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The boom of crypto has caused tons of investment options for people. After all, there are over 4,000 types of cryptocurrencies in existence so far in 2021, most of which are either worthless or are bound to fail soon.
Since its boom, these non-fungible tokens have become underutilized, more often than not, lying idle in wallets until they are resold. NFTs, generally speaking, are on their way to mass adoption. However, their perceived value remains disconnected from their practical value.
NFTs describe unique cryptographic tokens which are considered valuable because of their security and scarcity. No two NFTs are the same. Together with the decentralized financial products, NFTs can lead to the creation of unique financial services.
Potential use cases for this sort of technological innovation consists of investments, NTF-backed loans, liquidity mining, or in-game currencies. There are truly unlimited concepts for combining NFTs and decentralized finance (DeFi), much like people discussed the possibilities a few years ago when it came to cryptocurrencies and blockchain use cases. With NFTs, we will just have to wait and see what cool projects will appear soon.
Some of the projects working in this field are:
PawnSpace: It is a decentralized NFT collateralized lending protocol, that allows you to put your NFTs as collateral for borrowing loans.
NFT is going to go bigger in the future because of the nature of the token as well as the potential it has when it comes to DeFi investments. With the world moving closer to becoming full of digital-native objects, NFTs are also predicted to resolve the question of ownership, for once and for all.
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