What the Heck Is an NFT? (And Should I Buy One?)


( chuckles) – Oh, this is gonna be great. – Are you watching old Two Cents videos? – Yeah, I exactly learnedthat we can make a bundle by turning our imaginative material into NFTs. I’m gonna reach us crypto millionaires by turning our catchphrases into gold. I gamble we could sell a Run the Numbers NFT. Ooh, perhaps I could turnmy old mustache into one. Oh, those are like rainbowcat Bitcoins, right? But how are you gonnamake money off of that? – Well, I represent, I don’treally know what this is, but the acces my friend asked it to me, first, you mine a piece of art, and then something, something, something, until the working day you merely cashout and live in The Bahamas.- Oh, that sounds legit, huh. – Ooh, I wonder if we couldturn our puppy into an NFT. She has not been pullingher financial value around here lately. – Oh.( playful music) By this extent, you’velikely determined the letters NFT drift across night news, or even your TikTok feed. NFTs, or non-fungibletokens, are a brand-new room to own unique digital assetsthrough the blockchain. They’ve actually been available since 2014 but have exploded inpopularity in recent years. – To paraphrase Julie Andrews, “Let’s start at the very beginning.” If I wanted to create an NFT, I need to begin by creatingtwo online histories, a cryptocurrency billfold that allows me to holdcryptocurrency, like Coinbase, and an NFT marketplaceaccount like OpenSea.Once I’ve created a profile and verified my credentialson these programmes, the next step is todecide on a digital resource I wish to turn into an NFT. I’ve decided this sweet picture of our hound jazz should fit the bill. – Philip will then upload the persona to the marketplace and clink Create. When he does this, the platformwill permanently record onto a blockchain like Ethereum that Philip’s accountowns this digital labor. To establish this introduction, he’ll have to pay what are called gasfees to obligate the record. He will of course haveto pay them with Ethereum and it will cost him theequivalent of 10 to 100 horses. Once the ownership of thisentry on the blockchain is spawned, Phillip’s account willreceive a digital clue proving his ownership that’sunique to his account. – This token is non-fungible, meaning that there isno other token like it and it cannot be repetition. So now what? I can exactly keep it if I so choose, or I could sell it outrightor roll it for auctioneer if I imagined several beings might be interested in owning it.People might even getinto a dictate combat for it. I make, come on, she’s thegoodest, cutest girl ever. – Let’s say his hunch is right. And there turns out to be a bidding war, and it sells for $200 usefulnes of Ethereum. The new owner now has the NFT that is recorded on the blockchain, proving to everyone thatthey own this digital asset. but it’s not like they own copyright. Phillip still has this image on his telephone, and anyone else could come along and click a screenshot of the portrait and it would be perfectly law. So why would anyone wannabid on something like this? – At this stage in their growth, NFTs primarily represent creative works, such as visual prowes, music, and video game entries. The appeal to own suchitems is no different than was intended to own an originalPicasso rather than a print. It’s a flex. And since NFTs are displayed publicly, you can show off far and wide , not just to people whocome into your live. And like an original Picasso, if you have a piece that’sspecial or rare enough, it could turn into a advantageous investment.- The very first NFT wasfor a digital artistry slouse by Kevin McCoy called Quantum. And it recently sold atSotheby’s for $1.4 million. That’s right. Someone paid 1.4 mil forthe right to claim ownership over a pixel artistry part that anyone can takea video screenshot of. Jack Dorsey, a co-founder of Twitter, sold an NFT for his veryfirst tweet for $2.9 million. And in 2021, the digital craftsman Beeple sold a collecting ofhis work for $ 69 million at Christie’s Auction. No doubt about it. Serious coin is rapidlyflowing into this market and it’s turning lots of heads. – To many of us, this might still feel like a digital explanation of Beanie Child, but most proposes believe that we’re merely evidencing NFTs in the first phase of their progression. Remember, an NFT is not a piece of art, it’s inalterable proof ofownership of what, for now, is mostly creative work.But NFTs could easilybe used in the future to represent the ownershipof a piece of real estate or perhaps you might receive even NFT upon graduating college toshow ownership of your measure. – NFTs promise to empowera brand-new make economy, where creators don’t handover possession of their work to a publishing or streaming pulpit. Ownership is cooked intothe content itself. along with any royalties orfuture income from the cultivate. For precedent, what if Beyonce’s next book was sold by creating 20,000 NFTs? And the only way to access the music was by providing your proof of ownership. I know I’d be settingup a Coinbase account quicker than you could say off-color ivy. – But again, this is thefuture we’re talking about. What if you’re gettingpressured by your roommate to dump a bunch of money intoBored Ape NFTs right now? Is it a bubble that youshould stay far away from? Or is your FOMO vindicated? – In our opinion, neither. Sure, the heaps of money and hum pouring into NFTs right nowdoes look a lot like a bubble.And it likely is. But many new technologies often starting with a bubble-like stage that actually discontinues uppushing invention forward. Think about the. com spurt and bust, or even the bicycle bubblein Britain in the 1890 s. Oh yeah, that actually happened. But thankfully, bikes and the internet are still very much a thing. We are still in earlydays of cryptocurrency, blockchain use and NFTs, which could be a good time to start to immerse yourtoes in the ocean, right? – Perhaps, but here’s a word of careful. If you’re looking to NFTsas a road to get rich, you might want to reassess. We never recommend engagingin speculative assets with money you can’t render to lose.And it’s never a good thought to invest in anything you don’t really understand. – If you’ve done your research and are ready to take abit of a gamble, go for it. Exactly make sure you’rekeeping the percentage in emerging asset world-class like this low in your overall portfolio. – So how do you thinkNFTs will mold countries around the world in the coming years? Will this be a flash in the pan after all, or the future of ownership? We’ll only have to wait an NF-see .( record hollering) – Oh. And that’s our Two Cents.- And that’s our Two Cents. – Before you go, could a blind gamer beatyou in mortal combat? Have you ever heard of the homosexual rodeo? And why are these guysputting underwear on goats? -[ Philip] “Subcultured, ” a brand new documentary streak from PBS, rebuttals those questions and so many more, exploring lesser known communities and kinfolks that have had amajor impact on the mainstream. – Check it out over on PBSVoices, link in our description, and give them is a well-known fact that Two Cents sent you. Thanks to our patrons for saving Two Cents financially healthful. Click the link in the description to become a Two Cents patreon ..

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