What is NFT? - NFTs Explained in Plain English (2024 Updated)
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- Опубліковано 11 чер 2024
- What is an NFT? How do I buy one? Why would I want to buy a digital file that I can just copy in a second? Is it just another bubble?
👉 Buy an NFTs here:
- Gemini's Nifty Gateway: bit.ly/2YqDfxp
- OpenSea: bit.ly/3kg93N6
- Rarible: bit.ly/3bTLx48
- SuperRare: bit.ly/3D4uPuY
- MetaMask Wallet for buying NFTs: bit.ly/3mVpIY2
Today’s topic is NFTs, here is what we will cover in the video:
0:00 Start
0:50 Fungibility Explained
1:41 What is a Non-Fungible Token?
1:49 Fun Fact!
2:07 NFTs Explained
3:43 NFT Creation
4:51 NFT Characteristics
5:07 NFT Examples
6:01 Buying an NFT
7:10 Selling NFTs
7:42 NFT Uses
9:29 Are NFTs just a bubble?
9:57 Summary
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👁🗨 What is an NFT? How do I buy one? Why would I want to buy a digital file that I can just copy in a second? Is it just another bubble?
👉 Buy an NFT here:
- Gemini's Nifty Gateway: bit.ly/2YqDfxp
- OpenSea: bit.ly/3kg93N6
- Rarible: bit.ly/3bTLx48
- SuperRare: bit.ly/3D4uPuY
- MetaMask: bit.ly/3mVpIY2
Today’s topic is NFTs, here is what we will cover in the video:
0:50 Fungibility Explained
1:41 What is a Non-Fungible Token?
1:49 Bitcoins are Non-Fungible
2:07 NFTs Explained
3:43 NFT Creation
4:39 What is an NFT in a nutshell
4:51 NFT Characteristics
5:07 NFT Examples
6:01 Buying an NFT
7:10 Selling NFTs
7:42 NFT Uses
9:29 Is NFT just a bubble?
9:57 Summary
How do you know if your nft has already bin added
As long as my payment doesn't actually 'exist in the physical world' either, I'm all for it! What a load of phony entitled first-world NONSENSE 🤡🤡🤡🤣🤣🤣
Sooo, basically it's merely a 'notion?!' BAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA!!! A fool and his money.... 🤣🤣🤣
Hi. I liked this video and wanted to embed it in my website. I'm an artist selling an NFT but want people to understand what it's all about. I assume sending traffic your way for ad revenue should be ok but I wanted to let you know.
U
Clearly and brilliantly explained, and with the usual dash of reality. Very balanced and informative as usual. Underrated channel
He never said why he sold his bitcoin. We assume he thinks it's inflationary
"A fool and his money are soon parted." Poet Thomas Tusser, 1557. Still true today. An NFT does not appear to have any commercial value. You own "bragging rights".
Formulating a strong, concrete opinion based on one 4min video, is dangerous. Not all NFTs are created equally. Lots of shit, lots of great utility. Act accordingly.
Someone finally pointed out the absurdity of NFTs. They do not convey any copyright or other qualities any other jpg. Since the NFT doesn’t store the digital work, if the webpage of the tokenized work gets deactivated, what do you have?
There are clearly uses for documentation of ownership and time stamp, but jpg NFTs are stupid.
Great video. Answers lots of questions and confirms most of my assumptions
Nate, thanks for going into the process of NFT in such get detail. It makes it a whole lot easier to understand. 😃
ditto. This really helped clear things up and simplify this aspect of crypto.
if only he didn't sound like he was speaking to four-year-olds...
Simple, informative, and fun to watch, thanks allot
NFTs can also be used as a digital proof of ownership/legality for physical items like real estate.
Or be used as proof of identity.
Event tickets, so NFTs with your ticket specifications attached. Reduces ticket fraud massively.
NFTs really have endless possibilities, but lack standardisation for use in the "real world". For now.
NFTs on Ethereum blockchain, for regular people ($), are kind of pointless at the moment due to the high gas fees.
But there are so many blockchains to choose from now that a government entity will hold back on usage (other then the amount of work it will take to make everything digital).
Super exciting, but years away form implementation.
Thank you for the explainer video. Love the knowledge your sharing.
Have a nice day.
Yep. This right here. NFTs are popping up in digital artwork because there is really no friction to implementing them there. But, when NFTs can be used to automatically move the deed to a house after two parties sign a smart contract, you've just eliminated a bunch of jobs, and there are powerful lobbies that will stand in the way of adopting the tech there and in other areas where NFTs can disintermediate transactions.
