Bringing NFT into DeFi is a game changer

There were absurd stories of people buying ordinary NFTs for millions of dollars, and many regarded them as ordinary JPEGs without a viable use case, and IMO, any NFT without a use case will eventually die out. The total NFT trading volume fell from $2.7 billion to $10 million, a 99% drop from the previous ATH. This is due in part to the ongoing bear market and the many NFTs lacking viable use cases, which may seem like there's no hope for NFTs.

However, my encounters with some NFTs in the Cosmos ecosystem have shown that there is still hope for NFTs, as Tradoors NFT and others can be staked in the LoopDex to earn LOOP tokens as a reward.

NFTs are gradually entering DeFi, and this combination is a viable use case, especially in the bear market where everyone is finding ways to earn passive income. Another viable use case is using NFTs as tickets, just like how Loop Finance did in the recently concluded Cosmosverse event. While the bear market has taken a toll on many portfolios, it has also given birth to new developments in the space that will undoubtedly be beneficial when the bulls return.