Understand the NFT game | #NFT explained


Hi, everyone. Welcome to today’s video on today’s video, we are going to discuss how rich people are getting richer by trading NFTs. What are NFTs. “Theres a lot” of commentary, a lot of extreme notes, imparted some people say that it is extremely worthless. So if you listen to all this commentary, you will end up being baffled and you would not know how to play in this NFT market. So we are going to decode the part conception of NFT. I’m going to help you understand how you need to go about be participating in the NFT market in case that is something that interests you. Now, before you drop off saying that you know what I’m not interested in and don’t care. This is not something that I would rile. Please listen to this video. Still, please listen to this video. Very, very important because it will help you understand how to understand value on any new products.This is applicable to NFTs. This is applicable to a assortment of interesting thing, including the investment course that I’m launching. So understand this video, holistically, only then you will understand the entire concept on how rich people leverage money to draw more coin. And that is a practice that even you can borrow. So before I jump into the nitty gritties of NFTs, let me first and foremost, tell you a basic narrative about a company called a Petrock, or rather a make called a Petrock. This was like a picture of a unusually glistening boulder that has somewhat been animated. You will scratch your front and you will ask that, hey, you know what this is something like? Is it a toy? Is it like a electable? What is it precisely? This just gapes curious. 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 exceedingly lustrous, smooth kind of a boulder with some living reaped on it. Why would people buy this substance? Guess what? How numerous people bought this stuff? There were close to 1 million baby cliffs that were sold and these domesticated stones are nothing. There is no manufacturing that is going into it. Essentially what Pet rocks. They were smooth, glistening boulders. Somewhere in Mexico, one industrialist got the idea and he started selling pet stones and 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 loopholes in it. Right. So here’s a picture of crocs for you to see. I am sure I am 100% sure that either you would have purchase crocs or you would know someone who has obtained crocs and it is a multi it million dollar enterprise.Now, the objective or the extent behind telling you these narrations is that as general audiences, sometimes we assume that you know what this particular thing or this specific products glance genuinely off. Who would go and buy this trash? But parties are still starting and buying that substance because they are deriving some ethic out of it. If you go on the Internet and read about a new delirium called as NFT nonfungible tokens, you will see that the Bipple art got sell off $ 70 million. You will see that Jack Dorsey’s first week came sold for millions of dollars. You will scratch your top and you will ask, and you know what this is like crazy. This is just pure madness. Why is this digital art going sold for such millions and millions of dollars? Because let’s break down Jack Dorsey suit that got sold for millions of dollars.Now, as the owner of this Jack Dorsey’s first tweet, if you own the NFT of this particular tweet, you are essentially owning this Jack Dorsey suit in a digital form. Right? Your name would be there. For example, if I would have bought it, my refer would have been there. Everyone could understand that he that akshat owns the first week that was ever done on Twitter. It’s not as if that I can prevent you from seeing that week. I cannot hide it. It is still there. It’s not as if that I can make changes to this week. I can’t do that either. So what is the point of me owning the coming week? And you will dismiss the entire NFT market? Because this is what is currently happening in the NFT market. Now let me break down systematically and let me help you understand what NFTs actually are and why or why not the whole value and what you should do with this.So first and foremost, NFT simply means or in simple terms, NFT symbolizes nonfungible tokens. So let me help you understand these key expressions particularly, very quickly. So non fungibility entails so we will first understand what fungibility wants. So fungibility meant that an component can be replaced. For example, I have these two Decathlon shirts with me. They are off exactly the same color. I have bought these two shirts because many of you indicated that hey akshat you do seem good in these complexions. So next month, also, I am going to buy two more shirts of exactly the same color from Decarson. Are these shirts replaceable? The react is yes. So are these fungible? Yes. So what is nonfundable? Nonfundable simply symbolizes these are not replaceable. For example, if you take a look at this bipple art which got sell off $ 70 million, is this art replaceable? Can you create another accurate same art? The reaction is no. For example , nonfungible would be something like kohinoor Diamond. So kohinoor Diamond is just one of its style. It is in physical formats. Of direction you understand the value of it.It cannot be replaced. You can’t buy another diamond and call it a kohinoor Diamond, right. So I hope you understand the concept of fungibility now. The next proportion that you need to understand is the concept of blockchain. Here is an entire video that I did on Blockchain that will help you understand that how blockchain engineering. It’s a very big technology. It’s like Internet, such a engineering on which smart contracts are located. So blockchain is a technology, and it simply means that there is a central ledger. So blockchain simply means that it is an advanced copy of Google Words.So on Google statements, what happens is that if you create a Google Word file and if you host it on a shadow and if you have access to anyone, then all the people can