DeFi: Leading To A 2021 NFT Explosion
There is little doubt that DeFi was the story in cryptocurrency for 2020. While not getting the same publicity, NFTs had a very good year also.
In this video I discuss how both are actually linked. The innovation in DeFi is leading to an advancement in NFTs. By fractionalizing digitized assets represented by a NFT, DeFi allows for the pieces to be collateralized for loans.
This all ties into creating layers of value built upon themselves.
▶️ 3Speak
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Interesting, I never thought of fractionizing NFTs and linking them together to loans. The idea and process still have to be flushed out to make a easy process. A general user would want a stream line approach and not anything complicated. I hope to see what happens in a year as well.
Certainly we need to see a great deal more infrastructure to be developed. However, the idea is in place and is being done to some degree.
We will see more progress in 2021 which will lead to greater adoption.
I sense this is just the tip of the iceberg in terms of innovation.
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NFT is the new tokenization gamification and simply transposing things from reality into a digitized form. Even art moved now into the blockchain and is not just static as the traditional one is, but can have code behind, mind other form of art and so own. We might be on the verge of AI art generated with the help of blockchain, so it is quite amazing what is happening in the space.
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Summary:
In this video, Task discusses the NFT (Non-Fungible Token) market and its relation to DeFi (Decentralized Finance). He explains how the emergence of NFTs is linked to the expansion of DeFi platforms, with both innovations complementing each other. Task explores the concept of fractionalized NFTs, their value based on market pricing, and their potential use as collateral in DeFi lending platforms. He delves into the possibilities of NFTs representing real-world assets like receivables, sports contracts, or art, and the implications of merging NFT innovations with DeFi advancements. Task emphasizes the exponential growth potential in creating digital assets through NFTs and highlights the role of smart contracts in streamlining tokenized assets for diverse applications.
Detailed Article:
The video delves into the intriguing world of Non-Fungible Tokens (NFTs) and their interconnectedness with DeFi (Decentralized Finance). Task explains that the rise of NFTs is intricately tied to the significant growth of DeFi platforms, illustrating how innovations in one sector can catalyze advancements in another. He emphasizes the importance of understanding the sequential development of technologies to facilitate their successful integration.
Task highlights the evolution of DeFi platforms, noting the influx of capital that propelled the sector's growth and the subsequent emergence of open-source software that can be customized for various purposes. He discusses the layered structure of the crypto space, starting from tokens and exchanges to lending platforms and collateral, leading to the establishment of a decentralized financial ecosystem.
The discussion shifts towards the concept of NFTs, initially popular for representing artwork and in-game assets. Task explains how innovators harnessed the developments in DeFi to merge fractionalized NFTs with trading platforms, expanding the possibilities for asset representation and exchange within the crypto space.
Furthermore, Task explores the potential applications of NFTs beyond art, suggesting their utilization in real-world assets like receivables, sports contracts, or collectibles. He elaborates on the concept of tokenizing streams of payments through smart contracts, illustrating a pathway to create digital assets with tangible value and continuous income streams.
The video underscores the interconnected nature of NFTs and DeFi, projecting a future where these innovations converge to unlock new avenues for digital asset creation and financial opportunities. Task concludes with a forward-looking perspective, anticipating significant growth and innovation in the NFT space in the coming year, hinting at the transformative impact of these technologies on the financial landscape.