Blockchain\u2019s rise has taken the world by storm, paving the way for new technologies where blockchain finds numerous use cases across various segments. The world is moving slowly toward Web 3, and by embracing innovations such as blockchain, it is seeking new forms of innovation and growth. Earlier, when blockchain was considered an obstacle, things have now changed, and for many organisations, it has become one of the main pillars of growth. In this blog, we will talk about how DeFi is being taken over by NFT.Before understanding what NFT is and how DeFi is affected, let\u2019s have a key understanding of what decentralized finance or DeFi is exactly. It\u2019s a kind of peer-to-peer financial exchange running on Blockchain. For inexperienced investors, however, this platform is not suitable. Platforms such as DeFi have become a remnant of the past.The modern normal of Blockchain and cryptocurrencies are NFTs. These are unique cryptographic tokens, which, unlike fungible cryptocurrencies such as Bitcoin, are mutually interchangeable. NFTs are the hope of the future owing to this non-fungible existence of tokens. While there may be many NFT applications, they are currently finding a multitude of uses in the gaming industry.From the smart contract standard- ERC-721, the idea of NFT originated. It was used for specific digital assets earlier, but it has now become central to the conversion of digital commodities into digital assets.There may be many instances of using digital content, but gaming is one of the top applications. In the gaming industry, integrating NFT means you can use one game\u2018s characters, skins and equipment, and abilities in another game. This means that the NFTs can be traded in simple terms, and in another game, you can use the tokens.Although NFT discovers many use cases and provides excellent features, an environment can not be built\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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