are, actually, identification memberships to manufacturers which can be leveraging web3 applied sciences to encourage and unite fanatics behind essential causes, akin to girls’s illustration, empowerment, and psychological well being consciousness. As such, NFTs have confirmed to be unprecedentedly efficient in assembling like-minds and fundraising on a worldwide scale.
Q: Based on the report, how do you assume the NFT market will affect society, and the areas that might profit from the evolution
Without a doubt, NFTs will underlie every part we personal digitally and kind the spine of the longer term digital financial system. Moreover, digital communities shaped over profile-picture NFTs will play an growing position in many individuals’s lives as they spend extra of their lives on-line, permitting extra folks to discover a group that they’re captivated with and are invested in. This signifies that NFTs are taking part in a job in serving to folks discover a larger sense of relatedness and belonging by means of digital group memberships and experiences.
Q: What are the longer term plans of AAX Impact Lab?
AAX Impact Lab is trying to develop not solely by means of content material publication but additionally by means of strategic partnerships. For instance, AAX Impact lab has partnered with Elle to launch an Impact NFT marketing campaign as a part of their metaverse debut. This occasion permits public contributors to encrypt and share a non-public message to their particular somebody by minting it as an NFT. The NFT can then be despatched to the recipient to work together and take part. We are keen to attach with different like-minded companions who share the identical values and are equally enthused about blockchain applied sciences.
Q: As folks digging deep into the business, what can be your suggestion to mission creators, buyers and customers of decentralized ecosystems that might assist create a stable, future-proof basis for the business?
Two often used slangs in crypto are BUIDL (deliberate misspelling of Build) and FUD (Fear, Uncertainty, and Doubt). We consider the easiest way to assist the business develop and mature is for mission creators, buyers, and customers to collectively BUIDL extra and FUD much less.
Q: Anything else you want to add?
To actually make an influence, we should first ask ourselves how we will instantly enhance the lives of everybody round us earlier than pondering of going large. After all, web3 is a set of infrastructure instruments for good concepts, and good concepts executed en masse make an enormous influence.