NFTs take on DeFi? Nonfungible tokens push to be the next crypto craze
NFTs have been gaining traction in the background, but where is the industry headed? Decentralized finance has become the center of attention throughout most of 2020, sparking talk of a renewed alt season, with many believing that mass adoption of DeFi will be coming within the next three to 10 years. Nevertheless, other sectors in the space have also been gaining traction.Nonfungible tokens are a perfect example of this. An NFT is a tokenized version of an asset, digital or otherwise. They are similar to stablecoins, for example, but are used to represent nonfungible assets like artwork,....
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NFTs are taking over from where DeFi left off, and data suggests asset tokenization will dominate 2021. The last bull run of 2017 was defined by the initial coin offering craze, which took a turn for the worse with foreseeable consequences for overvalued projects that had little more than a team and a poorly written white paper. While many useful projects were able to blossom from the ICO era, including Ethereum and others, most have come and gone with the wind, leaving thousands of unwary investors holding on to worthless bags of tokens.A full market cycle later, and there’s now yet....
OKEx is expanding its decentralized finance footprint with a DeFi Hub and a marketplace for creating and selling NFTs. Global crypto exchange OKEx is ramping up its decentralized finance (DeFi) efforts with the introduction of the DeFi Hub, a decentralized digital asset ecosystem that includes a marketplace for nonfungible tokens (NFTs). According to a Sep. 2 announcement, the crypto spot and derivatives exchange launched its DeFi Hub with two initial tools, NFT Marketplace and DeFi Dashboard. The NFT Marketplace enables users to mint their own NFTs to sell with a royalty fee that is set....
Not to derail the hype train, but NFTs might not be as nonfungible as you think. Among the many offshoots produced as a bi-product of the ongoing cryptocurrency experiment, nonfungible tokens have turned out to be one of the most explosive. In a few short months, over half a billion dollars worth of NFTs changed hands, as celebrities (from lists A to Z) clamored to profit from crypto’s latest craze.But amid the rush to jump on the bandwagon, few have stopped to consider the veracity of the terminology applied to NFTs. After all, why would you stop to ponder semantics when there are....
The success of future crypto products will depend on their ability to engage both decentralized finance and nonfungible token users. With decentralized finance and nonfungible tokens seeing a meteoric rise, it’s easy to believe crypto apps are finally breaking through. But is there actually real user growth, or is it just the same influencers moving from one hyped market to the next? We sought to answer this puzzle and identify what it means for the future of innovation. So, let’s take a closer look at the growth of DeFi and NFTs.DeFi is arguably the most prevalent application of smart....
Strip Finance, a Collateralised NFT & DeFi Liquidity Protocol, is putting NFTs for better use by collateralising them for stablecoins and providing greater liquidity. A next-generation NFT platform called Strip Finance is making it possible to collateralise Non-Fungible tokens while still maintaining ownership of the assets, taking DeFi and NFTs to a whole new dimension. Created by veteran crypto entrepreneurs, Strip Finance allows users to lend their NFTs for stablecoins allowing them to attain liquidity without selling or leveraging the value of holdings to mint more NFTs. Moreover,....