Why NFTs has overtaken Defoe As the hottest trend in blockchain

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Why NFTs has Overtaken Defoe As The Hottest
Trend in Blockchain
The growth of blockchain has taken the world by storm, and it has paved the way
for new developments where blockchain is finding multiple use cases across the
different segments. The world is slowly moving towards web 3, and it is finding
new ways of innovation and development by adopting technologies like
blockchain. Earlier when blockchain was considered a barrier the things have now
changed, and it has become one of the core pillars of growth for many
organizations. in this blog, we are going to talk about how NFT is taking over DeFi.
2

What is Defi?
Before understanding what NFT is and how it is impacting DeFi, let's have a core
understanding of what exactly is decentralized finance or DeFi. It is a kind of peer-
to-peer finance exchange that operates on Blockchain. But, this platform is not
suited for inexperienced investors. Platforms like DeFi have become the relic of
the past, and now we have new exchange tokens taking over the charge. That's
how comes the role of DFT or Non-Fungible Tokens.
3

What are NFTs or Non-Fungible Tokens?
NFTs are the new normal of Blockchain and cryptocurrencies. These are
specialized cryptographic tokens that are mutually interchangeable, unlike
cryptocurrencies like Bitcoin, which are fungible. Owing to this non-fungible nature
of tokens, NFTs are the hope of the future. While there can be many applications
of NFT, they are presently finding a multitude of uses in the gaming sector.
4

The concept of NFT emerged from the smart contract standard- ERC-721. It was
earlier used for unique digital assets, but now it has become integral for converting
digital commodities to digital assets.
There can be several use cases of digital assets, but one of the top uses lies in
gaming. Incorporating NFT in the gaming industry means you can use characters,
skins and equipment, and skills of one game into another game. It means that the
NFTs are interchangeable in simple words, and you can use the tokens in another
game.
5

While NFT finds many use cases and offers great functionality, they can't create
an ecosystem where the end-user can use the NFT to relate to digital applications.
Here comes the role of DeFi. We can integrate both these to create new
possibilities. The users can stake their NFTs and get rewards. With this, a new
ecosystem can be created, which will create a shift towards decentralization with
wider applications.
6

What's next?
Blockchain and cryptocurrencies are dynamic in nature, and we are witnessing
new developments in this domain every day. The only objective of this shift is to
create a decentralized system that runs seamlessly. Blockchain developers are
working arduously on this and are creating a safe and free system from error.
Blockchain's new changes and developments are also paving the way for the
demand for Blockchain professionals and Blockchain experts who can render their
expertise in creating a new system.
7

If you, too, are willing to make a mark for yourself in the field of Blockchain
technology, then this is the time to enroll in the Blockchain certification program
offered by Blockchain Council today.
8

Blockchain Council Certifications
You can check out our certifications, and kick start your career in the Blockchain
space today.
● Certified Blockchain Expert
● Certified Blockchain Developer
● Certified Smart Contract Developer
● Certified Solidity Developer
● Certified Ethereum Developer
9

THANK YOU!
Any questions?
You can mail us at
hello@blockchain-council.org
Copyright © Blockchain Council www.blockchain-council.org 10

Why NFTs has overtaken Defoe As the hottest trend in blockchain

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Why NFTs has overtaken Defoe As the hottest trend in blockchain