In this episode, “Beyond Bitcoin: DeFi & NFTs - The Australian Perspective”, Nick discussed DeFi and NFTs with Jonathan Miller, Managing Director (Aus) for global crypto exchange, Kraken. Decentralised finance (or DeFi) refers to decentralised applications working via smart contracts on a blockchain. The apps provide crypto-based financial services such as lending, insurance and digital asset trading. Currently there are more than $80 Billion of DeFi smart contracts in the market and the number is growing every day – almost invisible to the traditional finance world. DeFi is exciting as it democratises financial products as well as creating fundamental value (and liquidity) for crypto assets. NFTs or Non-fungible tokens have dramatically changed the art world in recent times with more than $60 Million being paid for a piece of digital art. But NFTs do not stop at art, they can change the way we think about ownership of everything in the digital world. Nick and Jonathan discussed successful use cases of DeFi and NFTs in Australia, as well as regulation and the “crypto brain-drain”. The scale of DeFi, its uses and its speed of growth will be a massive surprise to anyone not already aware. Similarly with NFTs. This is relevant for everyone, no matter what industry, to understand how DeFi & NFTs can potentially change their business and their world.

Links:

Kraken website