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What's Next After DeFi?

The next booming factor in this digital economy would be the utilization of Non Fungible Tokens by the greater mass in the year 2021. Already the use of NFTs has increased in a constant manner and surely this will be the booming factor that pushes the crypto lovers as a whole.

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What's Next After DeFi?

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  1. Introduction At first, Bitcoin came to rule the crypto world, which is then spread as cryptocurrencies. Now, in the year 2020, the cryptocurrency world is driven by decentralized finance which made many traditional financial sectors adopt to DeFi protocols for their processing. 2020 has seen the rise of DeFi from the start of the year, to date. And now the space of DeFi is being replaced by the term called "NFT - Non-Fungible Token". This NFT is being popular among the people and experts hope that the upcoming year 2021, will be the rise of NFT.

  2. The Year of 2020 and DeFi Decentralized Finance aims to provide a permissionless, faster, and transparent ecosystem to process any kind of financial services. Already by the end of 2018, there started the waves of DeFi in crypto space, since the spread of DeFi is faster in the year 2020. There are now more than 200+ DeFi protocols on Ethereum Blockchain, 25+ DeFi Protocols on Bitcoin Blockchain, and 2 DeFi products on EOS blockchain which offers people an ecosystem to process financial processes such as Banking, Insurance, lending, borrowing, and more. The most popular DeFi protocols that are driving the cryptocurrency globe are COMPOUND, Uniswap, Aave, Maker, and more.

  3. From the recent survey, experts conclude that the potential to compete with DeFi and to bring a boom in the cryptocurrency world lies with “NFT - Non Fungible Tokens”.

  4. What is NFT? A Non-Fungible Token or NFT is a special kind of cryptographic token that represents any unique asset. These NFTs operate as verifiable proofs of authenticity and ownership inside the blockchain network. The NFTs are not interchangeable which introduces scarcity in the digital world of assets. NFTs are the building blocks of a blockchain-powered or distributed ledger powered world. These NFTs find application in several digital items and processes such as crypto gaming.The notable and first use-case of NFTs in the crypto-collectible trading card gaming.

  5. Major Use-cases of NFTs Gaming Art Identification Media & Entertainment Real Estate and more

  6. Challenges Faced in the adoption of NFTs 1. The regulations, which bridges the gap between a centralized & decentralized world. 2. The problem of infrastructure 3. Lesser user experience 4. Scalability 5. Higher Transaction Fees and more.

  7. Future of Crypto Globe with NFTs The prevalence of NFTs is longer in the crypto market, since from the test version of Cryptokitties in Oct 19, 2017. But the NFTs are getting huge attention in recent days with the largest number of active users in the blockchain related games. Until there is a space for the gaming industry to boom, the NFTs will also have a greater space to grow higher. All the blockchain-related games started integrating NFTs and thus with the adoption of blockchain technology, there will always be a booming digital world that is powered by DeFi and NFTs.

  8. Know More About What’s Next After DeFi?

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