NFT stands for Non Fungible Tokens. Fungible refers to something that can be exchanged with something else of the same value. A 500-rupee note has the same value as another, so it doesn't matter which one you have. This is because the currency is fungible.
Conversely, non-fungible is something that is unique and cannot be interchanged; like art pieces, land titles, and birth certificates. Before we dive deep into NFT, let us listen to this NFT song. This is not an AR Rahman song, but rather, Elon Musk’s, who had tweeted about selling his self-made animated audio song.
Many of us have been investing in crypto assets without knowing what we are getting into. We hardly know what is the essence of these assets, what do these currencies/ tokens do, how our investment gets utilized, or how to make sound investments. Most importantly, many of us who are new do not know the different use cases of a cryptocurrency — digital cash, financing, smart contracts, collectibles, and so on. We are merely placing bets based on the herd mentality, and not actually looking at it from an investment perspective.
Our last week’s post gave a brief overview of DeFi, including a few use cases, benefits, and concerns. In continuation to the last article, we will look further into the most recent improvements in DeFi, its future potential, and extensive infrastructure this week.
Here’s a 200-word summary of the detailed article following it:
By eliminating third-party processes, Bitcoin, the world’s first public blockchain, revolutionized monetary transactions. Ethereum, the second-largest blockchain, laid the groundwork for disrupting the whole financial system by providing everyone with an open financial system irrespective of their location.
Until recently, Ethereum was the undisputed powerhouse of decentralized…
As we know it today, the financial system has evolved over decades as a result of technological breakthroughs. We no longer visited bank branches for cash deposits/ withdrawals. We also transitioned from cash-based payments to digital payments. Those early morning crowds at the stock exchanges were replaced by digital traffic. The increasing acceptance of the internet has only accelerated the ascent of money.
We then had a fintech revolution. Startups noted for their tech-first strategies, such as PayPal, Robinhood, and others, provided customers with smooth access to financial systems. …