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An NFT is the tokenized version of a non-fungible asset in the world of decentralized finance. NFTs are developed on the ERC-721 protocol. Popular digital games, such as Decentraland and CryptoKitties, frequently leverage these tokens. The use of NFT goes beyond the realm of collaterals to represent more complex financial products such as insurances, bonds, or options. The DeFi model that has been adopted in the. world of Nfts in the. marketplaces have started issuing and distributing their. governance tokens.