How can you prove that an NFT really is proof of ownership of a physical item? How does an NFT for event tickets reduce fraud? If I buy an NFT for a ticket, how do I know I am buying a real ticket and not a fraudulent NFT that someone unconnected to an event has minted?
What a stupid question? In the real world,, do you go buying tickets from just anyone? Get your brain working again please
NFT in its current form is really just a proof of concept
Good, clear and concise, Nate. Thanks.
Amazing 👏 Explanation as always! Thank you Nate 🔥
you make everything sooo easy!!! thanks!
What a brilliant teacher, thank you for a superb explanation.
Great video, you’ve explained this topic very well
Great video!!!! Thank you very much for breaking it down.
Thank you, Nate. Excellent video.
Brilliant! The video I needed to watch. Looking at the other NFT use cases, it's making much sense now.
Excellent presentation! It compelled me to subscribed.
Seriously... Very very good explaination..
very well made. great explanation...thank you.
Appreciate the video my friend!
Thanks for the simple explanation. It cleared many questions that I had. 👍
Excellent explanation!
Thanks for the explanation.
I was confused about NFT's at first but this will help me with this some more
Thanks for your great explanation!!
Another awesome video ❣️
New investors should be very careful.
When you're new to something, make sure you make alot of research before involving in any of them.
Great explanation. Thanks
Thanks! Superb explanation
These videos are so well done.
Great Video thank you for making these. I think I will stick to fungibles for now, but super cool!
Give something of little value an acronym to create mystery, and hey presto… you have perceived value.
I'm very against NFTs, but this video is incredibly well-made: I have been looking for a more centrist perspective on the matter because I see too many harsh opponents. Thank you for sharing your point of view in this informative video!
I don't understand what you mean by "against it", everything there happens consensually, you can't just be "against" that.
@@LuizOtavio-gq6dk I am against people trading them as a whole because of the environmental damages they cause
@@LuizOtavio-gq6dk This Generation always travels behind trends . Most of the people who deals with Cryptocurrency has no idea how it works. Within a year or two , I'm pretty sure that this hype around Nfts are gonna die.
@@LuizOtavio-gq6dk its not really consensual though is it? especially when most people think that NFTs provide you with ownership or some kind of intellectual rights. its speculative value market at its finest.
@@neunzehnvierundachtzig the only reason why you're saying what your saying is because you don't understand how it works yourself
Thanks for a very educational video!
great video!
This is one of the greatest explanation !
Thanks for the information
Thank you for the video
Clearly and brilliantly explained
Thank you!
Hi Nate Martin
What currencies do you advise me to buy in the short term, I mean sell it after 3 or 4 months ?
The comparison of original digital art to original paintings falls short. When you are talking digital files, the original is the same as a copy. When you are talking physical paintings compared to a lithograph, there is a difference between the original and the lithograph. Materials, brush strokes, texture, etc. are not transferred to the lithograph copy.
It’s even less than numbered lithographs. Each lithograph will be in different condition over time. A mint print will go for more than a stained print. All NFT works are mint. Unless contracted otherwise, the author can sell as many NFTs of the work as they can find buyers just like a numbered print. Since the digital work is stored elsewhere and others could conceivably see it, I can’t see any advantage.
incorrect. you might have the exact same digital picture, but the original date created, the file in which it is created and on what OS what software, the name YOU called it originally, the file path. paintings dont have that... he saying its hard for some to accept youre not buying physical things. and thats exactly where youre falling short. you can copy a digital image and then that copys file path tells you this is a copied image
god boomer...
@@sgt.skibby570 Thanks for the condescending reply. You have used every trick used by NFT geeks to try to explain why your BS is not BS. When you can't explain what an NFT is, you have to resort to insults because you know it is all bullshit. Nothing you said matters because the fact is that when you buy an NFT, you are buying nothing. You have no rights to the image. You do not own the image. It's all BS.
@@sgt.skibby570 you are incorrect. I can make an NFT with the same link and it is the EXACT same file and link. You cannot copyright and IP address.
