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Messages - TeamEidoo

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1
Remember the egregious breach that exposed Ledger’s entire trove of customer data to the public? Now, the hardware wallet company and e-commerce vendor Shopify have been slapped with a class-action lawsuit for failing to contain the damage. This should be a wake-up call for you as a cryptocurrency investor.

It would help if you never grew complacent over the security of either or both your hot and cold digital wallets. But, what if you could still beat the risk of getting “phished” or “wallet hacked?”

Most of the cryptocurrency wallets are centralized in nature, making them prone to man-in-the-middle attacks and a bevy of other hacks. For wallets to be truly secure, they need to be decentralized. Here’s why.

Control of Funds

Decentralized crypto wallets are non-custodial. This means that you, the user, have exclusive access to your wallet’s private keys (and not a third-party custodian). As a consequence of which you stand in a position to exercise complete control over your crypto funds.

Enhanced Security


A cryptocurrency wallet that doesn’t have anything to do with a third-party intervention doesn’t compromise security. As is the case with Ledger, for instance, and many such centralized wallets are susceptible to despicable hacks. Decentralized wallets, hands down, are way more secure than wallets hosted by crypto exchanges or custodial wallets since users keep the private keys with themselves, as discussed in the previous point.

DeFi Compatibility

As is the case with most custodial wallets, they are integrated into a larger ecosystem built around a particular crypto exchange, defi trading platform, or other such flagship product. This increases the risk associated with the stored funds in these crypto wallets, as exchanges such as Binance, Coincheck, and Bitrue, Bithumb, and Poloniex have a marred history of facing the brunt of brutal online robberies. Mt.Gox, a Tokyo-based crypto exchange, underwent the largest hack in 2014 but eventually filed for bankruptcy because of a prolonged attack that deprived users of 740,000 BTC.

For non-custodial defi exchange wallets, that is not the case, since there is no instance of crypto balances or trading data being stored on a centralized server. On the positive side, a DeFi wallet helps you connect with a plethora of DeFi protocols that operate on a purely peer-to-peer basis, without intermediaries.

No Requirement for KYC Procedures

Another feature that makes non-custodial wallets secure is the non-requirement of users to go through elaborate KYC (know-your-customer) procedures or share background information. This reduces the risk of doxxing or data breaches, something that happened with Ledger.

But centralized wallets, as usual, are operated by specific entities and custodians that seek to comply with the regulations in their respective jurisdictions. So, users have to share their ID data before depositing, withdrawing, or trading cryptocurrencies crypto funds for reasons related to compliance.

Non-Custodial Wallets Are the Way Forward...

All of the above is true for non-custodial wallets. With a decentralized crypto wallet app to gain access to many DeFi opportunities on the go and explore a world of limitless possibilities. And not just with DeFi, you can also leverage such a wallet to play and experiment with non-fungible tokens (NFTs) as well.
 
So, it becomes quite clear from the above points how non-hosted wallets can truly up the security quotient for your crypto funds. How decentralized crypto wallets can let you interact seamlessly, intuitively, and securely with web 3 technologies while maintaining the core ideology of “being your own bank”.

...But the Road to Wallet Decentralization Has Been Long and Winding

Contrary to what you think, the journey in wallet innovation has taken its own sweet time. As Rome was not built in a day, similarly these non-custodial wallets that guarantee absolute usage of freedom are a result of research and development over the past few years.

Crypto wallet engineering teams worked tirelessly and were able to bring about drastic improvements to their underlying architecture while including other asset management tools, which would allow investors and users to smoothly and securely access the next generation of financial products.

The end result is nothing less than a wonder!

Non-custodial decentralized wallets ensure the complete safety of your stored funds without you having to rely on third-party institutions to guarantee the “well-being” of your assets. Something which Satoshi envisioned when he released Bitcoin’s whitepaper.

The early years saw crypto wallets with poor, crude, and inefficient user interfaces dominate the market. But things have taken a very different turn on the wallet front in the last couple of years. With DeFi’s boom, many wallets have brought in significant changes in their designs and architecture and are helping create better experiences for users.

There are, however, very few wallets that provide a single point of entry into a greater ecosystem that allows you to tap into the world of DeFi. Eidoo is one such decentralized crypto wallet app that is referred to as the Swiss Army Knife of wallets because of its geographic origins and the tools that it offers.
It enables users to hold Bitcoin, as well as Litecoin, Ethereum, and all ERC-20 tokens out there. Eidoo helps you manage DeFi tokens as well as implement yield farming strategies.

