Why You Can't Just Screenshot an NFT
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- Опубліковано 13 чер 2024
- How can a JPEG cost money?
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The biggest question I hear about NFTs is: “Why can’t I just screenshot that?” Or, put another way, why does a digital image that can be copied have any value? The answer, it turns out, isn’t in an explainer about blockchain technology (you’re welcome). The answer to why NFTs have any value is hiding in the art market that came before them. Because NFTs are weird, but it turns out art is already even weirder. To really understand NFTs, we have to zoom out a bit, and talk about the incredibly strange way we value art to begin with. And that story starts not with crypto, but with a fight at an art auction in 1973…
This video explains why a JPEG can cost money, and how expensive art led to NFTs. Along the way, I get help from two incredible experts: David Galperin, head of contemporary art for the Americas at Sotheby’s, and Alexis Ohanian, founder of Reddit and investor.
David tells me about how the Scull Sale in 1973 exploded the art market forever, how Andy Warhol gave his silk screens to appropriation artist Elaine Sturtevant so she could copy his prints, and how Sol LeWitt’s wall drawings go for millions but the value is in “the certificate, not the drawing.” Alexis gives me a tour of his NFT collection (!), shows me the Cryptopunk (Serenapunk!) he gave to his wife Serena Williams, and explains how this technology has become a new medium for artists looking to the future. Together, we explore the big questions people are asking about NFTs and how the art world has grappled with those same questions for decades: What is value? Where does it come from? What is too much, for too little?
00:00 Why do people buy NFTs?
01:04 How are NFTs like contemporary art?
03:41 Why is art so expensive?
05:10 Is art just money laundering?
06:07 Why do people buy NFTs?
07:41 Are NFTs just a link to an image?
08:47 Why do NFTs matter?
10:24 How do I do sponsorships?
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Bio:
Cleo Abram is an Emmy-nominated video producer and journalist. Cleo produces detailed explainer stories about technology and economics. She wrote the Coding and Diamonds episodes of Vox’s Netflix show, Explained, was the host and a senior producer of Vox’s first ever daily show, Answered, as well as a host and producer of Vox’s UA-cam Originals show, Glad You Asked. She now makes her own independent show, Huge If True. Each episode takes on one big technology innovation or idea, explains what it is, and helps people imagine the ways it could improve the world we live in by answering one simple question: If this works, what could go right?
Sources and additional reading:
- “The $12 Million Stuffed Shark: The Curious Economics of Contemporary Art,” Don Thompson us.macmillan.com/books/978023...
- “The Price of Everything” • The Price of Everythin...
- “Museum of Forgeries,” MSCHF moforgeries.org/
- “Scull's U.S. Art Brings Record $2 Million,” New York Times, 1973 timesmachine.nytimes.com/time...
- “Screenshotting NFTS” Know Your Meme knowyourmeme.com/memes/screen...
- “The Story of Contemporary Art,” Tony Godfrey mitpress.mit.edu/books/story-...
- “look what i made for you” GB ‘Doc’ Burford / look-what-i-made-for-y...
- “Line Goes Up - The Problem With NFTs” Folding Ideas • Line Goes Up - The Pro...
- “Why people are buying cartoon cats on the blockchain” (my first ever Vox video, 2018!) • Why people are buying ...
- “NFTs, Explained,” Johnny Harris • NFTs, Explained
Vox: www.vox.com/authors/cleo-abram
IMDb: www.imdb.com/name/nm10108242/
Gear I use:
Camera: Sony A7SIII
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HUGE thank you to the two incredible experts I interviewed for this piece: Alexis Ohanian, founder of Reddit and investor, and David Galperin, head of contemporary art for the Americas at Sotheby's. I learned so much from my conversations with each of them. It means a lot that as an independent journalist, world experts like them take the time to sit down for an interview! I'm very grateful.
You explained that very good!
Hey Cloe, love the episode. Def very interesting, but do you realize your voice is like super-hella compressed? I noticed it around 6:00 or so. It's very noticeable when the piece jumps back and forth between you and other folks. Not trying to be a troll. Just didn't know if you knew. Wishing your channel all the success.
I love your channel and I’m glad the algorithm suggested your first “coming soon” video before your actual first video, so I could subscribe early.
@@DSAhmed That's what you call real good "independent" journalism.
Hey Cleo, I was curious as to why you’ve interviewed two people that you are referring to as experts on the topic, who clearly have a vested interest in NFTs without additionally speaking to experts who have not invested in NFTs? Sotheby’s curates and sells NFTs, they are making a lot of money doing this, which you don’t mention in the video. Alexis Ohanian, as you show, is very publicly investing in NFTs. Alternatively, if you didn’t feel the need to include a counter opinion I’d have thought, for full transparency, that you’d mention that their viewpoints will be influenced by the fact that they want to sell the idea of NFTs since it helps their personal investments. There is clearly a conflict of interest which should at least be referenced otherwise this feels like bias reporting. I’d be interested to know your thoughts, thanks!
What Cleo said: "NFts are OK because they're just like art galleries." What I learned: Art galleries are bad because they are just like NFTs.
I feel like that's a totally fair opinion. My point really was that we should talk about it all together - NFTs and the art market as a whole.
@QuantumMeme energy cost my foot, if you want to talk about that rant about the whole oil industry that screwed our climate to change.
@@CleoAbram Just some tips to see if they actually own those visual art nfts, reverse image search them all of the time.
@@CleoAbram But most NFTs are either stolen art or digitally made fake robot arts.
@QuantumMeme this is a myth. it's incredible to me that people are still crying about this lol. idk where it started or why people continue to repeat it when they clearly have seen no actual evidence that supports this (because it does not exist).
