Articles16 August 2021

NFTs: 2021 hype & beyond <Part 5 (final)

Since 2020, an advantage to combine the pros of NFT technology with the functionality of decentralized finance has appeared. For example, in the Aavegotchi game, each character is the user’s collateral stored on the Aave lending platform, on NIFTEX it is possible to borrow and lend NFTs, to maintain fractional ownership, on NFTfi non-fungible tokens can be used as collateral when obtaining a loan. And these are just a couple of examples.

Thanks to Berners-Lee’s original invention, the sky is the limit for imaginative representation forms of digital content as well as for non-fungible tokens’ use cases. NFTs are present in fashion, art, photography, finance, etc.

Today, the NFTs ecosystem continues to evolve and thrive. Many of the projects listed above have been successfully using blockchain technology for a long time, already have a significant base of creative human capital, collectors, and a loyal audience.

At the same time, more and more content creators are discovering the possibilities of monetizing their creativity. Blockchain technologies and NFTs are gradually being recognized by influencers and major players in related fields. The masses are consistently showing interest in this area. According to the NonFungible, from 10 to 20 thousand people per week are interested in buying NFT. Projects based on beautiful and original ideas constantly appear, opening up new possibilities for using the technology of non-fungible tokens at the boundaries of sciences and industries.

After the boom in early 2021, one thing remains clear, the once-seemingly niche ecosystem of NFTs has forever emerged from the underground of small crypto communities, becoming an equal player in the world of finance, art, games, and many other leading creative industries.

Alexandra Shilina
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