To promote Web3 and transform the NFT industry, cryptocurrency firm Binance tapped TikTok star Khaby Lame and soccer icon Cristiano Ronaldo.
Khaby Blade joined Binance as the company’s global ambassador. Recently, the young man exceeded Charli D’Amelio in terms of followers on TikTok.
One of Binance’s main challenges is the understanding and adoption of cryptocurrencies and Web3 in general. With Khaby Lame, who excels in the art of simplifying seemingly complicated things, the cryptocurrency company seems to have found the man for the job.
Social media expert Khaby Lame will also collaborate with Binance on signature NFT collections, increasing the potential reach of their partnership.
“Web3 has intrigued me for some time, and I jumped at the chance to partner with an industry leader like Binance because it fits perfectly with my way of operating: making complex things easy and fun for everybody ! said Khaby Lame.
This partnership is timely. Since the crypto crash, the cryptocurrency market has lost 2 trillion dollarsthe course of TerraUSD collapsed and major Web3 entities like Coinbase, Crypto.com, BlockFi and Gemini reduced their staff in anticipation of another difficult period.
“Khaby Lame has become a cultural icon and one of the world’s most entertaining content creators. We love his charm and sense of humor, and we believe he will bring relevance and trust as Web3 adoption grows,” said James Rothwell, Global Vice President of Marketing at Binance. “Before so much nuance around Web3 and misinformation in the world, it was the perfect time to call on Khaby Lame to help us debunk some misconceptions about this space. »
Binance also announced an exclusive multi-year partnership with Cristiano Ronaldo. The Portuguese star will launch several unique collections of NFTs for Binance users to purchase.
“My relationship with fans is very important to me, so the idea of bringing more experiences and unprecedented access to NFTs through this platform is something I wanted to be a part of,” said Cristiano Ronaldo. “I know the fans are going to enjoy the collection as much as I do. »
Currency conversion is an area that has long been considered to require a deeper level of explanation and understanding.
Fiat currency users often complain about how their “real world” money can be converted into crypto as well as the value of their funds. Specifically, they wonder about purchases and transactions. Vendors and their marketplaces are a key element for wider adoption of cryptocurrencies, as they represent a domain that shares extensive interaction with the general population.
Seeing prices displayed in a foreign currency deters people from doing business with many sellers. After all, price serves as a means to convey more information about a product and service, and without knowing the value associated with a foreign currency, one simply cannot infer accurate levels of information.
A relative newcomer to web3 currency conversion, CoinXC, seeks to solve this problem through an exchange rate image API (application programming interface). The API allows to embed an image in a sales forum or a blog post which will be automatically updated with the conversion rate.
Items for sale on a forum, for example, may have prices in GBP, EUR, BTC, and ETH automatically updated right next to the USD price. Ultimately, it is an exchange rate calculator as opposed to a market/investor tool. It includes all currencies, not just cryptocurrencies, so everyone can know the conversion rate and have easy access to it.
Things like conversion technology and wider market adoption will be critical for media entities and marketplaces to adopt cryptocurrencies as a more frequent form of payment. More work needs to be done to advance this understanding if Web3 is to survive and thrive.
Article translated from Forbes US – Author: Josh Wilson
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