What is NFT?
Anyone using the Internet these days finds it nearly impossible to escape the word given how many news tweets, memes, and artistic creations have evolved into NFTs. No matter which social networking site or news outlet you like, you will undoubtedly come across references to NFTs.
NFT stands for non-transferable tokens, which are digital assets produced using blockchain technology. A non-functional token, as the name suggests, is distinct in its form and cannot be substituted by a duplicate unit. Non-infectious tokens can also be thought of as unique digital properties with no counterparts everywhere in the world.
Because of this, NFTs differ from the cryptocurrencies that before them on the blockchain and have a precise value with tokens that are comparable to real currencies.
NFT Art Example’
- Forever Rose
The most unusual piece of crypto art is perhaps Forever Rose by Kevin Abosch. Because this digital work is less well-known than other works, despite the high price.
This NFT was produced in 2018 and sold for $1 million on February 14. This asset was less well known back then since NFT was not as well-known as it is today.
- Crossroad 1/1
Crossroads 1/1 was created by artist Mike Winkelmann aka Beeple as part of his inaugural NFT Art sale at Nifty Gateway. This digital artwork is valued at $66.66 as of October 2020. But as soon as the presidential election results were announced and Trump was defeated, the price of this NFT immediately increased to US$6.6 million.
- Everydays: The First 5000 Days
The world’s priciest NFT artwork is this one. In March 2021, Beeple released the digital artwork Everydays: the First 5000 Days for purchase. The initial price for NFT in the form of a collage of photographs created since May 1, 2017, was set at $100 USD. Unexpectedly, the value of this item rose to the millions of dollars before being sold for US$69 million.
What is Defi Platform?
A system known as “decentralised finance,” or “DeFi,” intends to give everyone access to open, unregulated, transparent, and available financial services without the use of a centralised authority.
Any current financial service could have a global equivalent in DeFi. For instance, everyone in the world can access savings, loans, commerce, insurance, and other services with just a smartphone and an internet connection.
How does defi platform work?
Decentralised Finance, or DeFi for short, is a catch-all word for all financial services offered on open blockchains at the moment, with Ethereum serving as the main one. Earning interest, borrowing, lending, purchasing insurance, trading derivatives, trading assets, and much more are all simple to do with DeFi but it is also more faster and more effective and doesn’t need any paperwork or intervention from outside parties.
Example of DeFi Platform
- On the DeFi platform Aave, you can lend and borrow digital currency. People will try to borrow Crypto in return for paying interest or lend it out to make money.
- Fantom is a free and open-source platform for smart contracts for digital assets. The borrowing, lending, and trading of synthetic assets are all made simpler by Fantom. You simply need to open your digital wallet, add tokens, and begin earning.
In DeFi Platfrom Malaysia, MyEG bring DeFi service to Malaysia, to offer consumers of digital asset exchanges with licences as recognised market operators both locally and internationally bitcoin services.
It is quite simple for irresponsible criminals to assume ownership of items you have worked so hard to create in the broad digital world where all types of information are available to many consumers. AIO Metaverse is the top-rated, reliable NFT developer in Malaysia that offers the best services for crypto developers so that you can keep ownership rights and make the buying and selling of your virtual property easier. Additionally, we have a variety of uses for our cryptocurrency coins, like shopping, dining out, travel, and more.