Kirobo Brings NFT Minting to Crypto Wallets via Liquid Vault

Kirobo have developed a Defi-focused wallet with the ability to store and mint non-fungible tokens (NFTs). Users will also be able to connect directly with Defi protocols including yield farms and liquidity pools.

The decentralized application (Dapp) development company is working on a set of DeFi security and usability services.

They aim to make Defi more accessible and user-friendly to regular people, funding this initiative with a $5 million investment from Digimax in 2021.

NFTs & Defi: Two Rapidly Growing Crypto-Based Markets

Only a small handful of crypto enthusiasts knew what non-fungible tokens (NFT) were at the start of 2021.

However, according to the most recent figures, about $41 billion had been spent on NFTs by the end of that year. This makes the market for digital artwork and collectibles nearly as valuable as the entire art industry.

Decentralized Finance (Defi) has also grown considerably, reaching a market size of $72 billion by February 2021.

Both of these markets are expected to grow even more as the crypto space continues to attract mainstream attention.

With this increased adoption comes the need for tools that can be used within this sub-industries of the blockchain space.

We have browser-based solutions like MetaMask that can be used for minting and storing NFTs, as well as storing tokens for use with Defi tools.

However, due to phishing attacks, compromised PCs, and user error, a sizeable amount of MetaMask users have lost their funds.

To combat some of the issues, Liquid Vault was developed by Kirobo. The wallet gives users the ability to cancel transactions and create a backup wallet.

What Is Liquid Vault?

Liquid Vault is a security-focused, non-custodial crypto wallet with Defi functionality. The wallet enables users to interact with Defi protocols, as well as store cryptocurrencies and digital assets.

The wallet also enables users to store and mint NFTs on their wallets. Digital content associated with a token can be viewed through a digital album, without having to leave the wallet.

Liquid Vault’s Features

Features of the Liquid Vault include:

• Backup – Users can create a backup wallet that will seize control of the Vault after a predefined period of inactivity.
• Inheritance – This feature distributes assets from the vault to designated “heirs”, providing a non-custodial solution to crypto inheritance upon death.
• Dapp Connect – Users can connect the Liquid Vault to any external dApp with Wallet Connect capabilities.
• Safe Transfer – An “undo button” for crypto transfers. Enables users to cancel a transaction until the moment the counterparty confirms it with a password sent through a separate channel.
• Swaps – Users can avoid DEX slippage by trading directly with other holders at your own prices.
• No-gas trading – Holders of Kirobo NFTs have the opportunity to have their transaction gas fees refunded by staking KIRO.

Dapp Connect

Users can also connect to smart contracts on most blockchains via Dapp connect, this enables users to access Defi services including:

• Yield farming protocols such as Compound and Aave
• Decentralized exchanges (DEX’s) and staking platforms like Uniswap and SushiSwap
• Decentralized apps (dApps) including NFT marketplaces, DEX’s, and more

The feature is similar to the Wallet Connect feature on the MetaMask wallet.

The Outlook for the NFT Market

While most individuals are focused on picking the finest NFT-related projects to invest in and perhaps profit from, other thought leaders are considering what NFTs could imply for society as a whole.

“It’s non-fungible tokens (NFTs) that will drastically transform human civilization and culture,” says analyst Andrew Steinwold. He and others envision fair communities created on decentralized platforms that use NFTs as governance tokens to allow users a say in community growth.

Investment bank Jeffries believes the NFT market could be worth over $80 billion by 2025.

The Future of Decentralized Finance

According to data from Defi Llama, Defi’s Total Value Locked increased from $700 million in December 2019 to $20 billion by the end of 2020, and is currently at $204 billion.

Bulls believe Defi will eventually replace the existing financial system, with its outdated and expensive layers of intermediaries. This is despite the fact that Defi currently holds only a fraction of the trillions of dollars held by traditional banks.

At this early moment in the cycle, much like in the early days of e-commerce, it’s difficult to predict exactly how the landscape will appear.

However, given that the total addressable market is in the trillions of dollars and that access is currently difficult for non-crypto natives, growth will almost certainly continue.

Adoption will spread as access becomes easier in the areas of liquidity providing, yield farming and non-custodial exchanges.

Conclusion

While I believe NFTs will continue to draw attention, particularly in relation to the metaverse and blockchain-based games, I believe the DeFi area will continue to show massive growth.

DeFi has grown in maturity over the last year and continues to be a cutting-edge industry. Investors will continue to be attracted by the high yields, and RDeFi will take Defi to the next level, increasing adoption and liquidity.

As these two industries grow, so will the need for non-custodial protocols and tools.