10 months ago

#WAX #gaming #crypto
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⏰ Time Stamps ⏰

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

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⛓️ 🔗 Helpful Links & Sources 🔗 ⛓️

► NFT market overview: https://nonfungible.com/market/history
► Andrew Steinwold on NFT use in collateralized loans: https://medium.com/@Andrew.Steinwold/nft-valuation-lending-borrowing-putting-non-fungible-assets-to-work-ce92c61bad50
► 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
► Rocket enters NFT backed loan space: https://defirate.com/rocket-nft-loans/
► WAX digital asset marketplace: https://wax.io
► Nimiq the project that could connect NF’s with the traditional banking system: https://www.nimiq.com/

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📝 Simple Overview 📝

Non-fungible tokens are a hidden part of the DeFi space that no one is talking about right now. At the time of this video’s 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, that’s some explosive growth indeed.

💰 What Are NFT’s? 💰

NFT’s can be thought about as digital collectibles. They possess four core characteristics:

- They cannot be replicated.
- They cannot be counterfeited.
- You can’t print them on demand.
- They have the same ownership right and permanence guarantees as Bitcoin. However, the collectible can be personalized and unique.

💥 Why Non-Fungible Tokens Could Be Really Disruptive 💥

Digital items simply don’t 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. NFT’s 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 that’s something that was missing before.

⁉️ How Can You Use Non-Fungible Tokens? ⁉️

Right now, the biggest use-case for NFT’s is within computer games. Look at the top four projects on nonfungible.com and you’ll 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.

NFT’s 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. That’s pretty useful for those that like to buy collectibles like limited edition trainers and ensure that what you are buying is the genuine item.

💸 Non-Fungible Tokens & DeFi 💸

Platforms like Tinlake and Rocket are now accepting NFT’s 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.

🔮 NFT Opportunities 🔮

I think that NFT’s 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 customer’s bank accounts. Even more interestingly, OASIS will support the ERC-721 and ERC-1155 standard and could provide an additional way to exchange NFT’s for Euros paid directly into your bank account.

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📜 Disclaimer 📜

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.

#Ethereum #crypto #tokens #Decentraland #WAX #blockchain #gaming #review

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