The popularity of decentralized finance cryptocurrency tokens is skyrocketing because of several reasons. Firstly, the provision of smart contracts for decentralized finance would assist in providing a collateral guarantee to the lenders in case of a default. Consequently, the rate of interest is kept low.
Secondly, DeFi decentralized finance is also democratizing the fine art market. Through NFTs or Non-Fungible Tokens, individuals and enterprises have the opportunity to enter the art and collectibles market. They curate unique content such as videos and images as digital assets and then mint NFTs on the blockchain. Here, decentralized finance cryptocurrency plays an important role in simplifying transactions.