๐ Coin Vote ๐
https://twitter.com/coinbureau/status/1232330564562231298
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BTC Tipjar ๐๐ป: 35YDYtYAB999JxiXQXewzLvMGX4ki2d3WL
Correction โ๏ธ: Chainlink are not ERC20 standard but 677 transfer and call. Apologies ๐๐ป
โฐ Time Stamps โฐ
0.51 Introduction
5:59 What Are Non-Fungible Tokens?
13:37 Why Non-Fungible Tokens Could Be Really Disruptive
19:31 How Do Non-Fungible Tokens Synergise With DeFi?
21:37 Conclusion
โ๏ธ ๐ Helpful Links & Sources ๐ โ๏ธ
โบ NFT market overview: https://nonfungible.com/market/history
โบ Andrew Stienwold on NFT use in collateralized loans: https://medium.com/@Andrew.Steinwold/nft-valuation-lending-borrowing-putting-non-fungible-assets-to-work-ce92c61bad50
โบ Tinlake offering NFT backed loans: https://centrifuge.io/technology/tinlake/
โบ Tinlake partnership with Maker and Paperchain: https://medium.com/paperchain/how-we-worked-with-centrifuge-and-the-maker-foundation-to-advance-60-000-worth-of-spotify-revenue-a3b6b31299aa
โบ Rocket enters NFT backed loan space: https://defirate.com/rocket-nft-loans/
โบ WAX digital asset marketplace: https://wax.io
โบ Nimiq the project that could connect NFโs with the traditional banking system: https://www.nimiq.com/
๏ฟฝ๏ฟฝ Simple Overview ๏ฟฝ๏ฟฝ
Non-fungible tokens are a hidden part of the DeFi space that no one is talking about right now. At the time of this videoโs release, NFT 7 day trading had risen to over $400 million, which was more then the sector managed to achieve in the prior three weeks. Now, thatโs some explosive growth indeed.
๏ฟฝ๏ฟฝ What Are NFTโs? ๏ฟฝ๏ฟฝ
NFTโs can be thought about as digital collectibles. They possess four core characteristics:
- They cannot be replicated.
- They cannot be counterfeited.
- You canโt print them on demand.
- They have the same ownership right and permanence guarantees as Bitcoin. However, the collectible can be personalized and unique.
๏ฟฝ๏ฟฝ Why Non-Fungible Tokens Could Be Really Disruptive ๏ฟฝ๏ฟฝ
Digital items simply donโt follow the same ownership rules of physical items. That song you listen to on Spotify or that film you watch on Netflix is rented and not owned. These platforms act like walled gardens and do not allow you to transfer value from one ecosystem to another. NFTโs could be super disruptive as they can completely change the rules for current ownership rights on the internet. They provide a way for the people to actually own and control digital assets and thatโs something that was missing before.
โ๏ธ How Can You Use Non-Fungible Tokens? โ๏ธ
Right now, the biggest use-case for NFTโs is within computer games. Look at the top four projects on nonfungible.com and youโll see they are all gaming related.
Now, gaming is a massive market with PC gaming projected to be worth more than $3.3 trillion in 2020 alone.
NFTโs could also be used to correlate the authenticity and supply of things like antiques or limited edition products. This can be done by tokenizing physical items by linking them to an NFT. Thatโs pretty useful for those that like to buy collectibles like limited edition trainers and ensure that what you are buying is the genuine item.
๏ฟฝ๏ฟฝ Non-Fungible Tokens & DeFi ๏ฟฝ๏ฟฝ
Platforms like Tinlake and Rocket are now accepting NFTโs as loan collateral in the DeFi space. Now, being able to use that special item you have earned in a game and use it to get a real-world loan is pretty cool in my book.
๏ฟฝ๏ฟฝ NFT Opportunities ๏ฟฝ๏ฟฝ
I think that NFTโs are a completely new asset class. One thing to recognize is that with any new asset class, it is those who jump in first and take the risk that get rewarded the most if things really do take off.
There are two NFT infrastructure plays that I have my eyes on right now:
Wax: Which is a digital asset marketplace for in-game items.
Nimiq: Who are set to launch a non-custodial method, called Nimiq OASIS, to get in and out of crypto or fiat in 2020. This seems like it could be an excellent way for NFT collateralized loan companies like Tinlake to offer loans paid directly into customerโs bank accounts. Even more interestingly, OASIS will support the ERC-721 and ERC-1155 standard and could provide an additional way to exchange NFTโs for Euros paid directly into your bank account.
๐ Disclaimer ๐
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.
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