NFTs represent 'technological Renaissance' in art, Binance exec says

Binance's head of non-fungible tokens (NFT) and fan tokens, Helen Hai, said today that the exchange is looking to offer courses to empower women to make money from NFTs.

In an on-stage conversation at the Money 20/20 conference in Amsterdam, Hai spoke about the benefits of blockchain for removing intermediaries in the art world and beyond. She said that the ultimate goal for NFTs is a "technological Renaissance” in art.

She said that the answer to the question of whether a technology has value or not is whether it solves real-world problems.

"Tech should be a tool to bring value," she added. "Anyone with our platform can become an artist."

The comments come as the exchange giant pushes into the world of NFTs with its own marketplace. When the exchange announced the launch back in April, a Binance spokesperson told The Block that it was a "strategic move" as it supports the "fundamental value and potential of NFT application in the long run." 

At the time, Binance said the NFT platform will offer two main features: "Premium events" and trading. Premium events will allow creators to exhibit and auction their work on the platform.

Binance said it would charge 10% fees for these events, and 90% of the proceeds would go to the creators as profit.