Ok, no. From what I saw, most NFT fans aren't really interested in the art itself, at least it doesn't seem to be their primary concern. No one bought a bored ape because this concept is so appealing. They just want to be a part of "the next big thing". It's only about the technology. That's why they push the idea of videogame items as NFTs. This is why the most popular NFTs double as membership cards to exclusive clubs with some apparent benefits. It's just a gimmick. If they didn't apply it to art, they'd apply it to something else
they mostly care about the next big thing only for profit, I bet most aren't really interested in the technology
It’s not some pure desire to be involved in new technology. It’s all about money and pumping and dumping. It’s a way for people with low morals to scam their fans when it’s clearly a craze
@@Sampsonoff Yeah, I can't really disagree
@@martinowong The fact that it's funding the further development and innovation of the technology thanks to 'profit' is welcoming regardless of how they view the art or minting of NFTs. I also take note of NFT skeptics suddenly caring about art or the art market when they never paid even a glance of interest at any of it. Concerns about what other people do with their time and money is more important than their own slice of life.
@@Sampsonoff "A craze". Do you believe that there is no longer any innovation in internet technology? That's it? Are we done? This is the last stage of using the internet? Because that's how I see comments like yours. You are parroting spoonfed thoughts from NFT skeptics. You don't envision a bigger picture. And you don't care about "scams". There are already scams before you knew about NFTs. I throw the accusation back at you. You care about the money. You're more worried about who is making money while you aren't. You don't understand why so "It must be a craze or a scam!" If you cant spend time doing your homework about "the craze"; Then do you really care so much?
NFT: selling skins and gears without really developing the game.
That depends, if the game is already available at launch, they are doing it right. If there is an actual game, yeah that is legitimate, if everything you see in that game of theirs is actually theirs to begin with.
Here I am enjoying the nft card pvp game called axie infinity.
honestly that's the next step, imagine instead of the company owning your skin in game, the skin belongs to you and you can bring it across games. of course this is still some steps away because the tech has not seen mainstream use by triple A companies yet, but just imagine
@@elliotw.888 if you imagination tops off on that, you need to touch some grass my man.
@@elliotw.888 It is funny that me as a game copy owner - now have even less ownership over a product I have bought. So, the artist could pull out his art from my stuff at any point. But if you won't be able to do it - then you won't have any actual ownership over your art, and so whole NFT thing is bullshit. Just more division to society. Renting an art in a product, bought for full price... you know what? I don't like games that much, so how about the client is actually matter?
Pump and dump scams combined with unregulated financial assets is how they can be "valued" so highly.
This can be said about the entire art industry.
@@huckleberryfinn6578 And there is no reason to recreate it reproducing its flaws while hammering the idea of purchasing useless nothings to the general public
@@abelabel3664 sure, the point is just that these are complaints about the art industry as it has existed for decades, not something that has just been created with NFTs
@@krombopulos_michael Not quite... There hasn't really been a push for regular folks to "invest" on art on such a level (including YT advertisements), purchasing regular art was/is not attached to buying a highly fluctuating "currency" (crypto), reselling NFTs is virtually non-existing, the regular art industry is not bound to a highly inefficient and energy consuming process (blockchain), etc, etc.
Sure, the art industry has many many flaws and we should aim to improve it. However, NFTs does not solve any of them, exacerbates many and adds problems to the mix.
@@huckleberryfinn6578 with the exception that you can literally shut down the server the link in the blockchain leads to and it will give you a 404 and your shit is gone
Yessss. Cleo ur off to the races! So excited about everything you’re publishing and what’s to come!
personally, watching Cleo's videos feels like watching a female version of you, Johnny. Maybe best describe it's like seeing Elaine Sturtevant appropriation art of Warhol's. Both are amazing!
Johnny and Cleo! You both are doing amazing things for our world by creating great clips like this!
@@thatguywhois my dude. Watching Cleo is like watching Cleo
@@themightyowl that's what I'm saying. Her video is an art of her own
Game recognizes game
With the massive difference being that artists like Warhol and Rauschenberg created art for the sake of their own artistic expression that went on to become highly valued whereas NFT art is often algorithmically generated or even outright stolen with the express intention of making money on the hugely inflated market.
At the time, Warhol was often accused of creating art primarily for economic reasons. Not because of the art.
Yeah, Warhol might be more of a crypto bro or influencer...
That's really more of a comment on how NFTs happen to be used now, and the type of people promoting them, rather than something inherent to the idea of an NFT though.
That's true, but let's be real. The reason people pay so much for art is because of elitism and the hubris they feel from being able to whip out their large wallets to do so. That applies to both traditional art and NFTs. It's no different than a rapper using a money shooter to spray large bills at a stripper. The only difference is that people in the art world pretend they're more sophisticated. Yay capitalism!
@@hueypautonoman The reason people pay so much for the "real" art is NOT because of elitism or the hubris. Certainly not the art pieces that cost more than say $100k+. More than 90% of these transactions are either tax avoidance/evasion or money laundering.
The problem with NFTs... well, one of the problems, is that they might be a certificate but they're a certificate signed by about . There is no cryptographic proof that the issuer of the NFT is actually the author of the artwork and there is usually no checksum over the artwork itself, let alone having the artwork on the blockchain. So what's the point? If anyone can issue an NFT on anyone's art and even change the art it points to afterwards, it's really a botched attempt at creating this kind of universal art ledger.
And it doesn’t include any rights with it. Having the NFT doesn’t mean you can do anything but sell the checksum you bought.
You are incorrect. The creator can sign a digital message that proof that he owns the private key that created the NFT.
