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Understand the NFT game | #NFT explained

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Hi, everyone. Welcome to today’s video on today’s video, we are going to discuss how rich peopleare getting richer by trading NFTs. What are NFTs. There is a lot of commentary, a lot of extreme notes, dedicated some people say that itis extremely worthless. So if you listen to all this commentary, you will end up being baffled and you would not know how to playin this NFT market. So we are going to decodethe part conception of NFT. I’m going to help you understand how youneed to go about playing in the NFT market in case that is somethingthat interests you. Now, before you drop off saying that you know what I’m not interestedin and don’t care. This is not something that I would bother.Please listen to this video. Still, please listen to this video. Very, very important because it will help you understand how to understandvalue on any brand-new makes. This is applicable to NFTs. This is applicable to a knot of other things, including the investmentcourse that I’m launching. So understand this video, holistically, only then you will understand the part concept on how rich peopleleverage money to utter more money. And that is a practicethat even you can borrow. So before I jump into the nitty gritties of NFTs, let me first and foremost, tell you a basic fib about a company called a Petrock, or rathera product called a Petrock. This looks like a picture of a terribly shinyrock that has somewhat been animated. You will scratch your heading and you will ask that, hey, you know whatthis is something like? Is it a doll? Is it like a electable? What is it exactly? This just glances strange. So let me help you explain.Okay. So let me first and foremost, tell you the story of Petrock. Now, here is the picture of Petrock.This is what pet rock looks like.And you will see that. Okay.This looks like a terribly shiny, smooth kind of a rock-and-roll with someanimation drawn on it. Why would people buy this material? Guess what? How many parties bought this nonsense? There were close to 1 million domesticated rock-and-rolls that were sold and thesepet boulders are nothing. There is no manufacturingthat is going into it. Basically what Pet rocks.They were smooth, lustrou rock-and-rolls. Somewhere in Mexico, one industrialist got the idea and he started selling baby rocksand became a millionaire. Now you would say that.Okay, you know what? This is probably an exception. This does not happen all the time.Ok. So let me tell you the story of crocs. So crocs are slippers with pits in it.Right. So here’s a pictureof crocs for you to see. I am sure I am 100% assured that either you would have purchase crocs or you wouldknow someone who has purchased crocs and it is a multi itmillion dollar enterprise.Now, strategic objectives or the extent behindtelling you these legends is that as general gatherings, sometimes we assume that you know what this particular thing or thisparticular concoctions seem certainly off. Who would go and buy this substance? But people are still moving and buying that material because they arederiving some cost out of it. If you go on the Internet and read abouta brand-new hysterium called as NFT nonfungible tokens, you will see that the Bippleart went sold for $ 70 million.You will see that Jack Dorsey’s firstweek got sold for millions of dollars. You will scratch your psyche and you willask, and you know what this is like crazy. This is just pure madness. Why is this digital artistry coming sold forsuch millions and millions of dollars? Because let’s break down Jack Dorsey suitthat got sold for millions of dollars. Now, as the owner of this Jack Dorsey’s first tweet, if you own the NFT of thisparticular tweet, you are essentially owning thisJack Dorsey suit in a digital format. Right? Your name would be there. For example, if I would have bought it, my name would have been there. Everyone could understand that he that akshat owns the first weekthat was ever done on Twitter. It’s not as if that I can preventyou from seeing that week. I cannot hide it.It is still there. It’s not as if that I canmake changes to this week. I can’t do that either. So what is the pointof me owning the coming week? And you will dismissthe part NFT market? Because this is what is currentlyhappening in the NFT market.Now let me break down systematicallyand let me help you understand what NFTs actually are and why or why not the wholevalue and what you should do with this. So first of all, NFT simply conveys or in simple terms, NFT signifies nonfungible clues. So let me help you understand thesekey expressions highly, very