NFT & DeFi [Part 2]

This article shows you some advanced NFT insights.

NFT Ownership

All of the NFT contract have their own address. For example, Boring Ape #7230 address is 0xbc4ca0eda7647a8ab7c2061c2e118a18a936f13d. Smart contract addresses are started with 0x.

Boring Ape #7230

Example: Boring Ape #7230

Etherscan🔎

{: .box-note} Etherscan - A Blockchain Explorer

In Part 1, we mentioned Opensea, the NFT marketplace. Etherscan is a block explorer for Ethereum. It means the platform for users searching for the price, event and contract detail of NFTs.

What can we do on the Etherscan?

We can check an NFT’s history on the Etherscan. How are the creator(s), the owner(s) and transactions?

How to check my NFT on the Etherscan?

Find the NFT address which is started with 0x and check the ownership that is matched with your wallet address.

As you may know, there are some Testing Networks. Users can get the testing crypto on Test Networks as their testing practice.

DeFi🏦

{: .box-note} DeFi - Decentralized Finance

DeFi_vs_Traditional_Finance From: Stably

Banks, brokerages and exchanges do not need in a blockchain environment. DeFi provides decentralized finance instruments in a blockchain network. The smart contract helps trade crypto and provide saving account

Crypto Exchange (CEX)💱

You may hear about Coinbase, Binance and KuCoin. They are cryptocurrency exchanges.

{: .box-error} They are centralized exchanges.

Main Features:

P2P: Users can trade crypto with each other
Stock Market

Decentralized Exchange (DEX)

Uniswap and Pancakeswap are examples of DEXs. It may a new topic for you. Simply, no one can freeze your assets in that exchange. Even the local government cannot control transactions in this area.

Advantages:

✅ Liquidity
✅ Trading Volume

Forecast☀️

The smart contract is a huge topic in the blockchain. Crypto and NFT are the pioneer products in this area. There are many other applications as follows:

DApp (Decentralized Application)
GameFi (Game Finance)

Risks💥

General

Ponzi scheme

Security

Leakage of crypto wallet passphrases
Untrustful NFT or smart contract application
51% attack is the most significant attack in a blockchain network. However, it cost a lot to perform this type of attack.