@@sgt.skibby570 all those details you point out are so pointless...file path? Really?.... who gives a damn about that, what matters is TALENT, that can be truly felt in a true, physical piece of art work. Everything else is just as good as a copy. Digital can always be duplicated exactly.
very educational...thanks
Great video, thanks for the explanation. I have some questions and I'll leave a comment on different videos to help boost your vids further with engagement :-) Question about the royalty aspect. Let's say I have an NFT and I set a 20% or 10% royalty, how do I as the creator get paid that every time exactly? Does that royalty % come out of the residual sales? Lets say I sell an NFT for $100 value, and someone else sells the NFT for $200, does that mean they only really sell it for $180 (assuming I receive 10% royalty)? Love to know how this exact aspect work - if you have a video for that, love to see it.
When royalties are paid depends on the marketplace where the secondary sale happens. OpenSea for example pays every 2 weeks provided you generated the minimum required balance. And yes, the person selling it for 200 in your example would get only 180.
I’m building my NFT collection now, and I really love it💜
Any tips?
Great. But just remember that you don't have an assurance that you'll have a buyer for your collectibles in the future.
Any thing you would tell someone just hopping in
@@h00ligan64 they are now taxable along with crypto currencies, thanks to the no one at home administration.
@@Partials504 Just "save image as" and then you get it for free!
you are incredibly talented as i can even understand what you are saying!:>)
These whiteboards are a great idea! Keep up the good work.
Can you explain how an NFT can be used to verify a physical object? Like say a Watch? How can you link the NFT to that specific watch? If you use a serial # for example is that serial # not public automatically and anyone can create a fake NFT with said serial #?
It uses a hash not a serial number so it's not possible to be create a fake, each one is unique
Thanks for breaking this down! Excellent information 👍🏼
100% this is not a passing fad.
It’s just the beginning.
We are going almost totally paperless, digital, and online. This is the future.
Seems crazy that we still have A LOT of unnecessary physical mail delivered that could very easily be digitised.
Anyway. Great video. Thanks 🙏🏾
Wish you tutored me in med school. This was just brilliant and so easy to assimilate
Good video, thank you very much
Thank you for explaining this. I didn't really understand how nft's actually worked. You explained it in plain English as usual. Appreciate the video.
Having studied IP in law school I already understood the copyright issues and how NFTs do nothing in that regard. What I didn’t understand was if the work was part of the blockchain. Knowing now that it isn’t makes them worse than I assumed. Suppose the link to the NFT work is taken offline: Then you have squat.
@@timesupgr.8471 "Knowing now that it isn’t" - it actually can be. some projects are implemented 100% on-chain, no outside storage.
@@ihorbond the cost for attaching an image the blockchain is very expensive from my understanding.
Thanks 😊 for good explanation 👍 👏 👌
Most welcome 😊
now i understand. Thank you.
perfect timing
Fine art photography NFTs will be interesting.
At last. A good explanation about NFTs. God bless 99.
Thank you
NFT are the PET ROCK of the digital era!
Great.
Thanks mate Nate
Minting is pretty darn expensive now days!
Awesome content ! NFT will surely introduce new people to Crypto space and take the adoption of Blockchain Technology to the next level
NFT stands for "Not Fully There", as in "someone that pays for an NFT, is not fully there".
I hope this clears up any confusion.
Thanks.
Is NFT cheap to create? Lots of people use the mind maps I create for work subjects. I love that people like my work and that improve their skills with them. As I need to provide an original file so mind maps are interactive, my concern is that somebody appropriates this file and makes it of his own property. So, is it cheap and able for any kind of file extension, in my case .maginpkg? Thank you
Thanks for the great explanation! One question I have is: who maintains the physical item that is behind an NFT? For example, if I have an NFT for an art painting, where that art painting will be physically stored and how can I assure that no one else will be able to tear it apart?
I think you may need to watch it again.
That's not the point. It's the ownership of a DIGITAL things. It doesn't matter if you used something in real life to do it.
in NFT world ., you don't have any right over the physical item ., the value of the token is only the description and digital items.
That's the scam of NFTs. There is no physical item.
@@sheboy1212 With an NFT, you do not have any rights to the digital item either. If you buy an NFT for a digital photo of mine, you only own the NFT for one particular copy of that digital photo. You do not own any rights to my photo. You can't do anything with it except look at the image in the file.
then I can use a digital picture i took for nft?
Good explanation of a complex subject, thanks! I have a couple of questions.
1. I've thought of another use for NFTs besides the ones you mentioned. Although an NFT doesn't stop other people from copying my digital property, it would be a big help if I decide to sue anyone who made a copy without my permission, or if I want to charge them with a crime. Is that correct?
2. As I understand it, each NFT exists on a particular blockchain. So it's conceivable that someone could create a fraudulent NFT using a blockchain other than the one used by the real owner. This would be the 21st-century equivalent of "selling the Brooklyn Bridge," selling something you don't really own. Is that correct?
