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Why Are NFTs, Not DeFi, Bringing Ethereum Mainstream?



You can hardly fail to read about NFTs online. NFTs represent provable ownership of scarce digital art, and they are taking the world by storm. Celebrities are minting their own NFTs, friends are marketing their projects left and right, and new platforms are announced every day. Some of my friends who have no interest in encryption technology now ask me: "Hey, what do you think of NFT?" They never ask DeFi once. Why is NFT easier to enter than the world of DeFi for ordinary users?

These are my thoughts.

We mortals have no clue and run up a ton of traditional debt. the

John Oliver calls Bitcoin and cryptocurrencies: "Everything you don't know about money combined with everything you don't know about computers." But we all appreciate art. NFT art offers a lot - artists can monetize their work, big players in the crypto space reward new artists joining the field, and create new forms of art itself. Beeple's $69 million marketing gimmick validates that NFTs are squeezing the traditional fine art space. The most recent is Tom Brady's Autograph, a platform designed to host digital collectibles from the fields of sports, entertainment, fashion and pop culture.

Encryption investment service provider RiskSmith completes $1 million pre-seed round of financing: On September 5th, encryption investment service provider RiskSmith announced the completion of a $1 million pre-seed round of financing, led by Mercury Digital Assets. It is reported that RiskSmith’s database tracks more than 10,000 cryptocurrency trading pairs, allowing users to understand how encrypted assets and stocks work together in a portfolio. (finsmes)[2022/9/5 13:09:38]

The words of Andreas Freund came to mind, "Although DeFi is very exciting, under the regulatory framework, many of his use cases are limited, and it is not suitable for the rapid and large-scale application of blockchain." Freund said in his rich Foresight's article predicts that the brand economy will become a catalyst for peripheral users to join the blockchain field. He's not far off. Tools like Collab.Land can easily spring up tokenized communities that are more akin to deep niche subreddits and IRC networks than can be seen on Facebook or Twitter.

Phantom Galaxies announced the launch of Mintpass rewards: Jinse Finance reported that Phantom Galaxies announced the launch of Mintpass rewards, allowing NFT holders to mint new limited-edition NFTs, and provided details about their upcoming Planet sales. Phantom Galaxies built a system to acquire and combine medal and poster NFTs to create rarer versions. They are using the system to whitelist new special NFTs. This system is designed to reward those who actually play and participate in early alpha releases. Phantom Galaxies is currently running a closed alpha version available to those who own the Halberd-001 NFT, with two episodes currently available to play, and completing chapters will unlock new rewards and NFTs. At a later date, owning an NFT set will allow players to claim a Mintpass. Mintpasses will be used to generate new NFTs. [2022/4/28 2:36:54]

NFTs offer an easy entry point, even with high transaction fees. DeFi is still too complicated for wider society. The whole world is watching the battle between the army of retail investors and the traditional financial market. However, most of us are sitting on the sidelines, holding on to our cryptocurrencies while rooting for people. The appeal of artistic NFTs over DeFi can be attributed to many reasons, including the simple fact that ease of use will always be more important than how novel a financial product is.

Ethereum infrastructure development company: The merger of Ethereum will completely change the way of building and accessing Ethereum: Golden Financial News, Ethereum infrastructure development company ConsenSys tweeted that the merger of Ethereum will completely change the way of building and accessing Ethereum, Here are the 4 keys after the merger.

1. Diverse and open proof-of-stake will democratize network participation and distribute rewards more equitably through new mechanisms, validators, and innovations.

2. Energy Efficiency Improvements The network's approach to consensus ensures that Ethereum can sustainably support the next generation of Web3 creators and developers without harming the planet.

3. Seamless transition Developers working on Ethereum can rest easy knowing a common API for the merged pre- and post-architectures and reuse of Ethereum execution clients, @HyperledgerBesu and Geth, ensuring an uninterrupted developer experience with seamless transition .

4. The ultra-stable currency Merge will bring an updated encryption economic model, reduce the issuance of Ethereum, and provide stronger security guarantees for end users and the DeFi industry.

Combined, more people than ever before will be able to build on, access and benefit from the foundations of Web3. These four pillars underpin our commitment to a freer, decentralized society. [2022/4/19 14:32:35]

Only about 1% of Ethereum addresses have interacted with DeFi protocols

Sungkyunkwan University in South Korea will issue NFT certificates to three award-winning graduates: According to news on February 14, Sungkyunkwan University in South Korea will hold an online graduation ceremony on Wednesday and issue NFT certificates to three students who won the intramural competition. Sungkyunkwan University stated that the NFT certificate can be used as an official graduation certificate at any time without worrying about losing the original or forging a copy.

It is reported that in 1996, Samsung, a South Korean conglomerate, joined the University Foundation and became its main partner and sponsor, continuing the cooperative relationship in the 1960s and 1970s. Additionally, some universities in South Korea, such as Soongsil University and Chung-Ang University, have recently been working with local blockchain developers to incorporate NFT and Metaverse technologies into their graduation services. (Forkast) [2022/2/14 9:50:02]

Number of Ethereum addresses interacting with DeFi protocols, protocols from Dune Analytics.

