AAX Impact Lab: Interview with Timothy Wong, Head of Impact Lab at AAX
August 24 2022 - 6:44AM
NEWSBTC
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.
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