@@andreujuanc but people mint NFTs of art they don't own; Deviantart implemented a feature to check if illustrations were minted by someone else because it was and is a genuine problem
Exactly. But the drive to make money and endless useful idiots means it’s a massive industry. It’s so unbelievably dumb to watch this craze unfold. The modern day beanie babies.
I think the problem might be more that you can sell the same artwork on the same Blockchain? I buy that if a critical mass of people believe in a certificate provider (a blockchain) then that certificate is valuable. However, if you can then sell certificates to the same artwork again and again by the *same* certificate provider. You've now lost all value.
I don't know what I'm impressed by more, the seamless storytelling or the visual consistency 😍 this video was a treat all around!!
Personally I'd always been really puzzled as to how NFTs can still have value when they can just be screenshot (mainly thinking about how stock photos always have watermarks over them), but this really explained it quite intuitively for me. It just sort of clicked in my head when you said it's about how many people believe it has value. Kind of the story of money in general, really. Good job!
I like your comparison with money. Even though the value is in the realm of ideas, it has influence on our decisions, and thus on our physical reality.
But money's value is represented by its usage. Money drives all products and services. It's the production that is valuable, not the paper money. If you just have a bunch of paper with numbers on it that you can't trade for products or services, then you just have a bunch of paper with numbers on it. So far, crypto has not shown its value the way money has.
@@chihchang1139 Precisely :)
So do crypto and NFTs reflect their value in their usage. That’s why they have a price (value). So, if we take your example with production, you can see that if that is what you value, you can sell it for money to someone who values it as well. Mainly, because it is agreed in society that money is valuable, so it is used for exchanging the value.
So, my point is that if crypto isn’t valuable for you, it may be for someone else. Thus, it’s valuable to that person and they are ready to pay for it with the money that them, you, and I value.
It's just digital collectable / trading cards. There's nothing inherently rare about a 1st Edition Charizard other than the fact the creators chose to only print a few.
Maybe you are forgetting that most images you can see in the internet is actually copyrighted. So, even if they are selling it as images or as pngs, if they actually made these digital art, you can get screwed if you resold them as yours.
"Someone's sleeping with your partner, you can't do anything about it, but your name is on the marriage contract" is the best NFT analogy I've heard so far.
You can just fork the blockchain and say she's married with him instead. Or someone can just reintroduce the marriage to the blockchain but with a different URL. Or you can put a virus in your wife that will make him lose his electronic wallet. Crazy shit, bubble man, crazy.
You know that song... Electric pyramids, we will build them higher higher higher. Okay. Avenue. Pyramid.. Same difference. The money is on the blockchain bubble man. The money is.. Off...The.. Hook... And by hook I mean institutions backed by government. Good luck keeping that under yoir pillow.
That’s a terrible comparison because that’s horrible. The husband would divorce their wife if she was sleeping around. In your scenario, the wife would have more value for sleeping around because she’s highly desireable but you own her. That’s where she gets her value from. Are you telling the world that you’re a cuck and you like seeing your wife cheat on you?
Two thoughts. First, the main video is excellent. I admit I'm still primitive in that I keep thinking of value as the result of scarcity and provenance, rather than just the existence of demand. Therein lies the difference, I think, between a real, sustainable market and the tulip craze of the 1600's. And by sustainable, I don't mean anything environmental. I mean robustness: can/will the market collapse? No one buys pet rocks anymore. Second, and more importantly, the last bit, about future ads, was just outstanding. You captured the two crucial points underlying sponsored content: (i) that the speaker does what the ad makes viewers think, namely believe in the information presented, and (ii) that nevertheless, since the ad does reflect input from the sponsoring company, it will always make clear that it's an ad. Speaking of transparency: I'm Cleo's Dad.
Hi Cleo's dad! 🙋🏻♂️
Wow nice to meet you, cheers from Peru 🇵🇪
The current approach is to impose artificial scarcity on what's otherwise an abundant resource. Digital content is infinitely copyable with zero degradation, unlike say the analog music and video formats you and I grew up with. And this possibility of imposing artificial scarcity on digital assets creates perverse incentives. Like making gamers pay thousands of dollars on cosmetic items for their in-game characters, or pay-to-win mechanics where you can simply buy better gear to progress faster instead of earning your progress in-game, like it used to be. The worst examples of this are the so-called loot boxes, a gambling mechanic where a gamer (most of which are underage) is paying real money on a box, contents unknown, in the hopes of it containing something good.
Equally perverse incentives exist in the NFT world. Your average NFT is just mass-produced algorithmically generated repetitive content. The only thing that makes it valuable is the hopes of being able to sell it on to the next fool for more than what you paid for it. The only reason this works is because the ownership data that lives on the blockchain makes this a "scarce" good. Anyone can download the actual image, but only one person can have their name linked to a "certificate" on the blockchain that points to the URL where the image is hosted. And it shouldn't surprise anyone that this leads to a bunch of scams plaguing the NFT scene.
In theory, digital proof of ownership over digital art seems like it would've been a good thing. Unfortunately, it's being applied to things that are as far removed from art as McDonalds is from gourmet food. This gives NFTs a bad name, and destroys the whole concept so that actual digital artists can't benefit from it, because nobody with a shred of integrity wants to be associated with that crap. And that's sad.
When that guy said “without the certificate the art has no value” you lost me. If you could get an original Picasso picture but you’d have no certificate because there is none, would you take it? Would it be worthless? People who value the certificate, are people who like money and not actual art. And guess what, if the art is on some public wall, then you can’t buy it no matter how many certificate you have.
