One of the leading cryptocurrency exchange platforms, AAX recently announced the launch of AAX Impact Lab, focusing on fostering innovation in the crypto and blockchain sector. To understand more about their mission, NewsBTC caught up with Timothy Wong — Head of Impact Lab and asked him a few questions.
Q: Can you please tell us more about the AAX Impact Lab? How is it going to benefit the community?
Impact Lab is a research-partnership team within AAX dedicated to exploring and sharing the new ways digital assets are changing the world for the better. We hope to foster meaningful crypto adoption by highlighting the important social and environmental issues that this technology solves.
Q: Please elaborate on your role 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: Please shed some light on the reports created by the AAX Impact Lab. What are the different focus verticals in the crypto segment and the analysis methods implemented?
Impact Lab reports are organized by themes to systematically delve into every industry that 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. The following set of reports will be about web3 digital identities, including Soulbound tokens, decentralized social media, and the open metaverse. 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: How do you think these reports will impact innovation in the crypto industry?
Like any other technological innovation, a substantial understanding of the existing industry pain points is imperative to driving awareness and utility demand. 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. We believe that by getting to the root of problems, articulating them in a relatable voice, and showcasing concrete use-case advantages, we are able to offer readers an engaging initiation into web3.
Q: It will be great if you can provide more details about the composition of the Impact Lab team, and what they bring to the table
The Impact Lab team consists of a marketing lead with an advertising background, a research analyst/ strategist, a brand designer, a blockchain engineer, and a UIUX specialist. Collectively, the team brings a wide array of skills and perspectives to create impactful content and partnerships.
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. As such, NFTs have proven to be unprecedentedly effective in assembling like-minds and fundraising on a global scale.
Q: Based on the report, how do you think the NFT market will influence society, and the areas that could benefit from the evolution
Without a doubt, NFTs will underlie everything we own digitally and form the backbone of the future virtual 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. This means that NFTs are playing a role in helping people find a greater sense of relatedness and belonging through virtual community memberships and experiences.
Q: What are the future plans of AAX Impact Lab?
AAX Impact Lab is looking to grow not only through content publication but also through strategic partnerships. For example, AAX Impact lab has partnered with Elle to launch an Impact NFT campaign as part of their metaverse debut. This event allows public participants to encrypt and share a private message to their special someone by minting it as an NFT. The NFT can then be sent to the recipient to interact and participate. We are eager to connect with other like-minded partners who share the same values and are equally enthused about blockchain technologies.
Q: As people digging deep into the industry, what would be your suggestion to project creators, investors and consumers of decentralized ecosystems that could help create a solid, future-proof foundation for the industry?
Two frequently used slangs in crypto are BUIDL (deliberate misspelling of Build) and FUD (Fear, Uncertainty, and Doubt). We believe the best way to help the industry grow and mature is for project creators, investors, and consumers to collectively BUIDL more and FUD less.
Q: Anything else you would like to add?
To really make an impact, we must first ask ourselves how we can immediately improve the lives of everyone around us before thinking of going big. After all, web3 is a set of infrastructure tools for good ideas, and good ideas done en masse make a massive impact.