come and they can work on that document. That is what the concept of central record is. And it simply means that anyone can put in the enters. Whoever is stirring the entryways. Other people who are on that document can be found in those records and confirm it. So let me give you a couple of quick precedents to help you understand the concept of blockchain more thoroughly so that we can then apply it to the NFT market.So what happens is that if you consider the following example where I’m sending fund to my friend in Tanzania, so it’s an African country, I’m sending money to Tanzania, then what the hell is happen? I will go to my HDFC bank account. I’ll tell my director that a manager we transmit $1,000 to my friend who is sitting in Tanzania. So my manager will say that. Okay, immense actor. Give me $1,000 or equivalent in the INR form. I will communicate him that money inform my bank administrator to make love. So he will do it right. Then my friend will receive instead of $ 1,000 $ 990 because there will be some intermediary charges.This that so what happens is that from my side, my chronicle has been debited. For example, if I had $2,000 in my bank account, I paid $1,000 to my friend. So I’m leave behind $ 1,000. So this entering modification or this ledger change happens on my bank breast. So on his place, his account will be ascribed. So if “hes having”, let’s say $2,000 in his bank account, then because I please give him $1,000, his record will show addition of $1,000, so he will have in total $3,000. And why are we paying the bank a little bit of free? Because they act as an intermediary. Now blockchain actually solves this intermediary problem.You don’t need to have an intermediary because everyone who is constructing these accounting changes on my history and my friend’s report, everyone can see it. Who is on this blockchain network. For example, Ethereum is a blockchain network. If any converts are happening on Ethereum network, which is a blockchain located system or Bitcoin network, which is again, a blockchain located work.Any varies that are happening to these system, everyone on this structure can see it. Therefore, we don’t need a middleman when we are engaging with this blockchain technology. Now you would say, OK, enormous, 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 situation where you had Picasso who be applicable to cover beautiful paintings. And in today’s world, there would be another Picato whose draws we will talk about, or rather our benefit of future generations we’ll talk about after 200 years. So if you are able to discover such a Picasso like party right now and if we buy his NFT, you will have proof of ownership of that NFT. Now you would say that akshat sounds good. What am I exactly going? Can you cure me burst that down? Okay, so this is what you are getting.You are getting proof of ownership. Why? Because on that central blockchain located structure, everyone can see that Akshat has obtained Jack’s firstly tweet and your reputation 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 buy the illustrations, the digital explanation of the covers of a brand-new Picasso who is up and coming. If you buy NFT from them today, today, when that person is not famed, if you are buying their NFT, and if such person or persons becomes notorious, then guess what would happen to that? N not you purchase. It is certainly come near in value. And you can sell that ownership to someone else at a last-minute theatre. So I hope this demystifies the fact that what you would actually own.If you are the NFT owner, you will own the human rights of that NFT. So I hope this clarifies that if you are an NFT owner, the thing that you actually own is the proof of ownership. That’s it. That’s what majority of the NFTs are currently geared towards. Now you would say that user. Okay, huge. I’m the owner of this particular NFT of 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 get it on. Then you would say that. Okay, can I now precisely keep it coming for myself? I don’t want to show this draw to anyone because I find this person to be great. He will become the next Picasso. Then I will settle this particular NFT on an exhibit and do millions of dollars. Can I do that? Can I hide this from the world? The refute is no.In majority of the cases, you can’t even do that. And this is the reason why people are supremely disorient because they assume that owning a particular thing allows you to make changes to NFT. No, in majority of the cases, you can’t do that. But it does not mean to say that owning and NFT is not valuable at all. I hope you understand that when you have ownership of a particular piece of an asset.An Ft is an asset. So if you have ownership of that special resource, you have the boast claims. You have the social media privileges. Everyone can verify that akshat actually owns the aft of the first Twitter tweet. She does not own it. Someone else does. But I’m just trying to make a point and help you understand that owning and NFT means that everyone can verify that you are the real authentic proprietor. And that is what the value of NFT is. People confuse it. People assume that is, since you are not physically owning that NFT, you can’t make changes to it.You can’t hide 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 accepted. I understand the fact that if you own an NFt, you own the proof of ownership, which is awesome. You can’t perform physical reforms. You can’t disguise it from the world countries. That prepares me a little. Iffy so, can you explain a little bit more what value is owning this NFT bringing to me if I am an NFT owner. So here are a few key valuable things that this NFT can do for you. Number one, it acts as a store of structure. For example, if I am the owner of that Jack’s does first Twitter Tweet, I have the boasting titles. And guess what? I can sell this proof of ownership to someone else. If you want to buy it from me after five years old, let’s say that Twitter becomes even more popular, then I can sell this proof