quickly. So non fungibility entails so we willfirst understand what fungibility wants. So fungibility meansthat an piece can be replaced. For example, I have these twoDecathlon shirts with me. They are off exactly the same color. I have bought these two shirts because many of you indicated that heyakshat you do appear good in these complexions. So next month, likewise, I am going to buy two more shirts of exactlythe same color from Decarson. Are these shirts replaceable? The rebuttal is yes. So are these fungible? Yes.So what is nonfundable? Nonfundable simply meansthese are not replaceable. For example, if you take a look at this bipple artistry which came sold for $ 70 million, is this art replaceable? Can you create another precise same artistry? The refute is no. For example , nonfungible wouldbe something like kohinoor Diamond. So kohinoor Diamond is just one of its category. It is in physical formats. Of course you understand the value of it. It cannot be replaced. You can’t buy another diamondand call it a kohinoor Diamond, right. So I hope you understandthe concept of fungibility here.The next segment that you need to understandis the concept of blockchain. Here is an entire video that I did on Blockchain that will help youunderstand that how blockchain engineering. It’s a very big technology. It’s like Internet, such a technologyon which smart-alecky contracts are located. So blockchain is a technology, and it simply meansthat there is a central record. So blockchain simply means that it isan advanced form of Google Words.So on Google statements, what happens is that if you create a Google Word file and if you host iton a shadow and if you have access to anyone, then all the people can comeand they can work on that document. That is what the conceptof central ledger is. And it simply meant that anyonecan lay in the records. Whoever is making the entryways. Other people who are on that documentcan see those entries and authenticate it. So let me give you a couple of quick samples to help you understandthe concept of blockchain more thoroughly so that we can then applyit to the NFT market.So what happens is that if you considerthe following example where I’m sending coin to your best friend in Tanzania, so it’s an African country, I’m sending fund to Tanzania, then what the hell is happen? I will go to my HDFC bank account. I’ll tell my overseer that a overseer we move $1,000 to my friendwho is sitting in Tanzania. So my manager will say that.Okay, great actor. Give me $1,000 orequivalent in the INR form. I will route him that moneyinstruct my bank director to do it. So he will do it right. Then my friend will receive instead of $ 1,000 $ 990 because there willbe some intermediary attacks. This that so what happens is that frommy side, my detail has been debited. For example, if I had $2,000 in my bankaccount, I paid $1,000 to my friend.So I’m left with $ 1,000. So this entry change or this ledgerchange happens on my bank figurehead. So on his side, his account will be ascribed. So if “hes having”, let’s say $2,000 in his bankaccount, then because I please give him $1,000, his entryway will show addition of $1,000, so he will have in total $3,000. And why are we the banka little bit of free? Because they act as an intermediary. Now blockchain actually solvesthis intermediary problem. You don’t need to have an intermediarybecause everyone who is performing these accounting alters on my detail and myfriend’s accounting, everyone can see it. Who is on this blockchain structure. For example, Ethereum isa blockchain network.If any reforms are happening on Ethereumnetwork, which is a blockchain based structure or Bitcoin network, which is again, a blockchain located make. Any varies that are happening to these network, everyone on thisnetwork can see it. Therefore, we don’t need a middleman when we are engaging with thisblockchain technology. Now you would say, OK, great, penalty. We don’t need a middleman. We don’t need the class monitor. How does this apply to NFT? Now let’s imagine a scenario where you had Picasso who used to paintbeautiful draws. And in today’s world, there would be another Picatowhose depicts we will talk about, or rather our future generationswe’ll talk about after 200 years. So if you are able to discover sucha Picasso like party right now and if we buy his NFT, you will haveproof of ownership of that NFT. Now you would say that akshat sounds good. What am I accurately going? Can you facilitate me transgress that down? Okay, so this is what you are getting.You are getting proof of ownership.Why? Because on that central blockchain basednetwork, everyone can see that Akshat has bought Jack’s first tweet and yourname will