In fact, its palette of functionalities exceeds the definitions of a conventional wallet, as it hosts an entire arsenal of features to make the life of investors easy.

While the ERC20 wallet is the flagship product, Eidoo is the perfect solution for maintaining and controlling your cryptocurrency assets independently from the prying eyes of a third-party custodian. In comparing custodial vs. non-custodial wallets, the latter always have an advantage, and Eidoo can be your go-to non-custodial wallet.

Non-custodial wallets are secure because they let you have full control over your crypto funds. The risk of a data breach or fund pilferage is substantially less. There is just one primary drawback. You have to keep your private key safe and tucked away at all times. You yourself are the only one responsible for the safety of your funds.

But, nonetheless, given the explosive growth that cryptocurrencies, especially Ethereum and all ERC20 tokens have experienced in the last year you’d be better off storing your digital asset holdings in a non-custodial wallet.

2
As we can begin seeing the end of the pandemic, we should start wondering what aspects of our lives are going to remain in pandemic mode after it’s over. It is wise to be prepared for the consequences of the pandemic in the long run, and by that, we do not mean acquiring the habit of hoarding toilet paper.

Maybe you should now hoard stablecoins instead? Let’s look at it.

One of the things that changed in the last year is the perception of work. In addition to job security becoming questionable for many around the world, the majority of the workforce had to go through a rapid adaptation to fully digital and, in many cases, remote work.

Nevertheless, this situation has opened the door to more and more international teams working with more mature processes. Something that is not necessarily easy for employers either. A new reality has risen for them too as following some surveys, 1 in 2 people won't return to jobs that don't offer remote work.

Yet, even in these circumstances, there are sectors of the economy (such as stablecoin exchange) showing strength and even arousing the interest of some leaders to attract investment.

One of the behaviors that we have seen on the rise in a short time is the remote economy. We have learned overnight to use remote services that used to be local and pay for them with digital money.

Needless to say, the pandemic hit the sectors that were already undergoing complex transformations. Car manufacturing, for instance, was transitioning to more sustainable sources of energy. The banking sector, for its part, was immersed in its own journey through the desert, trying to accept, adapt or recycle itself to face new challenges such as the new digital economy led by decentralized finance (lead by stablecoins DeFi).

The challenge can be visualized in the numbers of this new exploding sector of the economy, surpassing the $100-billion-mark. New financial services (crypto wallet, DeFi crypto exchanges, Crypto Staking) and new names (Eidoo, Uniswap, USDC...) are becoming very common for many.

The popularization of DeFi was always held back by the volatility of the financial assets it handled. This, in turn, prevented many conservative investors to start managing sensitive assets such as the salary we receive and with which we pay our needs and small pleasures in crypto.

What Is a Stablecoin?

The need for price stability resulted in a new type of coin that would keep the peg to the price of a fiat currency. These are cryptocurrencies erc20 tokens, whose main advantage is maintaining parity with a fiat currency, that is, the money we use daily to buy bread or streaming TV. You can find them having different fiat of reference, although the most popular are those that maintain parity with the USD.
 
The ability to peg to a price makes them the ideal medium to go beyond the crypto environment and be used for other uses such as international payments, obliviating the need to have accounts in several countries.

It is also worth noting that one of the most attractive advantages for millions of people is precisely the ease of access to a reliable currency such as the USD. Getting access to a trustable means of converting your savings to USD has been a constant preoccupation for businesses and households alike.

However, stablecoins’ price offers protection against uncontrolled inflation in some countries with weaker currencies or unstable economies.

Therefore, their growth has understandably been impressive. The daily usage of this type of cryptos has taken off during the last several months in response to the fluctuations fiat currencies have been experiencing and their value debasement. Also, as the price is essentially constant, the market cap (total market capitalization) has grown accordingly.

Stablecoins are a tool that enhances the capabilities of fiat money by being in between the two worlds — the crypto world and your trusted baker.

On the one hand, they achieve price stability through a reserve system equivalent to the reserve for fiat currencies themselves. In some cases, this reserve is made in the reference currency (usually USD) partly or entirely with a balanced set of other cryptocurrencies. In any case, the goal is always to maintain price parity.

On the other hand, stablecoins have an arbitrage system that encourages arbitrageurs to participate when the price deviates from the target parity.

This idea of purely digital money is so attractive that the central banking authorities of many countries themselves have followed suit by putting on the table plans to launch their own versions of electronic currencies, the so-called CBDC (Central Bank Digital Currency). Its aim, however, is more to become a tool for the financial system than an aid to the daily life of the ordinary citizen.

