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Non-Fungible Yearn is a DeFi platform whose goal is to utilize the full potential of Non-Fungible Tokens (NFTs) in the DeFi sector. As of now, DeFi is dominated by ERC-20 tokens, which are fungible tokens, meaning that all are the same and are not unique from one another. While ERC-20 tokens are surely needed and are not going to be going away anytime soon, there are many other different token standards that are rarely mentioned, ERC-721 being one of them. ERC-721 tokens are non-fungible tokens, meaning that each token is unique and no two are like, this is because of the unique token id that each token is given at the time of being minted. Currently, ERC-721 tokens are mostly used as collectibles, the Non-Fungible Yearn platform will re-imagine how these tokens have been used by creating a use case for them in DeFi
The potential of NFTs and the ERC-721 standard in DeFi are endless! NFY's goal is to be a pioneer and be one of the first to have this potential be seen by the masses. The crypto-sphere moves fast, before anyone knows it NFTs will be implemented in every new DeFi project. The NFT boom is still yet to come, but it is coming! Crypto as we know it may be in for another huge change, we saw the ERC-20 boom in 2017, we will see a ERC-721 boom in the near future. The only question is: Will you be on board?
Q1 2021
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