AAX, one of the most popular cryptocurrency exchanges, recently launched AAX Impact Lab. This lab focuses on fostering innovation within the blockchain and crypto sector. To understand more about their mission, NewsBTC caught up with Timothy Wong — Head of Impact Lab and asked him a few questions.
Q: Please tell us more information about the AAX Impact Lab. Is it going to be a benefit for the community and how?
Impact Lab is a AAX research-partnership group that explores and shares the ways in which digital assets are making a difference. By highlighting important environmental and social issues, we hope to encourage meaningful adoption of crypto.
Q: Can you elaborate on what your role is in the AAX Impact Lab initiative?
I’m currently the Head of Impact Lab for AAX, leading the research and development team to bring impact investing and sustainability awareness to the digital asset space through partnerships and collaborations with brands across the industry.
Q: Could you please clarify the reports produced by the AAX Impact Lab? Which focus verticals are there in crypto? What analysis techniques were used to determine them?
Impact Lab reports have been organized according to themes that allow for systematic investigation of every industry crypto is disrupting. The first three research reports, for example, will be investigating the different use-cases of NFTs – Impact/ philanthropic NFTs, profile-picture NFT communities, and Music NFTs – and the key humanitarian issues they solve. Next, the reports will focus on web3 digital identities including Soulbound tokens and decentralized social media. As many of the concepts in web3 are still new and experimental, Impact Lab’s reports are consequently more explorative than analytical in nature.
Q: Do you feel these reports will affect innovation in crypto?
It is essential to understand the current industry problems and how they can be addressed in order for awareness and utility demand to grow. This is why Impact Lab’s reports take a special effort in clarifying misunderstandings/articulating systemic inefficiencies before going into the new industry applications with crypto. By getting at the core of the problem, communicating them in an accessible voice, and showing concrete uses-case benefits, Impact Lab is able to provide readers with an engaging introduction to web3.
Q: Please tell us more about the Impact Lab team. What do they bring?
One member of the Impact Lab team is a market lead from advertising, while another has a background in research and strategy. The brand designer, UIUX specialist, and an analyst/ strategist are all part of the marketing team at Impact Lab. The team has a diverse range of perspectives and skills to help create engaging content and partnership opportunities.
Q: Would you like to present the key findings of the latest “Impact of NFT Communities” report to our readers?
The key idea behind the latest “Impact of NFT Communities” report is that NFTs are much more than profile pictures. They are, in fact, identity memberships to brands that are leveraging web3 technologies to inspire and unite enthusiasts behind important causes, such as women’s representation, empowerment, and mental health awareness. NFTs are a powerful way to bring together like-minded people and raise funds on a worldwide scale.
Q: Based upon the report, what do you believe the NFT market is doing to society and which areas could be benefited from its evolution?
NFTs, which will be central to everything that we have digitally, are without a doubt the foundation for the future online economy. Moreover, digital communities formed over profile-picture NFTs will play an increasing role in many people’s lives as they spend more of their lives online, allowing more people to find a community that they’re passionate about and are invested in. NFTs can help people connect and feel connected through the sharing of experiences and community members.
Q: What future plans does AAX Impact Lab have?
AAX Impact Lab wants to expand beyond content publishing. They also seek strategic partnerships. AAX Impact Lab has teamed up with Elle in order to create an Impact NFT campaign. This is part of the lab’s metaverse debut. Public participants can use this event to send a message encrypted and shared to their loved ones by creating an NFT. To allow the receiver to participate and interact, they can send an NFT. We would love to network with like-minded partners, who have the same beliefs and share the same enthusiasm about blockchain technology.
Q: What would you suggest to investors, project creators and users of decentralized ecosystems who are looking for a foundation that will be strong in the future?
In crypto, two commonly used terms are: FUD (Fear and Uncertainty and Doubt), and BUIDL, which is a deliberate misspelling for Build. Our belief is that the industry can only grow and mature if project creators and investors work together to BUIDL less and FUD more.
Q: Do you have any other ideas?
Before we think about going large, it is important to first consider how we can make a difference in the lives of those around us. Web3 provides infrastructure for great ideas. Good ideas can make huge impacts when they are shared in masse.