Why You Need Stablecoins?

As stated before, the use of this type of crypto assets has been increased in the past year, in response to the destabilization of the traditional financial system. This includes people getting their pay in cryptocurrency just as public Institutions are willing to get the taxes paid with them. We already saw such cases in Switzerland or Miami, where the major went event further offering to pay municipal employees in Bitcoin.

This type of cryptocurrency can be used through a debit crypto card. The way it works for the outside world is the same as with cards in dollars, euros, or rupees. It is a card linked to an account, and when you pay for something, the price is deducted from your erc20 wallet.

Moreover, you can have a card linked to a crypto account. If the account is denominated in stablecoins, you don't have to worry about market price movements as its value is stable. Some companies have even partnered with big credit card brands, and you can use their cards in ATMs. That takes all the geekiness out of it, though, doesn’t it?

A perfect example of this is eidooCARD. Eidoo is already offering a VISA debit crypto card for online and offline purchases, as well as ATM withdrawals.
 
In addition, many sites don’t even require you to pay in fiat, and the stable cryptos themselves serve as a payment method. This is the case of the more than 1000 stores that list websites.

By solving the problem of volatility and usage as a mainstream currency, stablecoins address the major difficulties in achieving mass adoption. However, the crypto world can be a barrier in itself because of the novelty of the idea. In this sense, not all platforms are equal. Some help the user more than others not to get lost in the maze of tokens out there and avoid suffering a syncope overwhelmed by the sometimes cryptic crypto jargon.

3
According to the World Bank’s report from 2017, approximately 1.7 billion people worldwide don’t have a bank account today.

Not having access to this fundamental financial instrument is the main factor that stops them from realizing certain everyday functions. However, decentralized finance (DeFi) was created to meet all the requirements and demands of traditional banking — security, privacy, and accessibility — in a new way.

By transferring financial operations onto the blockchain, people will only need a smartphone or portable PC and a stable Internet connection to access the global financial system 24/7. How’s that for a step in the right direction?

In this article, you’ll discover how the current worldwide financial inclusion works, what DeFi is, why it’s the best choice for banked and unbanked people to manage their money, and how you can start investing in the space.

The Current Financial Inclusion Situation Worldwide


Individuals and enterprises who are financially included have access to financial goods and services that fit their requirements — transactions, payments, savings, credit, and insurance — offered by big institutions with all their benefits and drawbacks.

Access to a bank account in the current financial system is the first step toward economic development since it allows people to store their money safely. However, a bank account’s most crucial function is to be the portal to other financial services.

For nations where 80% or more of the population has bank accounts, the next phase is to transition from account access to account usage (China, Kenya, India, and Thailand). These nations depended on reforms, private-sector innovation, and a drive to build low-cost accounts, including mobile and digital payments.

Everyone Needs Financial Non-custodial Services

The four main reasons why people can’t have a bank account are as follows:
1. Lack of access to nearby banks / mobile phone
2. Minimum balance fees
3. Distrust of the banking system
4. No access to government-issued ID

Unbanked Needs DeFi Now


These four causes are still valid in developing countries. Most people who need financial tools (a loan, for example) usually get that money from friends or family simply because the bank requirements are unattainable.

The lack of long-term financial system policies that guarantee digital and physical infrastructure to attract telecommunications and banking investments makes opening and maintaining a bank account a script for a fiction movie in developing countries.

However, it’s not that rosy in the developed world either. For example, the Federal Reserve estimated in 2019 that approximately 63 million people don’t have a bank account.

Therefore, unbanked people in every country of the world desperately need a much simpler, secure, and private financial alternative. Decentralized finance is establishing itself as the best answer to grant anyone access to a DeFi Wallet24/7.

Banked People Also Need DeFi

According to MyBankTracker, these are the top 10 most common bank complaints:
1. Excessive / hidden fees
2. Bad customer service
3.Check/funds essential bouncing
4. Expensive debits charged first
5. Loyalty means nothing
6. Mortgage / loan issues
7. Huge errors/mistakes
8. Bad branch experiences
9. Difficult for small businesses
10. Failing to honor their promises.

As you can see, people complain because they want to have minimally fair conditions to manage their money with transparency and security.

Unfortunately, however, banks have often failed to provide such guarantees.

On average, compared to others, banked people may be more likely to discover the different decentralized finance platforms that exist right now on the market and therefore be encouraged to use them for their financial transactions despite the UX difficulties that exist nowadays.