be written in golden characters. So to say it on that blockchain network, and everyone can understand that. Okay.Hey, he is the owner of this NFt. Right? Similarly, if you go and buythe covers, the digital form of the paintingsof a brand-new Picasso who is up and coming. If you buy NFT from them today, today, when that person is not notorious, if you are buying their NFT, and if that person becomes far-famed, then guess what would happen to that? N not you purchase.It will definitely go up in value. And you can sell that ownershipto someone else at a later stage. So I hope this demystifies the factthat what you would actually own. If you are the NFT owner, you will own the rights of that NFT. So I hope this clarifies that if you are an NFT owner, the thing that youactually own is the proof of ownership. That’s it. That’s what majority of the NFTsare currently geared towards. Now you would say that user.Okay, great. I’m the owner of this particular NFTof this up and coming Picasso guy. Can I make changes to this covering? The short answer is no.You might not have the Copyright to do it.Then you would say that. Okay, can I now time keep it for myself? I don’t want to show this cover to anyone because I findthis person to be great. He will become the next Picasso. Then I will keep this particular NFT on anexhibition and meet millions of dollars. Can I do that? Can I secrete this from the world? The explanation is no. In majority of the cases, you can’t even do that. And this is the reason why people aresupremely confounded because they assume that owning a particular thingallows you to make changes to NFT.No, in majority of the cases, you can’t do that. But it does not means that owningand NFT is not valuable at all. I hope you understand that when you have ownership of a particularpiece of an resource. An Ft is an asset. So if you have ownership of that particular resource, “youve had” the bragging privileges. You have the social media freedoms. Everyone can verify that akshat actuallyowns the aft of the first Twitter tweet. She does not own it.Someone else does. But I’m just trying to make a pointand help you understand that owning and NFT means that everyone can verifythat you are the real genuine owned. And that is what the value of NFT is.People confuse it. People assume that is, since you are not physically owningthat NFT, you can’t make changes to it. You can’t obstruct it from the world.Therefore, there is no value to this NFT. That’s a highly debatable point. And let’s speak about that.Now, you would say that. Okay, he accept.I understand the fact that if you own an NFt, you own the proof of ownership, which is awesome. You can’t move physical modifies. You can’t disguise it from the world. That clears me a little. Iffy so, can you explain a little bit more what value is owning this NFTbringing to me if I am an NFT owner.So here are a few key valuablethings that this NFT can do for you. Number one, it acts as a accumulation of build. For example, if I am the owner of that Jack’s does first Twitter Tweet, I have the boasting claims. And guess what? I can sell this proofof ownership to someone else. If you want to buy it from me after 5 year, let’s say that Twitter becomes evenmore popular, then I can sell this proof of ownership to someoneelse and need more money. The second key advantage of owningand NFT would be the social leverage.For example, if the world knows that akshat is owning the NFT of the firsttweet, then guess what? I’ll be invited to hire social haloes. I’ll be invited by different magazines. I’ll be invited by different newspapers.Whatnot right? So it gives me social boast privileges. That’s another key advantage. And third and the most lucrative advantage of owning an NFTs, the tradingvalue that it generates. The third and the most obvious advantage of owning an NFTs that you canbuild trading based enterprises. And this is what rich people are doing. So let me explain it via two examples, when bipple artwork was sold for $ 70 million, there was a person. His name is called as. He’s called as Francois Henry Penalt. I’m computed French. I don’t know any French howhis specify is pronounced. But bottom line is that this rich multibillionaire pointed up building$ 6million in Commission because the auction house through which this NFTwas sold is called as Christie. It’s one of the biggestauction mansions in the world.He’s the owner of that auction now. And that auction house took commissionings at 10% and this person becamericher by almost$ 6 million. Now you would say otherokayyou know what this is like? Rich people’s game. People are building businessesaround NFT concluding more money. Some rich chap buys Twitter tweet today, some rich guy buys like bipple art or some rich guy buys like Jack’s firstweek sell my shares off after 5 year. Okay, fine.That performs appreciation for rich people. What about us? Should we as normal retailinvestors get into this NFT in. So this is where smartcontracts will come in. So let me demonstrate the utility of smartcontracts and how it plans onto NFTs. Now here is a very recent news and there was a hard work that was therewas an artwork between sound icon turn. I don’t know.I don’t listen to his music. If you do do explain ifyou like asking or not.And visual master Shantanu has Aricaand this NFT was sold for 391 $ 8. 