By hey guys! so today we'll talk about something that
i'm sure you've heard about recently nfts which is non-fungible tokens fungible fungible fungible
what does that mean well fungible means able to be copied or replaceable so obviously a non-fungible
token is something that can be copied or reproduced in any way right so an nft is a piece
of information stored on a blockchain and why is that important so let's take a step back and take
a look at what is a blockchain without getting into any of the complex mathematics in simple
terms the way it works now for example with a bank is all the information of all the transaction is
stored on one piece of paper that the bank writes down with a pencil and if somebody were to get get
a hold of that notebook they could erase some of that those transactions and write new ones with a
pencil of course it's not with a pencil but just as an explanation so what a blog chain is instead
of one person having that notebook and a piece of pen a piece of paper with a pencil everybody
has that notebook and everybody has the same transactions written down so if you want to hack
somebody or if you want to steal or change some information you have to erase everybody's notebook
which is just physically impossible so that's why blockchains are very important so really the first
time that it took off in my opinion was with the cryptokitties back in 2017 and all it really was
is just a unique picture of a cat that had like what different whiskers or a different color tail
or just different characteristics and it was yours it was unique a lot of people ask myself including
why is that worth money if you can just do control c control v and have exactly the same image why
is this one worth hundreds of thousands of dollars for example and this one worth nothing well this
is really a philosophical concept and it all comes back to having the original or having the only
thing so why is the mona lisa or an original picasso worth so much money if you can just take a
picture of it print it out and have the same thing or if you can get a really talented artist
to recreate it it'll look exactly the same and a lot of the time it even fools art collectors
and professionals but only the original is worth money why is that well that's just because we're
people and when we have money to spend we want to be the only ones who have something and it's
the same thing with nfts it's like the monet of the 21st century you want the original even if you
can get the recreation so some people think that nfts took off in the past couple years due to the
lockdown culture that we had because before we all used to go out in public and touch each other and
touch the art but now we can't do that but people still want to spend money people still want to
have the originals people still want to interact with art so they just now do it in a digital
way what do you guys think does that make sense so believe it or not the most expensive art
piece by a living artist today is actually an nft it was by mike winkelmann otherwise known as
beeple and it was his everyday series which sold for 69 million dollars pretty insane right
now my personal favorite example of an nft that sold recently is the favorite nine cat you guys
remember that thing it's amazing and it sold for a whopping thousand dollars now another one which
i thought was pretty ridiculous because it got taken off a youtube of all places is charlie bit
my finger you guys remember that too from what i think 2008 9 10 11 i don't know correct me in the
comments whatever it was and that sold for 761 000 and really the most ridiculous one in my
opinion is the gucci snapchat ghost which sold for three point six thousand dollars come on guys
who's paying for that for like seriously now it's important to mention the corbett footprint that
nfts and the blockchain system as a whole has on the planet the way that it works is that all the
computers that are participating in the mining process are competing to solve a certain problem
and once they do only one of those computers gets the cryptocurrency whatever it may be bitcoin
ethereum dogecoin and because all these computers are competing they're using a whole lot of power
and just on the ethereum blockchain alone it uses 31 terawatt hours of energy of electricity
every year and that's as much as the country of nigeria which has 200 million people 200 million
31 terawatt hours better water those trees kids you're not gonna have them for long maybe one of
you can make an nft of this and sell it and pay for your college tuition all kidding aside
i hope you guys like this video i hope nfts now make sense check out our other videos click
like click subscribe and stay geekly my friends!
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