NFTs Bring Wonder and Thrill Back to the Internet

SheepDex has added CAKE/BNB liquidity mining and trading rewards: According to official news, SheepDex has added CAKE/BNB liquidity mining and trading rewards at UTC 1:00 PM.

It is reported that SheepDex is a decentralized liquidity aggregation platform that integrates spot and derivatives. On October 10, the mainnet has been launched on BSC. Reduce transaction slippage and increase capital utilization by more than 10 times. [2021/10/27 6:15:55]

I went looking to buy my first NFT. Not knowing where to start, I went to Twitter and landed on @gmoney.eth's post explaining why he bought a CryptoPunk for 140ETH. For Gmoney, adding the standout Crypto Punk to his collection is the equivalent of adding a Rolex to his collection of real-world watches. what is interesting. A few minutes later, I witnessed a transaction on FlamingoDAO - they paid $176,000 (140 ETH) for a super rare Crypto Punk. In a way, it brought the weirdness back to the internet. Still, as far as I know, there's nothing quirky about yield farming.

When browsing NFTs, I can't help but feel that the Internet is more like a home. For those of us who grew up on the internet, in forums and IRC, we have nostalgia for the wild, quirky, ASCII, nonsensical nature of the internet. Those online worlds that we raced into with our brothers and sisters. For a long time, the environment as we knew it has long since ceased to exist. From the moment we can put our phones in our pockets, advertising is everywhere. Social media sites sell our attention to the highest bidder, and influencers sell us barely relevant products. Good things are gone forever. In recent years, I have fallen out of love with the internet, which is why I joined ConsenSys to try and work on reviving the p2p networking experience. I linger on the subreddits in my pocket and try to read books to calm the pain.

However, the upsurge of NFT has brought excitement back to the Internet. Someone sold a white png for about 5ETH. WWE launched the Undertaker NFT. It's like all childhood follies mixed with current pop culture minting coins on the blockchain. I joined a tokenized community where about 2000 members talk about art, fashion, music, MEME and culture. I found a comment dating back to mid-December 2020, where a musician expressed his desire for a music-based NFT platform. "Working on something exclusive to you," someone replied. The same account later posted, "Catalog in beta. Check it out." in March. Catalog is a platform for collecting, trading and listening to authentic works built on the Zora protocol. Artists can get 100% of the proceeds in the first sale, and at the same time set a certain percentage of fees in the early stage, and they will get it every time they are resold. Founded in May 2020, the Zora Protocol establishes a universal, permanent media marketplace at ERC-721. I have seen in real time the fruits of the years of hard work and relentless iterations put into the Ethereum space.

It's really hard work.

Heaven for crypto marketers

A crypto marketer's dream is coming true. Ethereum-based applications invoke domain expertise outside of the crypto space to create stylish applications while focusing on a wide range of civic use cases. We’ve been praying for the day when it’s possible to market sophisticated products with the blockchain running in the background. Even though the global search-zce for NFTs is currently subdued, there is still a huge opportunity to expand NFTs beyond the crypto-savvy. The art industry is currently the focus of NFTs, but other industries are expected to follow. The gaming industry inherently creates the perfect environment for the next wave of NFTs. Gaming can be one of the most important markets and already accounts for the largest share of NFT sales.

I read that NFTs are used to tokenize business assets into verifiable invoices and orders. I thought about how people like me invest in NFT funds to own land in Decentraland instead of owning land in real life.

I read about the authenticity verification problem, and how Serto's search-zce tool plans to solve it. Platforms like Foundation and Zora are an easy sell, a friend can get started quickly without reading 15 white papers. I read countless articles, tweets, and invective surrounding the NFT environment. The handheld NFT Studio came into being and launched a 99% energy-saving NFT side chain.

User experience-first platform

I listened to a podcast featuring Lindsay Howard, Community Lead at Foundation. She shared how she has over a decade of experience in art curation, which certainly brings a unique perspective to the Foundation app.

Foundation is a highly curated NFT art platform that screens artists through a prudent invitation system.

Foundation feels like a digital New York gallery, and that's by design. Shopping for NFTs on Foundation is like going to a 200-year-old family-run Italian artisan gourmet pastry shop. Browsing artwork on OpenSea, by contrast, feels like hunting for gold in an American hypermarket. Everything goes so fast. I want to find a way to get in. Please read my next article Buying NFTs on Foundations.

Please don't stop DeFi, we need you.

To the DeFi pioneers: we need you. Please keep iterating. You are as much a part of the internet renaissance as those of us who mint, buy and trade pixel art. The adoption of any new technology requires a slow, deliberate transition. Only 1% of Ethereum addresses interact with DeFi protocols - hats off to you navigating liquidation risk. Once we've learned enough, we'll be with you.

Lesa Moné Author

Translated by Li Hanbo

Editor Li Hanbo


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The article is contributed by Biquan Beiming, the columnist of Jinse Finance and Economics, and his remarks only represent his personal views.