NFT and DeFi Madness ‘w’ Richard Heart

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Concepts

NFTs

Non-Fungible Tokens are going to change the world? Probably not. You don’t actually need an NFT to sell artwork. If you want to buy art, buy the rights to the art or the master files from the artist such that you can earn royalties from the artwork. NFTs are a gimmick that started with Crypto Kitties in 2017 just two weeks before the Bitcoin bear market started. 

Yield Farming

Yield Farming has become incredibly popular as a method for releasing new cryptocurrencies. It’s the natural evolution of ICOs, hard forks and air drops. It’s also a horrible system with enormous risk. To play, you give all of your money to a SMART contract as a “liquidity provider” but you are paid in a new coin that has no value and can potentially be rug pulled at any moment. It’s also prone to front-end and Solidity errors.

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