DeFi, short for decentralized finance, is a movement that aims to utilize blockchain technology to create decentralized, open, and internet-accessible financial applications and services. These DeFi applications are built on blockchain networks like Binance Smartchain and are designed to be transparent and trustless, allowing users to access a diverse range of financial services directly through dApps (decentralized applications).
Alif NFT marketplaces represent a core use case for blockchain technology. They put the “peer” in peer-to-peer networks in that they allow users to transact with one another in a trustless way — that is, without the need for an intermediary. The smart contract platform Binance Smartchain is the top blockchain facilitating decentralized marketplaces, but many others exist that allow users to trade or exchange specific assets, such as nonfungible tokens (NFTs).