FUTURE OF MONEY (NFT, DEFI & BANKS)

FUTURE OF MONEY (NFT, DEFI & BANKS) Hosted by Jaskirat Lamba, Co-Hosted by Aryan Kochhar & Sejal Sud

NFT (Non-Fungible Tokens):
NFT or Non-Fungible Tokens are not just about selling and buying digital artwork. They have a widespread set of real-world use cases as fashion brands and corporate companies are beginning to promote themselves by distributing their NFTs. From social media posts (remember Jack Dorsey's first tweet that sold for $2.9 million?) to celebrity assets, NFTs are the way to trade all of these items while retaining the original authorship of the product. NFTs have given gaming platforms a new lease of life as players have started to “play to earn”. Today, games can help users earn NFTs that can be traded on marketplaces for higher prices. NFTs overlap with Metaverse in their use cases. Gaming assets in the Metaverse case be traded as NFTs with the help of Metaverse coins.

DeFi (Decentralised Finance):
In order to use the Metaverse coins or tokens, you'll first have to buy them. You can do it by going through a loop of fiat currencies and bank intermediaries. But that'll spoil the whole point of a decentralised trading mechanism. That's when decentralised finance or DeFi comes to play. Through DeFi networks, you can easily buy or sell your Metaverse tokens using smart contracts, P2P transactions, and more.

All the components — Metaverse, NFT, and DeFi — operate over the blockchain. (Source: ndtv.com)

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