Both cryptocurrencies and non-fungible tokens (NFTs) have been two digital components that have always been interconnected. The two are both centered around blockchain technology which shares the same mission of providing people with a more efficient way to purchase, invest and store virtual finances.

They have both opened up an online realm that provides users with endless possibilities and opportunities to choose from. Being involved in cryptocurrency gives people the option to have digital currency freely, quickly and cheaply. Similarly, participating in NFTs provides creators with a format where they can sell their products directly to consumers in an efficient manner.

NFT and Cryptocurrency Differences

Although cryptocurrencies and NFTs are heavily linked to one another, they do have their distinct differences. The fundamental difference between the two is one is fungible, while the other is not. Of course, cryptocurrency is a digital component that can be exchanged between others and is equal in its value. In contrast, NFTs cannot be traded because each token is different as they all have a unique digital signature, making the concept of exchanging non-viable. Nevertheless, many blockchain networks want to incorporate NFTs into their network systems to entice users to invest in their cryptocurrency. Here are two tokens that could efficiently utilize non-fungible tokens.

NFTs in CashFi (CFI)

CashiFi (CFI) is an upcoming cryptocurrency network that markets itself around providing users with an NFT marketplace that allows them to have a creator’s center. Having this creator’s centre gives participants the opportunity to mint NFTs on multiple platforms in an effortless and cost-efficient manner. But their plans do not end there. CashFi (CFI) NFTs will be integrated into their ecosystem’s framework to construct cross-chain NFT marketplaces.

CashFi (CFI) has made a good head start on its journey by identifying the accelerated market on NFTs, providing statistics that indicate its immense impact on the metaverse – “NFT sales soared to nearly $17.6 billion in 2021, a staggering 21,000% increase in over the prior year of $82 million”.

Additionally, the network discovered a fundamental benefit that NFTs provide, which is its advocation of peer-to-peer interaction on a worldwide scale – resulting in removing the need for centralized regulating structures and allowing participants to trade confidently and freely. If you are a creative that wants to optimize your products, CashFi (CFI) could be a great investment when it officially enters the crypto market.

 NFTs in Avalanche (AVAX)

Avalanche (AVAX) is a crypto network that outlines itself as an “open, programmable, smart contracts platform for decentralized applications”. The blockchain is relatively new to the crypto market, coming into fruition in March 2020, promoting the feature of smart contracts as their unique selling point.

Furthermore, the network optimizes NFTs by having AVAX Machina, a project conducted by the AVAX NFTs team. It was created by renowned artist Froyd Art, having a solid purpose to provide users with a viable platform for conveying and accessing digital assets. It is safe to say that Avalanche (AVAX) has provided the metaverse with a refreshing take on maximizing the NFT marketplace.

The Current State of NFTs

According to reliable sources, the NFT market cap within the past 24 hours has dropped to 19.5 million. Although this is a daunting statistic, it is likely that the demand for NFTs will rapidly grow as technology begins to progress. Be mindful to always consider NFTs, as they may just be a worthy investment.

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Keywords: CashFi, CFI, Avalanche, AVAX, NFTs , Blockchain, Cryptocurrency, AVAX Machina

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