Good question! Wish u got an answer
I’m sure I don’t understand it all, but this sounds like a chance I’m not willing to take. I’ve worked too hard to earn my money in the real world to squander it in an imaginary one! You’re welcome!
Ojacoin seems like a promising project.
Wow I'm sure this NFT thing will make me a successful artist
Another creative way to make money
What is the best hardware wallets at present?
As you mentioned NFT is the proof of ownership of a digital file, so after you bought the NFT, will the original digital file be transferred to your account? Or where will they keep the original file? And every time when a NFT change hand, the original file creator will get a royalties or something, why?
Newbie question. What validates the authenticity of an NFT?
Sorry for writing you, just out of curiosity your page come up on my suggestion friend list so I was just wondering if I knew you from somewhere?
@@jessicawiley7991 maybe, I don't know.
How about you and where are you from?
Now I know what an NFT is but I no longer know what the real world is...
Nice
good video
What other areas do people see nft expansion...besides digital art? Cheers
Gaming will be a huge one also insurance policies house deeds etc.
Interesting
I am convinced that NFT’s today are used for money laundering. I can’t imagine people spending millions of dollars on digital art for the metaverse that is still being created.
Ok granted Im new to all this. I bought my grandson Vbucks for his Fortnite game. Isnt that like an NFT? Or along the same concept?
@Deirdre Morris not really because that is something everyone can buy and it will be exactly the same, a nft is art that only one person can buy. You also get really cool stuff if you buy a expensive one.
Agreed but also tax avoidance as opposed to evasion.
@@bekindtoothers.1397 Thank you
In my opinion nfts could have a real effective use in voting, and obviously so the blockchain. Each citizen could be a node that ensures votes validation voluntarily (in exchange for money that the government would give, something as the rewards of mining a block) and each vote could be a nft. This would be useful as people would have a unique choose between all the candidates. Then, each wallet could represent a candidate, so, in order to vote, you should send your nft vote token to your candidates wallet. The wallet who has more token wins. In addition, no one would need to count the votes, it could be stablished by a smart contract that the wallet who achieves X quantity of tokens wins, so to speak. I don’t know how possible is but is only an idea.
The idea is interesting, the only issue would be how do you limit the population with the right to vote. In my country when a mayor wanted to win, he moved people from other cities or even countries to his town to make them vote for him.
@@JoseMorales-ws6ro The other question is how do you ensure that all people have the right to vote? When you tie voting to the use of blockchain technology, you are limiting voting only to people who have access to and can use the technology needed.
How could the download of something like a book be verified by the ownership of the NFT so only the NFTs owner could download it?
Pretty clear !
What are NFTs use for, something like one use's money to buy an items or pieces of cloth because of it purpose to human, so what are exactly purpose of NFT please?
Imagine spending 69 million dollars for some "art" in a bits and bites world only to discover later there are no real buyers.
Yup!
👌👌👌
how can i sign in in NFT please and i want to kno the minmum amount that i can use to buy NFT and how i can earn
NFTs seemed really idiotic to me. Then I found this video and it confirmed my suspicions.
Does this imply that the creator of nft is paid royalty everytime its resold or traded ?
A lot of people, like myself, are unaware as to the complete and total impact of people who live in these digital worlds. Like SIMs.
They literally consume peoples lives.
They take in more money than sports, movies, theaters and Las Vegas combined.
There are many who live in this escapism and prefer using digital assets (NFTs) in their digital world.
For those who have so much money they don’t know what else to consume (because they don’t see the immediate advantages to helping make the world a better place) they now invest in NFTs … and sure, there’s money laundering too because these people only think in terms of adolescent things and stuff.
Basically kids who will grow old but never grow up.
💙💙💙💙
If I have a rare stamp of envelope, how do I make its NFT ?
Well explained
Sorry for writing you, just out of curiosity your page come up on my suggestion friend list so I was just wondering if I knew you from somewhere??
@@jessicawiley7991 hi I'm not sure?
How about you and where are you from?
NFTs sound like the most colossal waste of money, and its ganna make me filthy stinkin rich. *laughs in artist*
You showed how to buy it but how does the seller receive payment, is that in cash?
Was here
Thoughts on Saito and Upfire? $UPR
How can I sell a nft?
What about the other use cases for nfts? I find the explanation lacking. Seems like a March 2021 description. The space has evolved the way tech usually does: extremely fast.