In other words, most people who currently use traditional financial services worldwide are not happy with their banks’ financial tools, making them a vital sector that also needs DeFi services to manage their money more securely and privately.

But, what is DeFi all about? How can anyone start investing in the DeFi sector now? Keep reading to find out.

What Is Decentralized Finance (DeFi)?

Decentralized Finance (DeFi) is a blockchain-based type of finance that uses smart contracts on blockchains, the most common of which is Ethereum based on ERC20 Tokens, to supply traditional financial instruments instead of relying on central financial intermediaries such as banks.

People can use decentralized finance platforms to lend or borrow money from others, trade cryptocurrencies, insure themselves against risks, and earn income in savings accounts.

This financial sector was born in 2009 when bitcoin was created. Then ICOs, which were one of Ethereum's first major use cases, became popular in 2017.
 
Since 2018, concepts like “liquidity mining pools” and “automated market makers” were introduced, which made many DeFi initiatives develop new tools like collateralized lending, borrowing, and yield farming, among others.

On the other hand, even though decentralized finance became popular in 2020, making Ethereum the only blockchain that supported DeFi tools, numerous cheaper and faster alternatives have emerged since then (for example, Binance Smart Chain). Nowadays, these two blockchains are the most used networks for developing DeFi initiatives.

However, people worldwide do not have access to this revolutionary technology in the numbers we’d like to. That’s why Eidoo’s non-custodial wallet is the perfect way to get onboard.

Why Eidoo Wallet Is the Best Way to Start in DeFi

Eidoo is a non-custodial multi-asset wallet that allows worldwide users to manage more than 500 ERC20 Tokens, Litecoin, and Bitcoin securely and privately, having an in-app integration with different DeFi protocols to invest in them directly like for example Compound, AVEE, Uniswap, Balancer, and Curve finance, among others.
 
With the Eidoo non-custodial wallet, you can store, trade, and swap ERC20 Tokens, avoiding potential risks and unnecessary fees made by internal intermediaries.  Also, there are other in-app DeFi services like:

1. NFT Manager: Platform inside the Eidoo wallet where you can visualize your NFT collectibles.
2. DAO Manager: For people who hold PNT, you can manage your pNetwork DAO votes on this platform.
3. Fast SEPA transfer: You can buy ERC20 Tokens with SEPA transfers in hours instead of days.
4. eidooCARD: Decentralized payment service built on Layer-2 solution backed by VISA and connected to the Eidoo DeFi Wallet. This crypto card is, therefore, more cost-effective.

The non-custodial crypto ecosystem is making a wide range of financial instruments more accessible to anyone — now is the time to grab these opportunities and make the best use of them.


4
Crypto Discussion / History of Defi Wallets - Then and Now
« on: June 04, 2021, 03:42:22 PM »
Cryptocurrency wallets can take the form of either physical hardware wallets or an online protocol, software, or a service that stores keys that give you permission to make crypto transactions. Wallets can also function to let you encrypt to or sign information as in the case of a smart contract. 

Crypto wallets are centralized or custodial wallets which means that the private keys are held by a third-party. Decentralized wallets or DeFi wallets operate differently in that the currency is stored with the user but transactions are conducted on the blockchain. But more about that later...

The history of wallets starts with Bitcoin — as do all modern-day crypto developments. Satoshi Nakamoto's BitCoin was the springboard that launched Ethereum upon which DeFi has been built almost exclusively. The limitations of the Bitcoin programming language, Script, led to developers exploring other avenues to create more extensive applications using blockchain.

With that exploration, the evolution of the general and typical crypto wallet occurred. After all, sending crypto easily is one thing, but financial systems consist of more than that and that is where Decentralized Financial services come in. They extend to lending, borrowing, funding, trading, and derivatives trading.

"Because it [Bitcoin] is a full node, the client must download the entire (currently 6 gigabytes) blockchain to operate, which can take up to a few days the first time you start the client and several minutes to an hour every time you start the client afterward if you do not keep it running constantly."
Vitalik Buterin's review on the Bitcoin-Qt wallet in 2012



One of the oldest projects on Ethereum, Maker, is widely considered a pioneer in the DeFi space. Launched in 2017 during the ICO "rush", Maker spurred the development of decentralized finance by being one of the first to adopt smart contracts to pool funds from multiple users rather than directly with users. Broadening out the functionality of crypto meant that crypto wallets had to change to meet these new possibilities. 

