From underpinning decentralized credit scores to prediction markets, NFTs will play an increasingly pivotal role in reenvisioning Defi's full potential. - bankless defi
The FTX blowup has been a stark reminder that people who can abuse a tremendous amount of power often will.Through disintermediating and opening up finance, DeFi can help prevent the sorts of abuses of power that have shocked the cryptoeconomy this week.
That said, there’s still a ton of work to do to help rebuild sentiments and advance DeFi further. DeFi 1.0 has been a great start, but new experiments and innovations are needed to usher in a second DeFi golden era. Toward that end, NFTs are a way forward. From underpinning decentralized credit scores to prediction markets, NFTs will play an increasingly pivotal role in reenvisioning and actualizing DeFi’s full potential.
Why’s that, you ask? Because NFTs unlock new possibilities around identity and sociality that DeFi simply didn’t have in its initial push. These new possibilities will make for new evolutions. In other words, DeFi will rise out of the FTX fallout stronger than ever, and the DeFi x NFT crossroads is going to be a big part of that. In the meantime, thanks for reading everyone, hold in there, and let’s get you up to speed on the biggest NFT headlines of the week for now.
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