I stumbled on the same point. I may be out of sync apparently, but the art's value to me is whether I think it looks good hanging on my wall. I don't need a certificate, I don't care if a thousand other people have the same thing on their wall, and I don't care if anyone else likes my wall or not. My wall, my art... if I like it, it has value to me. And I'd rather pay to support a lesser known minor artist for that experience, than someone who is worshipped by millions.
what ALL you guys fail to understand is that it is both lol. People enjoy the art. Some just want money. Some are in it for both.
And guess what. that's okay. and it's the same with NFTs. This hyper-skepticism just leads to you all having the same conversations over and over again in the comments.
In just 10 months we've gone from "peak-NFT" to incredible AI-generated art that anyone can create.
Tulips, anyone?
But it’s not the same. Art is static, NFTs can be functional. That’s a completely new dimension.
@@mariobenicI bet you are either one of those scammers or someone who wants their delusion to be true
@@EKPB i’m sure there’s nothing I can say to make you happy 😂
@@mariobenic sure lemme screenshot your NFT btw in just a moment
What a wonderful historical moment to watch, in an area I know little about. Didn’t think I needed/wanted to hear more about NFTs but this was great. I’ve got full time artist friends who are scraping along in near poverty, and others making tens of thousands a month 🤷🏽♂️
Even if the young artists aren't at the elite earning level. It's good to be exposed to this technology for, at the very least; Future-proofing and protection of one's work. There is a developing technology akin to tineye; That will detect when art is shared on an unknown platform. This can warn and award damages for the unsanctioned copy/copies of an artist's work. The artists that chose to mint their art before publishing on social media will receive all of these benefits.
It is a truly unique time we live in
But i don’t care if i don’t own it i am still using it
Late-stage capitalism. NFTs are a sign that the billionaire class officially ran out of ways to burn through their infinite wealth.
𝟷𝟼𝟼𝟿𝟸𝟻𝟹𝟼𝟹𝟷𝟶
Dear Cleo & team,
Thank you. Thank you for this exquisite format, the spot-on research, the depth of relevant information, the excellent editing, and exquisite animations.
That last bit was *just gorgeous* : 5 stars for transparency!
As a hopeful youngen some twenty years ago, I took on what I thought would be my dream job: journalism. I did my degree in it and was over the moon to finally have a go at it in the real world. I didn't last long because the lack of transparency - when it came to the content of the articles - was destroying my very sense of what journalism was. I'm so incredibly happy that technology has allowed us - you! - the freedom to be so transparent! Thank you and, please, do keep up this most wonderful work!
There is some interesting history here that does provide some justification for NFTs, but I feel like you've ignored a lot of importing things: that there is a not-insubstantial amount of stolen artwork in the NFT marketplace, that the NFT market seems to largely be focused on algortihmic or near-effortless cut and paste art(which is not entirely invalid, but means it does mean its creation is largely an afterthought and can feel crass), and that large amounts of money are being funneled into what right now is an environmentally destructive fad.
Between this a metaverse pushes, it feels like we are veering into the more dystopic aspects of cyberpunk.
Yeah, I appreciate the perspective given, but I feel this was more biased on the positive sides and ignored an unhealthy amount of the reality of negative sides such as environmental issues, being based on Bitcoin or Ethereum, problems of side chains, centralization marketed as decentralization, ponzi schemes, high volatility, high Btc/Eth transaction prices, NFT bit rot, smart contract bugs (digital theft), wallet harassment, 51 % attack etc etc.
At the end of the day, the free market decides what's valuable. Stolen art is def an issue, but I am sure eventually we will find solutions to those issues while still exploring the technology
@@joonasfi Not to mention the current instability of the blockchain. Etherium has already split once because of fraud. The blockchain backbone is not nearly as secure as crypto people want you to think it is. Is the blockchain an interesting emerging technology? Yes. And I think it's fair toe be hopeful for what it can lead to. But right now, we really do need to address the inherent problems with it as an emerging technology. And that's just looking at it on a surface level. With the silicon market being what it is, you can't, with a straight face, tell me that crypto mining hasn't had a deleterious effect felt by most people, not just gaming enthusiasts. Fabs can only make so many wafers, and the producers have to decide on how they want to allocate production.
I think it is awesome you were able to make this transition into becoming an independent creator and focus on the things that you find more interesting or that you can have more impact on.
I am sure that the success of your channel is not HUGE *if true but HUGE *when true!
I'd love to see a video about where the Graphene industry stands today, it was such a hot sector that was promised to be as revolutionary as plastic but it seems like it was either over hyped or just very hard to make progress, is it like the cause with "Fusion Power" an us constantly being 50 years away from being able to harness it?
Anyway, good luck with your future work, will be looking forward to seeing how big this channel grows and where you can take it.
It's so great to see a more nuanced discussion regarding NFTs other than blanket hatred or overt shilling. Hearing about the history, reason, and culture of art was so helpful.
Whenever I think about the NFT craze I cant help but think of the Tulip trade in the Netherlands in the 1600s. These things will pass but it will bring a lot of people down with them.
Exactly. Or beanie babies
You're gonna write an enticing headline like that and not expand a bit? Was there a worldwide tulip craze, did people discover them in the 1600's?
or you know, the Dot-com bubble. New tech, new hype, and inevitably new crash. Even more similar, companies bought Super Bowl adds, at the time. Sorta like how Crypto currencies bought adds in the most recent Super Bowl, just last Sunday. History does indeed rime.
@@Azer1125 Just type in "Dutch Tulip Mania" on UA-cam. There are some really cool videos about it here. Long story short, virus infected a lot of tulips in the 1630s causing a rare variant and Dutch merchants started selling them for crazy prizes. At the height of the bubble, a single tulip cost the same as a house.