of ownership to someone else and need more money.The second key advantage of owning and NFT would be the social leveraging. For example, if the world knows that akshat is owning the NFT of the first tweet, then guess what? I’ll be invited to hire social roundabouts. I’ll be invited by different magazines. I’ll be invited by different newspapers. Whatnot right? So it gives me social bragging rights. That’s another key advantage. And third and the most lucrative advantage of owning an NFTs, the trading cost that it generates.The third and the most obvious advantage of owning an NFTs that you can build trading located customs. And this is what rich people are doing. So let me explain it via an example, when bipple prowes was sold for $ 70 million, there was a person. His name is called as. He’s called as Francois Henry Penalt. I’m contributed French. I don’t know any French how his figure is enunciated. But bottom line is that this rich multibillionaire resolved up stirring$ 6 million in Commission because the auction house through which this NFT was sold is called as Christie. It’s one of the biggest auction rooms in the world countries. He’s the owner of that auctioneer now. And that auctioneer house took boards at 10% and this person became richer by nearly$ 6 million. Now you would say otherokay you know what this is like? Rich people’s game. People are building business around NFT realizing more coin. Some rich guy buys Twitter tweet today, some rich chap buys like bipple skill or some rich guy buys like Jack’s first week sell my shares off after five years.Okay, punishment. That starts smell for rich people. What about us? Should we as normal retail investors get into this NFT in. So this is where smart contracts will come in. So let me demonstrate the practicality of smart-alecky contracts and how it maps onto NFTs. Now here is a very recent news and there was a hard work that was there was an artwork between dad icon twist. I don’t know. I don’t listen to his music. If you do do comment if you like seek or not. And visual creator Shantanu has Arica and this NFT was sold for 391 $ 8. 391.8 $ of leading life-time. Now two things to notice. One thing is that 391.8 $ is not massive sum. It’s like approximately 300. So this is no longer some crazy valuation. Even regular retail investors could have invested in this type of NFT. Now with smart-alecky contracts. There is something interesting that can go on in the NFT one. You will have these different masters, for example, Ubin Natya Sonia, if you’re Ed Chienan or Zen Malian or if Miley Cyrus fan.I don’t know. So these makes can create basic NFDS. Right? And they will give you a option. Or they might give you an option that he buy this NFT. In addition to that, you can do a 30 instants 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 five tickets to my melodic concerts. Or if you own this particular piece of NFT that I as an artist “ve come” where you get to go and travel the world with me. Whatever. Right. So this becomes like a brand-new income flow for masters. And what the hell is that do to the the world? It will help fans connect with artists, masters, monetize more.There is nothing wrong in terms of monetizing as long as they are adding value. For example, I’m a big sonu nigam fan. And if he gives me the option of owning his NFT, I 100% buy it with the functionality that I get to spend time with him. So I have 100% do it. I’m a big Mark Cuban fan. So if Mark Cuban comes out with his own NFT and adds a functionality that he goes deplete a day with me and I will go and buy it for a great deal of money. Why? Because I as a follower would get a lot of value from owning this NFT in a different format. It monetizes the fame in some manner and it gives me value in this particular example of spending a day with Mark Cuban. I am interested in building different business. If I can pick up his brain on a range of pieces, even if I “re going to have to” expend ten lakhs a day to spend with him, I is certainly take at least a epoch with him so that I can understand more about his thought process. And even though they are I can pick two, three, four meanings from him and perform it, I am definitely going to make a positive ROI on that investment.This is how you likewise need to think about the NFT market. There are so many NFTs floating around. You don’t need to buy every single NFT and start commenting on every single NFT. So in passing. And in summary, this is what I is likely to be you with. Number one. If you are a high network individual. Are NFT markets are you all right? Yes. You can literally build NFT industries out of this. This is what influences like Gary we are doing. Kim Kardashian is doing a lot of different big-hearted, big celebrities are doing. Number two. Do NFTs accommodated value for Artists? The ask is yes. Why? Because it sacrifices them additional income creek and it allows love to interact with them so it has appreciate for both artists and devotees. Number three, what about regular folks? Do NFTs Add quality to ordinary people like you and me? The answer is it depends. If the if it is giving value to you in some capacity, then yes, it’s probably a good speculation for you to go and stimulate because it is giving you some type of a value.Please understand the amount of money that you are spending from anything. That’s one part of the equation. And what ethic are you get out of it? If the importance is more for the price that you are paying there and of course, that asset is positive, then you should go ahead and acquire that n. So this produces us to the final question that what is it that I am doing with the NFT market? I am checking it closely. Majority of these NFTs are pointless. I would not invest any fund on it. There might be some really good NFTs that might come up in the future and I am retaining a close look on it. So I hope you enjoyed the video. Give it a thumbs up and let me know if you have any questions and I will see you the next time . .

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