Which is Better NFT or DeFi in Crypto?

Kevin Whitsitt

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3y ago 6:07

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NFT's and DeFi are both are both areas in crypto that I'm very bullish on in the long run. I know recently crypto has been hammered bad, but I'm thinking much more long-term. I really wanted to talk about both of them.

The reason I’m so bullish on DeFi, (decentralized finance) is due to it giving competition to banks. For example, Why did El Salvador adopt Bitcoin as currency? One reason was reduced fees on transferring money from other countries to El Salvador. Oh, and it’s faster and can be done 24 hours a day 7 days a week. Another reason is 70% of the population is unbanked.

Crypto is one way someone can store value using their phone. They don’t have to put cash under the mattress or in a bank and fill out a bunch of forms. When it comes to banks there are 3 types… Regular Banks Fintech such as Paypal. DEFI A BIG reason DeFi is powerful is due to overhead. In business, overhead is expenses, and the fewer expenses you have the better.

Regular banks have buildings to pay for, electricity, employees, and more. It’s harder for them to compete due to their bills and baggage. Fintech is better, but DEFI is banking just using code. DeFi has even less overhead and can provide MUCH more competitive services. The challenge is it's a new technology and people are hesitant to jump on board.

It could take many years for more people to adopt. NFT's are another area I'm bullish on. The reason is due to the value they can bring. An NFT is just digital ownership of an item. Due to gas prices, covid19 the world has expanded more online. We have all seen this with Zoom meetings, right? The ONLY way to own something in this online world is with NFTs.

Plus it can document (in a way everyone can trust) the history of an item. People want to wear clothes and drive cars to express themselves and communicate. It's going to be the same online and why some people spend money on Fortnight skins.

It really is a generational thing and kids that spend more time online will want to invest in digital assets because they are more used to this world rather than an antique rug that an older generation such as Warren Buffett might want to hold on to. NFTs are much bigger than just a picture of an ape because behind them is a smart contract that could represent anything.

I created a blog post that goes into more detail on this, if you want to check it out click on the link below or go to trustthelink.com. I go over all the uses for NFT's, the challenges with them, how to spot scams with NFTs, and more.

Hope this video or podcast was helpful. Am I wrong, what do u agree with please let me know in the comments. Bye for now.

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