@@Sampsonoff There are still beanie babies selling for 10k or more.
Wish this would've gone deeper on the harm of NFTs. The backlash against NFTs isn't simply people thinking its ludicrous because you can right-click save or the high prices, it's the grifter communities it so easily perpetuates.
Also not sure if it's just me, but there seemed to be an audio issue with your mic or something. Sounds tinny?
Yeah. Also the blockchain has extremely bad environment consequences and NFTs for now have No artistic value. The only value is hype. Maybe it will change, but not yet.
There are plenty more videos you can already watch for that. I feel you're only asking that for your own validation. I like when videos focus on one specific topic.
@@purplewine7362 normally I would agree, but I think this video unintentionally misrepresents the backlash against NFTs as people misunderstanding the valuation of NFTs being no different than that of real art markets- which is fine, makes sense.
However, it's intellectually dishonest to ignore the fact the primary reason for the cultural relevance of NFTs is largely through fabricated, hype-driven valuation of NFTs (via wash-trading, pump and dumps, etc.) while offering non of the consumer protections that we expect with digital copyright. Saying that value is derived from the people instead of Sothebys, while mostly true, is a non-statement that doesn't interrogate *why* there is a new group of people that feel the need codify value in their own blockchain-based marketplace (hint: it's not because of an alrtuistic desire to empower digital artists). This video explains the concept of value but doesn't go into the implications of what it means to change "who decides" the value of something, which is a very critical part of the conversation. Does anyone actually walk away from this video understanding, even at a very basic, high-level how/why a marketplace like OpenSea is different from Sothebys?
I'm glad I found VOX a few years back, would have never experienced the content Johnny and Cleo are creating. Way to go, Cleo. Loved the content
I highly recommend you watch Folding Ideas video on the problem with NFTs. I like how your video focuses on how the value of art is subjective, and elevating digital artists' work is important in the new digital age, but I strongly believe NFTs are not the way to accomplish that. The drawbacks are enormous and scary.
The folding ideas video was basic AF. All the same old tropes rolled into one with a vague sense of authority and smugness. The creator made no effort to dig past the worst corners of what an NFT means and why multi billion dollar companies are now investing in web3.
@@_andrewstone yes it was a basic 2hr video
@@incars1000 glad we agree
This video was more focused on the mechanism of the value (paper certificates and blockchains and scarcity) and less focused on the social drivers of the high prices (speculation and tax evasion). It even called one of these social drivers a cop out explanation, which is so off. The Folding Ideas video dove deep into both the mechanism and social drivers, but let’s be honest, it’s really the sketchy social drivers that provide most of the value for these artworks
@@ilovecomputers it’s the ‘let’s be honest’ takes by people who don’t really understand what they’re talking about (including the dude who made the video). Anyone can regurgitate someone else’s points for 2 hours and call it in depth, but it was terrible documentary making full of sweeping assumptions and moral signalling.
The Idea is everything and it really hurts to see people telling shit about art behind projects like metatriads and not even paying a slightest attention to what the actual projects stands for. At least get some info before getting heavy into hater mode 😖
It is MINDBLOWING how many people around me who traids never read an actual whitepaper
For some people NFT is really just a picture :D
They need to teach this in high school
Utility? huh? passive income? whaaaat?
The sources you put in description is remarkable.
Showing references from your research is an excellent way to gain trust
8:05 this example is flawed, the original and the copies are still all physical, there's a limit on how many is produced, with NFTs ANYONE could just click and save UNLIMITED amount of times.
totally! that's why for me the last step in the example is key, imagining an infinite number of copies. maybe things would work differently, but it helped me understand.
@@CleoAbram
Bored Yacht Club have 10,000 copies of NFT. Lazy Lion have 11,000 NFT copies and so on.
There is no human touch in it. It is created just with computer generated algorithm.
Anyone can do that.
There are a lot of stolen art in NFT, who gonna control it?
And there is wash trading, same person buy same NFT for 25 times to jack up the price.
People are here to make money not for the art.
@@TheYogesh7777 Most people who spend big money on physical art are there primarily to make money too.
@@krombopulos_michael you can’t honestly compare the two. Physical art has value because of who the painter is and their reputation in the art world. NFTs are made typically made by randoms/autogenerated and their value is based on the social media astroturfing, instagram influencer pumping, celebrity pumping, etc to artificially drive up the price.
@@Sampsonoff @Krombopulos Michael The physical art and NFT have "price" not "value". Those are two different things, though people often confuse one for the other. And they both have whatever price they have b/c someone paid that said price for it somewhere - Sotheby's auction or NFT exchange. The real "value" for the real art pieces - certainly the ones cost more than say $100k+ to the buyers/sellers are the ability to move big chunks of money for the tax avoidance/evasion or money laundering purposes.
I'm really interested to know when the follow up to this will be. Particularly now there are NFTs which are just dead links with nothing behind them. I am more dubious now about the 'lets put a positive spin on new things, even if they might be bad' concept.
I clearly see a scam here and will stay away from it.
Indeed, interesting how she got the point that NFT is just a link, and then somehow flubbed it. That link can change, or you can create a copy of the art with a new link, and make a new NFT.
Cleo, your videos are so insightful & amazing! Thanks a lot for this new series.
The way you explained NFTs by correlating them ot art is so cool.
