February 27, 2021

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Non-Fungible Tokens (NFTs) take the Limelight at Ethereum Conference

3 min read

Non-fungible tokens have been gaining momentum over the past few months. Plenty of new projects were showcased at last week’s Ethereum Denver hackathon event.

This year’s ETHDenver event ran from Feb. 5 to 12 but due to the COVID-19 pandemic, it was hosted online. This year, non-fungible tokens (NFTs) have been all the rage and industry data provider DeFiPrime has been looking into what has been grabbing the attention.

The hackathon brings the Ethereum community together and allows developers to showcase new projects, some of which end up integrating themselves into the Ethereum ecosystem

NFTs Making an Impact

In essence, non-fungible tokens are uniquely distinguishable digital assets which means no two are the same. They are usually issued on the Ethereum ERC-721 standard which creates verifiable digital scarcity. An NFT for a virtual plot of land recently sold for a record $1.5 million.

Masterfile is a new platform that ties digital rights management to an NFT, securing it against copyright infringement. Its native MFT token is focused on Digital Rights Management (DRM) and the team hopes to enable permission-based NFT experiences.

Another interesting platform is NFTea Room which is a DAO for determining accurate prices and information for NFTs. Currently, there are several different marketplaces such as OpenSea and Rarible but no platform offering accurate pricing information.

A platform called HEATDEX aims to track the ‘hype’ and social sentiment of popular NFTs. Crypto artists can then use this to gauge what is hot and what is not in the world of digital art.

Multiple prizes were also awarded to the winners of a number of bug bounties and competitions held over the week-long event.

DeFi and Gas Savings

In addition to the big NFT presence were a number of DeFi-oriented projects and proposals.

Sublimate.Finance is one that lets users accept continuous financial support from anyone, paid automatically over time in ERC-20 tokens per block. FreeFund is a similar project that provides a decentralized crowdfunding platform that accepts crypto to kickstart projects.

A project called Gasless Wallet allows users to pay transaction fees in any ERC-20 tokens, which means they do not have to buy ETH to interact with smart contracts. The Gasless Chain Agnostic Minter also helps improve the NFT minting process by offering gasless transaction and cross-chain compatibility.

A protocol called Verager was introduced, allowing traders to use leverage without having to worry about liquidation. Another called JamBot works as a collective intelligence platform for DeFi education.

It’s likely that many of these projects and proposals will disappear into the digital dust, but one or two could become the next big thing in the ever-evolving crypto and DeFi landscape.

The post Non-Fungible Tokens (NFTs) take the Limelight at Ethereum Conference appeared first on BeInCrypto.

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