Nested Wants You to Use NFT Technology to Manage Your DeFi Portfolio
On Mar. 2, Nested announced its Series A round raise to the tune of $7.5 million, led by billionaire hedge fund manager Alan Howard. Other round participants include the former president of Polychain Capital, Joseph Eagan, Earn.com's founder, Lily Liu, Republic Capital, Kenetic Capital, and CMT Digital.
But what's so special about Nested? The self-proclaimed first decentralized finance (DeFi) social trading platform based on financial NFTs is making it easier for non-DeFi native users to successfully copy or manage their financial portfolios.
Crypto wallet tracking is difficult and time consuming. Scrolling through Etherscan's block explorer is daunting even for DeFi native users. It's hopeless for beginners. Nested simplifies the process with NFT technology.
On Nested, traders are incentivized to build a portfolio of DeFi assets and "nest" it in an NFT. The NestedNFT, which is owned by the trader, is then tied to the portfolio's underlying assets. Each NestedNFT can be copied by less crypto savvy users at the click of a button. And each time a trader's portfolio is copied, she earns a royalty.
Users can explore all of the best performing portfolios or find a specific trader they want to mimic, similar to letting financial experts manage your portfolio but without all of the costly fees.
*Note: most crypto traders are not financial experts and do not offer financial advice.
For traders, Nested simplifies the portfolio management experience. Each NFT, tied to your portfolio's underlying assets, makes visualizing and interacting with a diversified portfolio more intuitive than on centralized exchanges like Coinbase. Quickly edit the percentage of any crypto asset you own, sell individual tokens, or even sell your entire portfolio in one transaction.
Nested also enables users to create and manage crypto portfolios for other people. NestedNFTs can be gifted to friends and family. Setting up financial portfolios for people who don't understand or aren't interested in DeFi, like your mom and dad or newborn baby, takes as little as a few minutes. And it might help them better understand crypto in the long run.
"My mom knows what an NFT is," Nested Founder Rudy Kadoch wrote to CoinDesk in an email. "There is considerable hype around NFTs. But more importantly, retail investors, and even the public, have understood the concept of NFTs in a shorter time than it has taken for them to comprehend cryptocurrencies."
NFTs are visual, easily digestible, and help build real online communities. The NFT space is easier to understand than decentralized finance because it speaks to the general public; it connects to social media; it's fun when communities win together. Nested is attempting to bring the fun-loving, community-centered, visual nature of NFTs to DeFi.
Whether or not Nested succeeds in its ambitions, it's clear that DeFi needs to become more intuitive and user-friendly. And NFT technology is a great way to bridge the gap between crypto natives and the rest of the world.
Disclaimer: Lucky Trader is not a registered investment advisor. You understand that the service is furnished for your personal noncommercial, information, purpose only. No mention of NFTs or DeFi in the service constitutes as a recommendation to buy, sell, or hold that or any other assets. Nothing within the service shall, or is intended to, constitute financial, legal, accounting, or tax advice. Any decision that you make to buy, sell, or hold NFTs and DeFi tokens should be based on an assessment of your risks in consultation with your personal advisers.