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How I Turned My 4-Year-Old’s Art Into an NFT: Ethereum Blockchain Explained | WSJ

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( bright serious music) -[ Joanna] This is my four-year-old son. He’s basically van Gogh. -[ Son] I’ve got a piecefor the rainbow, momma. -[ Joanna] His latest workmight not look like much but it’s one of different kinds. At least, digitally it is. Since, you are familiar with, I recently minted it as an NFT on the Ethereumblockchain as one does. Oh, and then I gave it to my mom in an Ethereum wallet. – What is this? – I expect you have no ideawhat any of that intended. And I didn’t either untilI started on such projects. Now what the hell’s an NFT? – The NFTs.- NFTs. – NFTs. – Yes, NFTs, or non-fungible clues, are the thing right now. You’ve got artists sellingNFTs of the performance of their duties, some for millions of dollars. You’ve got musiciansselling NFT hymns and audio. You’ve got symbols likeBurger King, the NBA and Macy’s realise NFTs. I could go on and on but underlying thatvast and mad mixture is the same idea. These are unique, priceless and verifiable digital things. Okay, but what are you demand one? Hmm. Authenticity, yeah. Web 3.0, which is after Web 2.0. To impress people. It’s a great though hard question. And we’re gonna get there but first, you need tounderstand what an NFT is. And the best way to do that, stimulate or buy one yourself. Okay, so this is my son’sart or what he calls. – A classic rainbow unicorn. – You wanna call her NFT? – No.- No? – Boring.- He hit it with physical stuff and then I promptly turned it digital. I checked it with my iPhone and questioned a peer toanimate some of the sides.( pony neighing) I ended up with this basic MP4 video file. Sure, I could just upload it to the web or some social media scaffold. But there , nobody knows that this is the real original thing. That it’s not just some digital mimic. There’s nothing , no digital info that says this is themasterpiece unicorn rainbow NFT made by my son. That’s what minting it into an NFT does. Yep, minting, which is the firstly piece of language you need to understand. Not these slews. Minting an NFT is the process of taking a piece ofcontent, a JPEG, an MP4, an MP3, some other file and putting it on a digital registry. In this process, you’re log the stampof ownership on a blockchain.Jargon period number two, blockchain. Now, this could be its own vide but here’s the simple rationale. The blockchain is a software network where computers lope separate copies of the same program. The computers are joined but no one controls the network. It’s called a decentralized structure, and it treats deals. It likewise stops a record or database with records of every singletransaction that happens, every carry, every purchase, et cetera. There are many blockchains, including the right for Bitcoin, the crypto you’veprobably heard all about. Got all that? All liberty, back to NFT making. I decided to mint thegreat rainbow unicorn abusing a service announced XIP. But to get started on XIP, I needed to make a crypto wallet. Think of like a real wallet but only for the cryptocurrencies and NFTs that you own fora specific blockchain. For this project, I extended with the goldstandard for NFTs, Eth. It’s the cryptocurrency are connected with the Ethereum blockchain. MetaMask is one of themost popular Eth pocketbooks. Even though I was making an NFT, I needed Ethereum forvarious accompanied costs, which I’ll get to.So I bought some on Coinbase, a crypto exchange whereyou can buy and sell lots of different currencies, and then assigned that tomy MetaMask Ethereum wallet. Finally, I was ready. I imparted the NFT a entitle and description and then uploaded it to mint. But before it was official, I had to pay what’s called a gas fee. For this one, I wentstraight to Jeff Cluck, the co-founder and CEO of XIP. – On the Ethereum blockchain, gas refers to the cost necessary to conduct a transaction on the Ethereum network. It’s the cost associated with powering the network. There are currently rewards associatedwith other blockchain systems but often, Ethereum is known to have some of the highest gas rewards. – So I paid the gas fee,. 0333 ETH or $145.18, and thunder.( screen shimmering) It’s on the blockchain. I could even confirm it by going to Etherscan.io, which has a record of every event on the blockchain. Okay, so now I could do a few cases things with this NFT masterpiece, including sell my shares. And oh boy, are there a lot of digital skill NFTs for sale out there.OpenSea, the biggest NFT marketplace has thousand of bits. And some of them havecrazy high-pitched valuations. Look at this Cool Cat # 6133. The highest give was $26,000 as of making this video. Why so much better? – Some of these brand-new NFT campaigns, such as the Cool Cats, theseare some of the most in-demand, most exciting NFT projects that are out there right now because of the action thatthey engage a community around their project. They have in real life meetups, phenomena, parties connect. – I didn’t sell or listing themasterpiece unicorn rainbow because I’m not in the art business but selling is pretty easy once you get to this point. You go to OpenSea, prepared a minimum toll and see what happens. Just like eBay. Buying an NFT doesn’t take as many steps as representing or selling one but most sites, like OpenSea, require you have a crypto wallet. But remember, you’re gonna pay a gas fee on top of the price of the art, which fixes this all very expensive. Instead of selling, I decided to gift my NFT to my mom.Daughter of the year right here. Her very own MetaMask Ethereum wallet. Yep, in that envelope, I set her brand-new MetaMask wallet information, which contains her new NFT. – What in the world? – This is your crypto wallet, which inside, it has anNFT made by your grandson. – Why would I crave this? – And that’s really thequestion of the year. Why would you require an NFT? After speaking with lotsof beings for this story, I came up with a few concludes. One, this is an elaborate, high-tech, energy-sapping way to make money because well, beings andcompanies like money. Then there’s the ideaof owning digital assets in the metaverse. That is the coming virtual world where we work, and shop, and hang out. Then there’s that Cool Cats doctrine. You buy an NFT to gainaccess to a community.Another favourite one is calledthe Bored Ape Yacht Club with members like StephCurry and Jimmy Fallon. And then finally, youlove an artist or label and you wanna ownsomething unique from them, which I can confidentlysay is exactly how I feel about my favorite NFT artist. NFT. – NFPP. NFT. -[ Joanna] What does it signify? – Boop ..

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