NFTs and the $13B marketplace, explained


[ Applause] at this moment you’ve probably examined about nfts[ Music] and if you haven’t you’ve been living under a rock in the last year alone they’ve become a cultural phenomenon and i want to give one to everyone in the public everyone gets a name yes some people hate them others think they’re going to be the future of everything but regardless of where you fell off this segment there’s a lot to unpack here including a booming 13 billion dollar marketplace that’s trying to become the amazon of nfts but firstly let’s get on the same page about what an nft actually is essentially an nft is a one-of-a-kind digital register like these examine carried apes but it could also be a photo or a song principally they are digital enters accumulated somewhere on the internet mitchell clark is a news columnist at the rim and he wrote the verge’s nft explainer he cured me who until some weeks ago knew little to nothing about nfts grasped the theme a little bit better most of what parties think of as an nft or actually the digital records not what the nft actually is so the nft is the record on the blockchain that accumulates the information about that digital folder who started it who connected it to the blockchain and then who purchased it and who has owned it throughout the course of history and that is what the actual nft is those transactions are noted on the blockchain which is essentially a public digital ledger that records deals on the decentralized entanglement the fact that all the changes are made publicly and there are so many computers working on substantiating them all at once meets it really difficult to hack or cheat the system talk to me a little bit just about like some of the most ridiculous entities that you’ve seen during your reporting there’s so many i think the first one that i saw was uh logan paul did trading placards of nfts you’ll pinpoint exactly things that look like they only be done in order to paint by a child which generally people don’t buy those like let’s let’s be clear just because you situated an nft up for sale doesn’t mean that people are going to buy it and then there’s been the ones that are just downright offensive like they’re capitalizing on civil rights icons or craftsmen who are now passed away it’s just like i don’t like that very much at all i intend on the flip side have there been any that you’ve seen and you’re like that that’s actually like if “i probably shouldve” a hundred thousand dollars to spend i might actually buy that i don’t think that there are any of the prowes ones that i’ve been particularly interesting to but i have just been various kinds of experienced some of the programmatic ones this includes nfts who really get you something a bit more tangible than time an entry on a blockchain such as video games or even be made available to elite representatives exclusively clubs and there are even more maudlin nfts there’s also kind of a heartwarming storey of these two cryptocurrency exchange employees who got married and they had an nfp nuptial reverberating like their marry resounding was written to the blockchain i thought that was cute this is all well and good but how exactly do you impart someone 69 million dollars for a jpeg on the blockchain while there are many marketplaces for nfts including wearable or footing there is one that is now valued at over 13 billion dollars open c open c’s catchphrase for it is they want to be the amazon of nfts russell brandom is plan writer at the boundary he ambled me through how open c became the de facto nft marketplace and some of the proliferating soreness that came with such prodigious raise the difference between open sea and the other ones and here i am thinking one of the purposes of what’s made it so successful is a good deal of the others kind of have this art gallery model where they have particular nfts that they like and you go there because you want this particular type and so it’s very curated it’s very controlled whereas openc it’s mostly this is a representation of what’s out there this is everything on the blockchain and if it’s on openc you can use these special ordering tools so everything kind of eventually migrates there and the fact that something’s on there doesn’t really mean nothing about it doesn’t have like the open c mold of sanction it’s just the most wonderful place to buy and sell this is really the the charm thing about it is you know perhaps maybe investing in nfts themselves is various kinds of like making this speculative pot but they’re the casino they’re the neighbourhood where all these speculations are happening and the fact that there are a lot of gamblings happening right now constructs that’s just a very good position to be in yeah and of course the house ever prevails right right yeah but with open seas growth came some jolts since its inception there have know a lot of issues straying from protection breaches to victimizes to users reportedly purchasing their own nfts to artificially inflate their ethic it’s hard to applied the anxiety on openc precisely but you get a lot of these situations where it’s a wholly unregulated marketplace like there was still lots of brand-new things that people are used to identify how to do i don’t know if that’s a security problem precisely but it’s like a moderation issue in this unusually tumultuous mart that because openc is kind of the intermediary of record they be brought to an end at the centre for human rights of it proliferating tenderness aside investors are gambling on openc went beyond hyped up pictures of suffered apes although russell isn’t too sure introduced it this direction i think for any specific abuse occasion the occurrence for nfts is pretty weak for me like i’m not convinced that it’ll take off in this particular area but then there’s this other like will it take off for something will we find some ground or something that this stuff is helpful for i’m sort of a little more credulous on that where it’s like okay all these beings that are looking for something that this will be good for and there’s a ton of promotion and one tonne of vigor so hopefully they find something at some station which i don’t know if i want to bet on that but it’s at least reasonable to me but regardless of what nfts could actually be good for in the future we were able to continue to see people splurging on digital goods for months or coming year do you think it had anything to do with the pandemic and parties really being fasten at home and you are well aware just not spending their fund on ordinary interesting thing that they naturally would have been spending it on it’s very possible um another kind of angle to it is that they were being pitched and sometimes thrown by some people as an investment and everyone had a rough 2020 and we’re all trying to like get to a better place and if there’s some possible way that we can do that using this nft like we buy an nft and we can turn it in four months for so much money like what if we could sell a million dollar exhaust that would be life-changing for almost everyone so it’s a little bit of it might be a little bit of wow this is an interesting thing coming along that’s kind of hard to understand technically so you can get caught up in the sales pitch of it and then too kind of the gamble position of this thing could soon be worth millions of dollars if you’re lucky and for some people it has set out that highway which only hurls more oil on the ardor with you russell i expect the react is going to be no uh but are there any nfts that you’ve seen where you’ve actually said yeah this could actually is just like various kinds of amusing to own no no[ Music]

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