What are NFTs and Defi?

In the area of blockchain tech, decentralized finance and non-fungible tokens are now two prominent use cases. NFTs enable asset tokenization, and DeFi provides decentralised access to financial services. Increasingly industries are considering the possibility of using an NFT-DeFi combo to benefit businesses.

Are NFTS a value beyond pure collectibility?

NFTs can have value beyond pure collectibility. NFTs represent unique assets. We can take non-fungible financial products and tokenize them for use in the DeFi world. DeFi projects have already begun implementing NFTs in staking pools, governance, and loan collateralization. There's more to NFTs than collectible artworks and creations.

Are NFTS the future of decentralized finance?

When it comes to DeFi, NFTs can unlock even more potential for decentralized finance. Currently in DeFi, the vast majority of DeFi lending protocols are collateralized. One of the most interesting ideas is to use NFTs as collateral.

What are NFTS (non-fungible tokens)?

Okay, so let’s start with what NFTs actually are. NFTs stand for non-fungible tokens and they are one of the types of cryptographic tokens that can represent ownership of digitally scarce goods such as pieces of art or collectibles. “Non-fungible” is not a very popular word so let’s see what it really means.