Why NFTs Are Overtaking DeFi as the Hottest Blockchain Trend

With the world moving towards Web 3.0, continuous innovation and optimization have become the core pillars of mass adoption. What was once considered as a barrier to the adoption of blockchain and cryptocurrencies is now acting as the foundation for future implementations. The vast applications and potential of these revolutionary technologies have left no stone unturned. Almost every domain has recognized the powers of this unstoppable technology.

DeFi, CeFi, decentralized exchanges, and token economy are no more buzz words as they are en route to becoming the “new normal” but the latest concepts like NFT and yield farming are the neology. 

Non-Fungible Tokens: The future of digital assets

Expanding the application of Blockchain to the exchange and maintenance of digital assets, the Non-Fungible Tokens (NFTs) are perceived to be the future of Blockchain. With NFTs, Blockchain is no more just an immutable ledger for auditability. 

The concept of non-fungible tokens on Blockchain was introduced through the smart contract standard - ERC-721 of the Ethereum Blockchain. This standard was used for unique digital assets on the Blockchain but gradually became the driving factor for converting digital commodities to digital assets. 

While the term “digital assets” has numerous possibilities, the gaming industry is one of the top industry sectors having the largest potential for the NFT space. Essentially, incorporating NFTs in the gaming industry means that you can use your characters, skins, equipment, and skills of one game, inside another game. In other words, the different items in a game are transferable and usable in other games with the use of NFTs. 

Upgrading the gaming industry beyond NFTs

But the NFTs alone are not enough to create an ecosystem that provides significant upgrades to the traditional gaming industry. What NFTs generally lack is scalability and mass adoption but more importantly, the inclusion of NFTs in the gaming industry may become too overwhelming for some and too mundane for others. 

Therefore, what it needs is simplicity while still maintaining the interest of the users and what better way to preserve the interest of users than a reward-based model. More specifically to the DeFi world, staking and yield farming are potentially the best possible integrations with NFTs in the gaming industry to not only pique the interest of the users but also to sustain their interest. 

Implementing such ideas, AnRKey X™ is the only platform that currently provides all these functionalities under one roof. AnRKey X™ synchronizes NFTs, DeFi yield farming, and competitive community and team-based esports, driving the next revolution in the gaming industry. 

Recognizing the need for simplicity, AnRKey X™ has developed a seamless UX Ethereum-based platform they call gDEX – Decentralized Finance Gaming Platform Exchange. Along with the simplicity of use, the AnRKey X™ platform is highly advanced, built purely on innovation and the inspiration of CEO and Founder J.D. Salbego. 

With their $ANRX native ethereum Arcade Coin, the platform creates a token (Arcade Coin) economy or an ecosystem powered by Web 3.0 leading to the inception of an unprecedented concept - m$ports™ (Money Sports).Taking community team-based competitive gaming esports to a new height merged with DeFi – m$ports™ the brand new gaming industry AnRKey X™ created is where the liquidity needs of users meet their thirst for a highly competitive and visually exciting environment.

Leveraging tokenization to provide unique and transferable digital assets in form of NFTs, which can be transacted later, has the potential to become the future of what AnRkey X™ is doing with its m$ports™ games. The barrier of scalability, mass adoption, and continual usage is being combated by the reward model of the AnRKey X™ ecosystem where the users can earn their $ANRX native Arcade Coin rewards for staking their NFTs among other numerous APY reward earning functions. 

Therefore, what AnRKey X™ aims to achieve is to gamify the liquidity needs of a user by creating a DeFi ecosystem throughDerived Base-Value NFTs. Their tech and proprietary Automated Economic Logic Models create an NFT model that allows greater vibrancy, real supply and demand components, and real market liquidity leading to scalability. Furthermore, with the involvement of their Derived Base-Value NFTs that allow staking into other tokens, this will then lead to a broader market, creating the possibility of mass adoption. 

A key consideration here is that the use of NFTs in the gaming sector is not a revelation. There are a number of platforms that have implemented the concept of non-fungible tokens in their own unique way. However, there is no platform, besides AnRKey X™, that provides something more than just NFTs to the gaming industry. Features like Rarity Rarming, Derived Base-Value NFTs, and Value Staked NFTs make AnRKey X™ stand out. 

Gaming platforms providing NFTs

Some popular platforms leveraging the concepts of NFTs in the gaming industry are mentioned below:

Cryptokitties -  One of the earliest implementations of NFTs in the gaming industry, Cryptokitties is a platform where you can collect, breed, and trade virtual cats. Each token has unique attributes called “cattributes.” 

My Crypto Heroes - an Ethereum-based battle game that offers non-fungible tokens such as Heroes and Extensions, which are stored on the Ethereum Blockchain in form of ERC-721 token as a unique asset. Stored on-chain, these assets can be used by the players for buying, selling, gifting, or using in other games. 

Decentraland - a Virtual Reality Platform which allows the users to buy virtual land. They can then monetize these virtual spaces with shops, advertising, and art to sell them for a profit as an NFT. 

Axie Infinity - Featuring animated characters on Blockchain, the Axie Infinity creates a digital pet community providing facilities such as collecting, training, raising, and battling fantasy creatures called Axie.