NFTs and DeFi are two of the biggest trends the investment world has seen this year. While non-fungible tokens (NFTs) have given rise to a whole new digital marketplace for art investors, decentralized finance (DeFi) has provided investors with a brand new landscape for using currencies free of conventional limitations. While NFTs have gained groundbreaking momentum for their unique approach to digital collecting—investors now have the opportunity to own exclusive one-off pieces of art from their favourite artist digitally—cryptocurrency has liberated those living in countries with anti-democratic governments that allow banks to have complete control over transactions. It only makes sense that the two could eventually combine to even further disrupt the rapidly evolving investing space. There’s no stopping the vast array of potential that NFTs hold. The new form of digital collectibles can span the spectrum from gifs of sports memorabilia, to photos of esteemed visual artists, to photos of Shiba Inus. Noteworthy NFTs of 2021 include Beeple’s artwork that sold for $69 million, the DogeCoin meme that just this week flew in value from $4 million to $220 million in the space of one day as the meme was split into 17 billion pieces, and famous artist Max Denison-Pender’s live painting that was thrown into a volcano shortly after its photo was taken. Typically, banks receive deposits and lend money to account holders. DeFi uses code ...