With DeFi the relationship between the user and contract means that there are not as many interactions with the blockchain. This setup was leveraged by Compound, which, in the DeFi summer of 2020, started rewarding their users for lending to and borrowing from the pooled funds. And so, yield farming was born and DeFi began to blossom and access to these new ways to earn using crypto required wallets that were more advanced and had this access and integration.

DeFi's overall success is underpinned by and dependent upon DeFi wallets.

Wallet development has come a long way to enable integration with more DApps and Decentralised protocols. Early DeFi wallets were clunky, slow, and almost too simple. 

Typical characteristics of DeFi wallets are:

● Decentralized
● Non-custodial - the user has full custody of the wallet and has complete control over the private keys for the wallet.
● Built in DeFi service offerings
● Anonymity

DeFi wallets are a revolutionary concept considering traditional finance depends entirely on third parties like banks and brokers. Without your keys, access to your DeFi wallet is lost as there is no back-up. With a centralized wallet the third party can assist should you lose your keys but that can be a security risk. Your funds' security is wholly dependent on you, so DeFi wallets are arguably the safest options on the market.

DeFi users are not required to verify their identity via KYC and can maintain a level of anonymity and control over their identity. In the age of banking security hacks and identity theft, this is very appealing, although depending on your country of residence and their regulatory framework, it may be necessary to verify your account details depending on the services you use. This is usually to prevent tax fraud, money laundering, and terrorist activities.

The growth and expansion of DeFi through the development and availability of more DApps and protocols makes newer DeFi wallets a lot more diverse than their predecessors.

DeFi wallets have various options available. For example, one of the best DeFi platforms is the Eidoo wallet. The crypto wallet is built into an entire ecosystem of DeFi offerings.  Services that give the user access to a Decentralized Exchange (DEX), yield farming strategies with Steroids and liquidity mining through Uniswap, a Visa Crypto Debit Card, Instant SEPA on and off-ramps for fiat, the ability to vote in the pNetwork DAO, and even a Non-Fungible Token (NFT) Asset Manager, which highlights the latest NFT trends and collectibles. DeFi wallets are incredibly flexible and integrate across several platforms and protocols.
   
Mobile wallets are software not hardware, like Eidoo’s wallet, which is available on your phone, whereas hardware wallets only allow users to store their assets on an actual device. Crypto web wallets that give access to a wider scope of services and act as a gateway to decentralized blockchain apps are also considered DeFi wallets.

DeFi wallets are brilliant for general crypto asset management whether you are holding crypto or actively trading in crypto. They support multiple currencies and a wide range of crypto tokens and make life so much easier for the user by allowing access to multiple wallets within the ecosystem. The Eidoo ecosystem supports over a thousand different tokens, including all the main ERC-20 currencies, and has a user-friendly user verification protocol called EidooID. EidooID lets the user confirm their identity in the app and connect to multiple other wallets.

DeFi wallets have come a long way, but their development is the foundation upon which a truly open financial system is possible. Financial access and freedom are becoming more and more of a possibility as ecosystems like Eidoo evolve and become more user-friendly.

It will be interesting to see the future evolution of DeFi wallets.  What features and capabilities will come next?

5
Crypto Discussion / Non-Fungible Token
« on: May 29, 2021, 08:29:10 AM »
Usually, when we hear about crypto in the news, it is not for good. That happened lately worldwide with NFTs right after the 137th announcement of the death of Bitcoin.

Non-fungible assets are just normal stuff. Fungible assets are the odd ones out!
Devin Finzer, CEO and co-founder of OpenSea.io

As everybody already knows by now, NFT stands for Non-Fungible Tokens and, from a market perspective, very simply put, because there is really no reason to complicate things further, if you set something apart and it retains a proportional value of the something left, then it is fungible. Otherwise, you broke it, my friend, it was non-fungible.
 
Was it a driller? The first picture of Vitalik doing “blockchainy” things? Well, now it is no more.

We will get back to that idea but the concept is that simple when you take it out of the classical gold ingot example. That makes most of the things in our lives non-fungible, See? Non-fungible.

Non-fungible tokens are representations of such kinds of assets that have opened a whole new world of possibilities. Let’s explore how NFT makes the concept more powerful by looking at its characteristics.

The Properties of NFTs

As currently defined, NFTs have the following properties, as mentioned in the Non-Fungible Token Bible.