391.8 $ of disappearing soul. Now two things to notice. One thing is that 391.8 $ is not big extent. It’s like approximately 300. So this is not some crazy valuation. Even regular retail investors couldhave invested in this type of NFT. Now with smart-alecky contracts. There is something interestingthat can go on in the NFT one. You will have these various masters, for example, Ubin Natya Sonia, if you’re Ed Chienan orZen Malian or if Miley Cyrus fan. I don’t know.So these creators can create basic NFDS. Right? And they will give you a alternative. Or they might give youan option that he buy this NFT. In addition to providing that, you can do a 30 times Skyfall with me right now. This becomes like a combined entity. This is very interesting that if you own this NFT for five years, you get a private dinner with me. Or if you own this NFT, you get fivetickets to my melodic concerts. Or if you own this particular piece of NFTthat I as an creator “ve come” where you get to go and travelthe world with me.Whatever.Right. So this becomes like a newincome flow for artists. And what the hell is that do to the the world? It will assist fans connect with craftsmen, creators, monetize more. There is nothing wrong in terms of monetizing as long asthey are adding value. For example, I’m a big sonu nigam fan. And if he gives me the option of owninghis NFT, I 100% buy it with the functionality that Iget to spend time with him. So I have 100% get it on. I’m a big Mark Cuban fan. So if Mark Cuban comes out with his ownNFT and contributes a functionality that he goes spend a epoch with me and I will goand buy it for a lot of money.Why? Because I as a fan would get a lot of value from owning thisNFT in a different format. It monetizes the celebrity in some manner and it gives me value in this particularexample of spending a day with Mark Cuban. I am interested in buildingdifferent transactions. If I can pick up his brain on a rangeof items, even though they are I “re going to have to” expend ten lakhs a period to spend with him, I would definitely take at least a daylight with him so that I can understandmore about his thought process. And even if I can pick two, three, four meanings from him and perform it, I am definitely going to makea positive ROI on that investment.This is how you also needto think about the NFT market. There are so many NFTs floating around. You don’t need to buy every single NFTand start commenting on every single NFT. So in passing. And in summary, this iswhat I will be you with. Number one.If you are a high network individual. Are NFT markets are you all right? Yes. You can literally construct NFTbusinesses out of this. This is what influenceslike Gary we are doing. Kim Kardashian is doing a lot of differentbig, big celebrities are doing.Number two.Do NFTs hamper appreciate for Masters? The rebuttal is yes.Why? Because it renders them additional incomestream and it allows supporters to interact with them so it has valuefor both creators and fans. Number three, what about ordinary kinfolks? Do NFTs Add value to normalpeople like you and me? The refute is it depends. If the if it is giving value to you in some faculty, then yes, it’s probably a good financing for you to go and oblige because it isgiving you some type of a value.Please understand the amount of moneythat you are spending from anything. That’s one part of the equation. And what cost are you coming out of it? If the importance is more for the pricethat you are paying there and of course, that financing is positive, then youshould go ahead and buy that n. So this delivers us to the final question that what is it that I amdoing with the NFT market? I am monitoring it closely. Majority of these NFTs are pointless. I would not waste any coin on it. There might be some really good NFTs that might come up in the futureand I am remaining a close seeing on it.So I hope that members can experienced the video. Give it a thumbs up and let me know if you have any questions and Iwill see you the next time ..

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