SUCH a great video oh my god, VIDEOS LIKE THESE ARE EXACTLY WHY I HAVE LOVED YOUR WORK AND THE WAY YOU CONVEY A MESSAGE SO MUCH AHHH!! YOURE SO AMAZING YOU EXPLAINED IT SO SO WELL. to be very honest i dont think i would have ever been really invested into trying to understand what nfts are by myself due to it being so problematic and also being such a complicated thing??? bUT ALL IM TRYING TO SAY IS THAT this video and heck even all your previous videos are put together so wonderfully, no where ever in a video of yours ive ever been blanked out and not seeming to understand whats being said in the video because you make sure to keep everything so simple and easy to understand and if not, you find a way to maKE IT EASY TO UNDERSTAND?? i honestly find very cool and beautiful, even the pace in which you're talking it gives me so much freedom to think about and process whats being said unlike any other video journalists that i watchHFJSI.
this has become too long of a comment BUT IF YOURE STILL READING THEN LMAO HOPE YOU HAVE A GREAT WEEK, KEEP UP THE AMAZING WORK, YOURE SO INCREDIBLE! SENDING LOTS OF LOVE ❤❤❤ :D
Loving these videos-- and especially your editing/writing style. Great variety of topics within Huge*'s niche, too. Excited for more!
You show me a thousands of nfts. I'm gonna screen shot them
NFTs is a prove that we are not on the right track as societies evolve.
And the (apparently) unperceived obscenity of it all reinforces the point. If we put the discussion on "value" on the table, why not mentioning the (direct, indirect, opportunity, cultural) costs of all these "fictional economies"?
Thank you for the sponsorship/ad message at the end! I truly appreciate your transparency!
I love your story-telling skills. Keep the videos coming
1. Incredible video. I've been wondering what NFTs are and this was perfect. This is rapidly becoming one of my favorite channels. I'm excited that you've gone independent.
2. I think your Lavalier mic is picking up reverb off your trachea. See the audio at 8:18 versus the audio at 8:40.
Watching this wildly uncritical video that came out after Folding Idea's full explanation of the massive problems with NFT's is disappointing and surreal.
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and crypto..earnings (BTC/ETH/SHIBA).
Stumbled across your shorts this morning and I am loving the brain candy I get watching your videos.
All the different topics are fascinating in such unique ways and it's super cool!
Plus I love your perspective on going out of your way to create more optimistic journalism in our current society.
I've been feeling out all morning.
Loved this explanation as always! Also - thanks for the transparent ad snippet...just another reason I love her and her work! Can't wait to actually see sponsors who she actually likes!
I hope to understand NFT's now... even after Johnny Harris' video I didn't grasp the meaning of all this
Check out Line Goes Up by Folding Ideas
WHY? CAUSE HE SPEAK AGAINST IT??
@@TamDNB Good video but not exactly unbiased
@@victorv7356 exactly - a good balance to this one
People are trying make a quick buck on hype. Nothing more, nothing less.
Thank you for bringing some actual reality-based nuance to this conversation. You don't have to be a fan of NFTs, but if you're going to criticize it, at least do it based on facts and try and understand how and why it works. This video is great for that.
Feedback appreciated.👆
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and crypto earnings (BTC/ETH/SHIBA)...
I appreciate you're authentic way of presenting these topics and yourself. Feels genuine and makes me want to watch more!
Cleo You're fantastic at explaining complicated concepts. I really enjoy watching your videos and I learn a lot.
Great video, Cleo :) love the interviews
Fantastically written, edited and delivered! Thanks for great content Cleo!
I liked your transparency at the end about ads, because now a days ads and content gets mixed together making it harder to distinguish between the two
You and Johnny Harris are my heroes. I wish I had the editing chops and story telling skills that you both have, but for now I’ll keep grinding. Great video!
Screenshoted.
Gratitude for sharing your perspective on this Cleo. I’m looking forward to the point when we can trust the landscape. Also looking forward to seeing speculators flushed out an airlock (Admiral Adama Style) & people serious about creating pick up a pen, sketchbook & a copy of Betty Edwards.
What are you talking about “trust the landscape”? It’s a silly fad that will have niche support after the crash.
@@Sampsonoff by “landscape” I’m thinking of whatever the blockchain will be after it gets an opportunity to establish itself. Like a 3rd or 4th attempt a terraforming, there is an iterative process of failure to expect in the near & long term path towards stability. I hope you find an iteration in your future that is open to seeing the landscape as an evolving process downstream.
@@nocturnus009 Unfortunately many tech experts have pointed out that blockchain technology is inefficient by design and is as old as the smartphone. 1 of the 2 changed the world, the other is facilitating scams.
@@AlicedeTerre when you are in a space to be teachable on this you might accrete some actionable insights in this week’s discourse on The Financial Confessions Podcast episode. Then Sketchbook Skool’s Art for All (09 is great for alternatives & vectors for divergent thinking) podcast.
There is lot of hype around the metaverse,the thought of living most of our lives virtually sounds kinda scary to me, hoping you'd make a video about the positives about it, btw love your videos:-)
Nobody knows what the Metaverse will be. The only thing people know is that every aspect of it is monetized, because that is the point => extracting more money out of people per minute of engagement.
Can you see the irony behind "the thought of living most of our lives virtually sounds scary to me" being posted on the internet?
...as opposed to now??
Best informative channel I’m seeing growing before my eyes. Your content is relatively well researched, but also extremely well presented. Keep up the work inspiring people, keeping us hopeful for the future! Thank you for leaving Vox (love Vox, too, but you’re doing much more than you could have with them)
the editing of this video is just chef's kiss
Wow this video did not age well at all.
I know how NFTs work but had no idea how traditional physical art work got it's value. Great way of presenting NFTs, in such an fresh way. Thank you for this video.
