The institutional appetite for decentralized finance (DeFi) is being extended to incorporate the frothy world of non-fungible tokens (NFTs). Announced Tuesday, custody and wallet technology firm Trustology is providing support for Ethereum-based NFTs, with a view to allowing institutional investors to use these tokens as collateral, for example, within the DeFi space.
There’s currently an explosion happening in NFTs, which can be thought of as blockchain-based title deeds to a digital artifact. The trend is a carry-on from things like the original CrypoKitties phenomenon in 2017, with the technology (Ethereum’s ERC-721 token standard) later morphing its way deep into the world of digital art.
Today, the value being conferred on everything from art to music to seminal tweets is measured in hundreds of thousands or even millions of dollars. Meanwhile, institutional NFT is becoming a thing, with funds like Delphi Digital, Scalar Capital and Sfermion investing in digital collectibles.
Like DeFi, NFTs are normally associated with non-custodial wallets. But a collection of valuable NFT assets being managed on the behalf of a fund, for instance, would require a custody solution including rules to allow certain individuals to lend the asset or use it as collateral, said Batlin.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
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Bitcoin predictions | 57.6% | 94 | $19 601.45 | 1.08% | -6.16% | $374 035 671 245 | ||
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Ethereum predictions | 56% | 91 | $1 069.36 | 1.22% | -6.90% | $129 781 761 094 | ||
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Tether predictions | 95.2% | 1 | $0.998838 | -0.01% | -0.05% | $66 155 226 088 | ||
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USD Coin predictions | 96% | 1 | $1.000222 | 0.01% | 0.01% | $55 814 989 943 | ||
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Binance Coin predictions | 58.8% | 84 | $222.98 | 5.98% | -3.62% | $36 406 780 076 | ||
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Binance USD predictions | 91.2% | 1 | $1.001650 | 0.21% | 0.09% | $17 576 185 471 | ||
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Cardano predictions | 64.4% | 77 | $0.456735 | 1.28% | -7.20% | $15 498 880 430 | ||
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XRP predictions | 62.8% | 72 | $0.318666 | 0.10% | -14.11% | $15 405 296 738 | ||
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Solana predictions | 65.6% | 74 | $33.22 | 4.79% | -13.37% | $11 402 674 515 | ||
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Dogecoin predictions | 65.2% | 76 | $0.066230 | 1.84% | 1.89% | $8 786 721 543 | ||
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Dai predictions | 92% | 1 | $1.000583 | 0.09% | 0.06% | $6 781 768 129 | ||
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Polkadot predictions | 67.2% | 72 | $6.79 | 0.01% | -14.24% | $6 708 513 693 | ||
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TRON predictions | 56.4% | 91 | $0.065271 | 2.22% | 1.89% | $6 037 017 196 | ||
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UNUS SED LEO predictions | 72% | 55 | $6.05 | 2.00% | 4.28% | $5 770 009 473 | ||
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SHIBA INU predictions | 62.8% | 71 | $0.000010 | 2.69% | 0.29% | $5 612 816 170 |
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