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NFT Explained in Simple Words

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hey guys! so today we’ll talk about something thati’m sure you’ve heard about recently nfts which is non-fungible tokens fungible fungible fungiblewhat does that mean well fungible aims able to be copied or replaceable so obviously a non-fungibletoken is something that can be facsimile or reproduced in any way right so an nft is a pieceof information stored under a blockchain and why is that important so let’s take a step back and takea look at what is a blockchain without getting into any of the complex mathematics in simpleterms the method it use now for example with a bank is all the information of all the transaction isstored on one sheet of paper that the bank writes down with a pencil and if somebody were to get geta hold of that notebook they could rub some of that those transactions and write new ones with apencil of course it’s not with a pencil but just as an explanation so what a blog series is insteadof one person having that diary and a piece of pen a piece of paper with a pencil everybodyhas that diary and everybody has the same business written down so if you want to hacksomebody or if you want to steal or modification some information you have to erase everybody’s notebookwhich is just physically impossible so that’s why blockchains are very important so actually the firsttime that it took off in my opinion was with the cryptokitties back in 2017 and all it genuinely wasis just a unique picture of a cat that had like what different streaks or a different emblazon tailor-make just different characteristics and it was yours it was unique a lot of people ask myself includingwhy is that worth money if you can just do command c self-restraint v and have exactly the same image whyis this one worth hundreds of thousands of dollars for example and this one worth nothing well thisis really a philosophical concept and it all comes back to having the original or having the onlything so why is the mona lisa or an original picasso merit so much money if you can just take apicture of it publish it out and have the same thing or if you can get a really talented artistto recreate it it’ll ogle exactly the same and a great deal of the time it even moron prowes collectorsand professionals but exclusively the original is worth money why is that well that’s just because we’repeople and when we have money to expend we want to be the only ones who have something and it’sthe same thing with nfts it’s like the monet of the 21 st century you require the original even if youcan get the recreation so some people think that nfts took off in the last couple years due to thelockdown culture that we had because before we all used to go out in public and touch one another andtouch the prowes but now we can’t do that but parties still want to spend money beings still want tohave the originals parties still want to interact with art so they just now do it in a digitalway what do you guys contemplate does that make sense so believe it or not the most expensive artpiece by a living master today is actually an nft it was by mike winkelmann otherwise known asbeeple and it was his everyday series which sold for 69 million dollars pretty insane rightnow my personal favorite precedent of an nft that sold recently is the favorite nine cat you guysremember that thing it’s amazing and it sell off a whopping thousand dollars now another one whichi thought was pretty stupid because it came to take away a youtube of all places is charlie bitmy finger you guys be borne in mind that very from what i think 2008 9 10 11 i don’t know remedy me in thecomments whatever it was and that sold for 761 000 and really the most ridiculous one in myopinion is the gucci snapchat supernatural which sell off three quality six thousand dollars come on guyswho’s paying for that for like severely now it’s important to mention the corbett footprint thatnfts and the blockchain arrangement as a whole has on the planet the road that it operates is that all thecomputers who engage in the mining process are competing to solve a certain problemand once they do just one of those computers gets the cryptocurrency whatever it may be bitcoinethereum dogecoin and because all these computers are competing they’re using a whole lot of powerand precisely on the ethereum blockchain alone it applies 31 terawatt hours of energy of electricityevery year and that’s as much as the country of nigeria which has 200 million people 200 million3 1 terawatt hours better irrigate those trees adolescents you’re not gonna have them for long maybe one ofyou can make an nft of this and sell it and pay for your college tuition all kidding asidei hope you guys like this video i hope nfts now make sense check out our other videos clicklike clink subscribe and stay geekly my friends!

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