Like chocolate and peanut butter, DeFi and NFTs could be a mouth-watering combination.
Ask someone what an NFT is, and they'll instinctively think of digital art — the CryptoPunks, Bored Apes and Ether Rocks that have sold for eye-watering sums.
The music industry is tentatively exploring what NFTs have to offer. Live Nation, one of the world's biggest entertainment companies, has started offering digital versions of ticket stubs — giving fans a virtual memento of the gigs they've attended. Other platforms are allowing consumers to invest in new music and receive a share of the royalties.
Even on a robust Layer 2 network, transaction fees mean it's often uneconomical to create, distribute and trade NFTs. This particularly explains why these crypto collectibles are so exorbitantly priced — not to mention why new use cases for nonfungible tokens are only being explored at a glacial pace.
Such an approach would be beneficial for NFTs and the DeFi sector alike, giving crypto enthusiasts the freedom to transact how they wish without worrying about the cost. But from an infrastructure perspective, there are other issues that need to be taken into account.Right now, high gas fees mean trading and farming is financially impractical for smaller users — while slow bridges that connect the Ethereum mainnet to Layer 2s cause frustration.
And while the value of NFTs can be uncertain, with limited ways they can be used, Ruby offers gemstones —"beautiful, generative artworks that drive loyalty by embodying real utility as well as artistic value." These assets have a starring role within its AMM.
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