I think it depends on who made it, how they made it, who bought it (if some mr.popular bought a shit art it will become very expensive)
It's a joy to support you and I hope the model you're adopting ans an independent, ad-supported journalist is widely adopted by other journalists.
I like all your videos that I've watched so far, but, as an artist, this is, by far, my favorite.
Back in the 70s when you purchase a physical art, it was still incredibly difficult to replicate the same work by a layman and then sell it. Heck, even duplicates sometimes woudn't be as good as the original. But with NFTs, you can just screenshot them and create a new NFT of your own without losing a single pixel. Now we have multiple images with multiple cerfiticates (tokens). Where is the value in that?
It won't be the same because every copy will have at least a different time stamp.
If it has value to you is your decision, but this is exactly what we are doing everyday when we buy things. Before every transaction you ask yourself: Is this thing I'm purchasing (be it a painting, a loaf of bread, legos or a stupid NFT) worth the money I'm paying for MYSELF. Maybe you don't think it is worth that much money, so what, just don't buy it.
It's not art. It's a type of currency.
Currency has value because it facilitates transactions and lots of people agree it has value for that reason.
"Art" has value because most countries don't tax it when you try to move it around.
Art falls under collectables. So people use all kinds of collectables, not just art.
It's important that collectables be really hard to copy for this to work. For the same reasons currency needs to be really hard to copy.
That's why you'll see "art" that is just splashes of paint, random strokes, or weird things. It has nothing to do with real art. It's about being hard to copy. Being hard to copy, ensures the value of a collectable.
Being able to move the collectable from the US to the UK without paying tax, or selling it (aka. Transferring) without tax, or "donating" it to write off tax, or using the certificate to make low interests loans, is what gives it value.
This isn't anything new.
Remove all the tax benifits, and these weird collectables will lose their value instantly.
What I don’t like here is that it is assumed that the issue we have with NFTs is the fact that it’s an image and not the fact that it’s so polluting that just buying one costs as energy as a business running for a year.
This has been your best video yet Cleo!
I just watched your video on F1 races, then went to your channel thinking "why am I seeing this channel for the first time, how can I have missed this" (turns out it's relatively new, but already exploding, so I'm not alone!). I'm getting the vibes similar to that I had when I first read an article by Malcolm Gladwell in The New Yorker (on sports failures) decades ago, before he became a household name. I hope everything turns out great for you and this channel, great work, love it!
I really like the way you frame your content 👏🏻👏🏻👏🏻
"Why you can't just screenshot an NFT" that is why I right click it.
Love your videos and their aesthetic, Cleo! Keep it up! Coming from a longtime Vox fan and then TikTok :)
thank you for all this content! I was running out of things to watch and you popped up. Perfect
I've been hugely dismissive of NFTs, but this definitely shifted my perspective. Like normal artwork certificates, they're just a system of symbols people decided to use, a medium where entries in databases express how much certain people value certain artworks or ideas. That's not really annoying or absurd like I previously thought.
It does still tie my brain in knots a little to think that after the initial sale directly from the artist, subsequent buyers assign value to the symbolic database entry itself and pay each other for just that, rather than paying the artist directly, e.g. for a different NFT. That choice makes it seem like they value the statement that the purchase makes more than they value the artist's livelihood - but then you have your "most polite fight" example where the buyer pointed out that his purchase, his public statement of value, would support the artist indirectly by increasing how much others value the artist's future work. Value is weird, man.
Visual artwork is a medium that is constantly being stolen or violated, inadvertently. No one ever thinks that using a profile pic or making a meme is theft since images are uploaded freely on the internet. But an image has as much claim to publishing and copyrights as a film or a work of music. This "NFT technology" is at the very least, a decent attempt at providing some form of copyrights and securities for creators. Especially in visual arts. Consider how other forms of media have a form of digital rights or copyright protection. Music and film are easily protected thanks to RIAA and MPAA. However, fine art, illustrations and photography have no such enforcement or protections. Even art guilds can't do much to protect freelancers. A system of technology that can automate this process, for example minting an NFT could provide all of the protections a creator would need without the need of an MPAA/RIAA type organization. Even further Decentralized Autonomous Organizations can be a digital guild that focuses on the rights of creators.
Except when SO many nfts are not creations at all but are created by AI, by taking a couple minutes to photoshop one animal’s head on another’s body, etc
Mrs Charlotte's is legit and her method works like magic I keep on earning every single week with her new strategy
It's not about watching videos and wasting your time on strategies, I was ignorant doing so. So I decided to try Mrs Charlottes and ever since then she's has made about $14,000 for on every $5,000 I invested just
She's the key to crypto
One thing I think is really sad is that Vincent Van Gogh, who is now widely regarded as one of the greatest artist of all time, only sold a single one of his paintings, to his brother Theo for 85 cents, and now his paintings sell to rich collectors for millions! What's more, he died penniless and insane at age 37, due to suicide.
Great ad disclosure at the end. Builds a solid foundation for the future of the channel
Cool, we all knew what it is, and we'll just right click and save. This video doesn't do anything, NFTs are still ridiculous.
Its like the tulip bubble but even more stupid.
So happy to see you doing your own thing on youtube! 10/10 content
Except now the demand for these has completely dried up. The only people who value NFTs now are the owners ergo, no market value.
NFTs going for huge amounts is 1/10 idiots and 9/10 people who benefit from NFTs being worth money, so they're artificially inflating its price.
wash trading.
One person buys same art for 25 times to increase the price of the piece.
