The crypto industry has experienced tremendous growth in the past two years. Crypto is on its way to the mainstream as it presents multiple use-cases. NFTs, Metaverse, and DeFi are three of the most popular cryoto phenomena that have emerged in recent years.
For a long time, virtual reality, digital art, and FinTech goods have been available. However, very little of this was generated by the general public and was largely supported by centralized agencies. New cryptocurrency use cases are projected to become the foundation of Web 3.0.
As NFT and Defi are adopted worldwide acceptance, we may see improved control of content in the near future. This would imply that artists would be in control of their services, that cross-border financial transactions would be transparent, and that virtual markets similar to those found in the real world would be developed.
NFTs or Non-Fungible Tokens
NFTs allow the artist to be the complete owner of the art, facilitating cross-border transactions across digital marketplaces. Furthermore, as they create a unique imprint, two NFTs with similar properties cannot exist. This adds to the rarity of NFTs, making them an ideal fit for artists.
Metaverse for Gamers
Virtual identities and belongings hold premium value for modern users. From in-game items to lands and utilities, gamers are trading in everything. In addition, Metaverse renders uses like real-time view and feel of live events.
From an investment point of view, Metaverse tokens like GALA and MANA are garnering traction across global marketplaces. As the industry grows, the tokens, the industry, and investors’ profit will surge significantly.
DeFi or Decentralised Finance
DeFi serves a great purpose in conventional spaces like banking and finance while working equally important roles in emerging spaces like the Metaverse. DeFi allows users to lend, borrow, and earn interest on their funds without the involvement of a central authority. Moreover, these transactions are secured using smart contracts, facilitating utmost security.
On the other hand, DeFi allows users to invest in tokens, peer-to-peer transactions, staking solutions, and more. Moreover, it helps users transact within the Metaverse to access any service of their liking.