● Standardization: The format in which an NFT comes defined is standard, so any platform supporting it can access the information related to that asset. This property prevents the asset from being constrained to a single domain, thus making it reusable or inheritable in other places.
● Interoperability: The definition of non-fungible tokens and changes of parameters may also be valid and understood beyond the place where it was first created. Parameters such as ownership, transfers, or access rights, for instance. Also, the changes related to the asset can be checked by anyone.
● Tradeability: This frees any item from the dependence of having to be sold in certain specialized places. With all the related information accessible, anyone can sell an NFT in any compatible market.
● Liquidity: Sites that offer a market for more types of items attract a greater number of interested parties, expanding the potential demand for any type of asset and increasing its liquidity.
● Immutability: Non-fungible tokens live on a blockchain. There is no need to belabor this point, is it?
● Programmability: With this last property, our heads can spin, imagining the possibilities it provides, right?

NFT Standards

Well, the time has come to talk about numbers, ERC numbers — and we all know the number 20 that blesses our crypto wallets with precious, and not so precious, tokens.

NFTs however are defined in the ERC721 standard. We are referring to pure non-fungible asset tokens.
Let us return for a moment to the above definition of this idea. Value is the key aspect of fungibility for NFTs, not to be confused with the non-fungible price.

"Price is what you pay; value is what you get." - Warren Buffet
In addition to the aforementioned physical integrity of a given asset, its market value can be affected by the assigned emotional component, its useful life, or the time we can make use of it in a time-sharing regime.

These types of uses refer to semi-fungible assets and are defined in the ERC-1155 standard. It introduces classes that may include items sharing some set of parameters that define them.

As you might guess, this brings us to a small drawback. New standards may require new wallets which would force us to have to use more applications.

Fortunately, the DeFi industry is always vigilant and has already created solutions like the folks at Eidoo that integrate a non-fungible token Manager within the same ERC20 wallet application. So, no more passwords to remember, forget or repeat — just the one for accessing your crypto walllet.

What is really important is to keep the distinction between the two cases — non-fungible and semi-fungible — because that is where the magic happens.

Using NFTs

As it appeared in the news recently, the most scandalous and evident use has been that of digital assets of particular relevance and cuteness, also known as Crypto Kitties.

But let's be rigorous and ask ourselves what's so interesting about the non-fungible Crypto Kitties?
The truth is that they demonstrated the power behind non-fungible tokens by integrating their lovely parameters on the metadata, defining them univocally to create an NFT that represented each kitty without any possibility of error.

Beyond sensationalism, the truth is that the NFTs have had a way beyond, reaching the world of collectibles. This type of item has already benefited from an important development with the appearance of the Internet and social networks and could be about to live a golden age thanks to an ERC document.

Art is another type of asset ideal to make use of a non-fungible token format. At this point, art is constrained to the supported format requirements (JPG and PNG), but as things develop, we might see other formats or techniques. Who knows, maybe the return of steganography on image, music, and video integrated with viewers and players.

Furthermore, a particularly interesting, almost natural, use of NFTs has been seen in the gaming world. Quickly, the sharp minds in the MMORPG industry saw the possibility of defining assets and metadata (both their characteristics and their cool names) as tokens so that ownership would be better represented to the community.

In essence, non-fungible tokens are inherited assets to be grouped and sold with parent assets. In other words, if you transfer the ownership of a character, not only game perks but also its NFT-registered assets will go with it.

NFT Possibilities

So far, we have mentioned the most obvious use cases, but what other fields could be opening up already?

In general, any product where provenance is a key component of its value may be a viable candidate to enter the market as a non-fungible token. These types of products usually have to be backed by certificates and the sites that sell them act as auditors and guarantors of the veracity of the item. But, hey, that's what the blockchain with its immaculate transparency is for.

Products that are more commercial than unique pieces but try to retain a certain aspect of exclusivity due to their branding or limited editions are also very NFT-able.

However, this is not going to happen. Because it is already happening. Exclusivity is the ultimate concept that fits in the non-fungible token catalog. Either you have it or you don’t.

There are already initiatives that point in this direction on the part of the National Basketball Association (NBA), National Football League (NFL), Ultimate Fighting Championship (UFC), Formula 1, Louis Vuitton, Samsung, and Nike.

NFTs could become the next big thing in the crypto ecosystem. In addition to their suitability for traditional assets, the inclusion of classes with ERC1155 makes it possible to speculate about new types of non-fungible tokens applied to DeFi, derivative products, insurance, e-identity, last wills, etc.

It is difficult to predict with certainty where the innovation will go but it is certainly something that goes beyond the interest of digital cat owners.

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