NFTs being “overpriced” is as irrelevant to me as art being “overpriced”. However, NFTs as a use case for crypto, is much more concerning to me, as a future based around crypto and blockchain sounds like a dystopian nightmare
Very rarely do I actually watch an ad. Out of respect I will watch a few of yours. Loved your explanation at the end of this video. You hit some key points and that you even bothered is HUGE. I was only algorithm introduced to you today. I'm glad I was. Ads are the nasty price we pay for needing everything for "free" . Can't stand them, watch very few but I get why they're there. One thing that cannot be there for me is clickbait. Intriguing thumbnails are one thing but lying titles and captions are quite another. Click greed makes nothing better. Other than how nasty anonymity makes some people, it's what I hate most about this digital life. You're good. Stay true and your clicks will come. No empty promises needed. Thank you.
Cleo - this was really great and nuanced on valuation of art, historical context and NFTs, BUT - you never mentioned the smart contracts and potential for artists to retain access to resale royalties or equity in their work over time - which is a triumph for the fight Rauschenberg channeled his outrage into after the Skul auction event! There's a whole history on this legal fight for artists access to the upside of their auction that the hyper centralized powers that be (ie 5 big galleries and 2 auction houses) have lobbied heavily against since that infamous auction. This is the biggest and truest part of the whole story, and you almost had it!
Love you and the channel, just 🤏 so close with this one.
The thing
I subbed then immediately unsubbed when you started telling me NFTs are art.
This is so cool! Love that utility NFTs are picking up. 2022 should be the year of utility NFTs!! Additionally, I have heard that some projects like Meta Triads, which combine Metaverse, AR and Physical worlds, are also introducing breeding in the future - just like Bored Ape Yacht Club.
That's exactly my point man. It's an AMAZING project ! pretty dope art and great utility
Checked their discord and loved it , community seems pretty fun. Want to get their drop ASAP!!!
I am already in LOVE with this project man :))) Great art
We are all part of the history. Just remember that 👀
Lol. I hope youre right.
I just want to say I love your content and appreciate you. Very concise and engaging.
Nailing it Cleo. Thrilled to see you succeeding
First 🥇
Investing in crypto now should be in every wise individuals list, in some months time you'll be ecstatic with the decision you made today.
@Gloria Ortega Mr James Crawford has been managing my trade for months and I keep making profits every week, I made $9,130 last week
Let's gooo. Love your Videos and appreciate the effort :) I really hope this Channel goes big and that you like working here even more 🥳
A behind the scenes/journey of a video might be super helpful to other trying to make quality content. Love the content❤️
NFTs don't deserve the hate they get, an NFT is the most secure form of proving ownership of an asset ever invented, they're impossible to duplicate.
The fact that rich people are buying pics of apes doesn't mean that the technology sucks it just means that rich people will buy anything if it's exclusive and that much we already knew.
We should use this for title deeds, diploma certificates, real world stuff
@darzsh check Immutable X if you want environmentally friendly and 'legit' uses already exist
Literally nobody asked
A better way to call for sponsorship? Genius!
This is an instant sub!
Best video I have seen so far on NFTs
Love this content! Love this channel! I know this channel has a great future ahead! Go Cleo!!
NFTs: time to scam
Screenshots: are you sure about that?
Screenshot ❌
Save as ✅
What I learned "Why you CAN just screenshot an NFT"
Thank you for your discussion about the ads at the end. An idea would be that there could be an ad flag always on screen when you are doing an ad. This is the most transparent. I really liked that your location, the day and shooting style changed when you were talking about an ad too, and I think that's important to maintain clear understanding of what is or is not 100% you. I really like this channel, and the idea of Huge, if true is something I have been looking for. I think that the future is bright with a lot of technology and a channel dedicated to the positive aspects of the future is very important. Thank you Cleo.
Feedback appreciated.👆
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Thank you for this great video. I love your work. I have to say that as someone who creates videos about art for over 10 years, I still don’t understand how the NFT prices suddenly exploded the way they did and why. There must be something driving it to these extreme numbers or maybe it’s another extension of the extreme consumer lifestyle driven by social media..
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I would hamper a guess that it's mostly fraudulent activity. It's been estimated that only 10k wallets or so account for 80% of activity. Wash trading (selling something back and forth to increase) value is also a common activity.
Great video! thank you for your work Cleo.
What a fantastic piece, really simple and straight to the point.
Interesting video with some interesting examples and comparisons I'd never heard of. Also really apperciate the detailed explanation of how ads will be handled, I wish more video essayists did that, and I hope the transparency continues! But the audio was distractingly bad, even as someone who doesn't normally care that much about audio quality.
Comparing the audio of the explanatory shots (in the blue shirt, infront of the computer) to the audio at the end of the video (in the orange shirt) is like night and day. The blue shirt clips sound extremely scratchy, staticky, and muffled, and the orange shirt clip sounds crystal clear.
I do appreciate your approach to being positive about technologies as the basis for the show. I do think you made very interesting analogies to the real world as far as the certificate being the primary driver of the value, not necessarily the physical object. That validates that the "screenshotting" is not a problem. But with the understanding that the certificate has value, the issue arises in that most people are not realizing that NFTs have no guardrails around the certificate. People can reissue a new certificate for the exact same art. They can issue a certificate for art they dont own. They could delete the underlying asset so your certificate no longer points to what it originally did.
Yes there may be a world in which a database of certificates could be recognized. But NFT evangelists dont seem to be truthful (or they may be ignorant) that the system out there right now is not even close and is mostly a scam. Also I think its really important to discuss the fact that to buy the NFTs, you have to buy and use the underlying cryptocurrency, which means NFTs are part of the scam to pump and dump the value of NFTs.
And the Line Goes Up...
Subcribed because of that ending!
Transparency is key!