Thanks for watching, sharing, and subscribing to my channel! Ask your follow up questions in the comments and I'll try to do a follow up video to answer them. Also, please be careful of impersonator accounts. I'll never suggest an investment or ask you to contact someone for guidance or investment advice.
I owe 90% of my crypto success to this man. Edit to clarify: Andres has taught me a ton about Bitcoin, causing me to swing my port from 50% BTC to nearly 100% BTC in early 2020. Thanks for all the likes. 💪
Agreed! Ran into his videos way back, and that allowed me to understand what I was getting into, and the pitfalls to avoid. Not your keys, not your coins! Left crypto on both the Cryptsy and Crytopia exchanges for too long. Hard lessons to learn.
Ex. Jack Dorsey sold his first tweet for $2.9M USD. Whoever bought it, believes he/she has sole property over the tweet. The truth is that since the image can be copied and pasted, the owner only has rights over the code, only honesty can refrain Dorsey from reselling the tweet. Even though the code cannot be duplicated, Jack or tweeter can erase the tweet whenever they want and the NFT owner will only own an image since the original data will always belong to tweeter, proving that the ownership is only in their minds. The other case scenarios on this video are amazing!
That's the problem with many current iterations of NFTs. Andreas makes it clear how they should be implemented and why they have value by having some level of uniqueness or functionality, but many are pretty useless right now I think that will change though. Good ones will pop up
I’ve been sneering at NFTs. This is the first talk about them that broadened my mind to the possibilities 🤔 The biggest takeaways I got were 1) they record unique instance transactions and 2) the standard set of functions can be extended for customized use cases. Hmmm more important than I thought. I thought it was just balloon dog sculpture. Thanks Andreas!
I'm also curious about this. After seeing some of the apps available in lighting (roulette, black jack) I too think lighting could be capable of handling NFTs.
Question- can oracles be 2-way? For instance.... could NFT contracts be used to update a legacy database of record? Thinking how to bridge NFT transactions with the (current) “real world“. 🤔
fun·gi·ble /ˈfənjəbəl/ adjective (of goods contracted for without an individual specimen being specified) able to replace or be replaced by another identical item; mutually interchangeable. "it is by no means the world's only fungible commodity"
The intro is part of a series I do called Down the Rabbit Hole during my livestream Q&A sessions. This one on NFTs was part of the March Open Topic event. Link is in the description. Thanks for watching!
Thank you. Great explanation. This seems to have value in tagged ownership. If I owned the Original Mona Lisa it could be marked with an NFT hidden on the back attesting to the fact it's the original Mona Lisa and I am the only person with ownership. Personalization of data, even better than copywriting programs, and identifying patents ownership. Maybe can be used to discover frauds and fakes. Interesting concept.
If somebody creates another NFT using a copy of the "original" NFT, how would you be able to tell the difference and prove that the original is "truly" the original? If anyone can create NFTs, then how can there possibly be an ownership? With Bitcoin, the coins are generated from the blockchain itself, so that's how the double spend problem was solved. But NFTs seem to overlook the double spend problem.
Thank you for what you've been doing all these years. Andreas should have a much wider audience on UA-cam, hit his like button if you agree, I'd rather hear anything about crypto from him than others on here, he's been speaking and teaching about this all before most.
Yes and no. Bit like the internet a significant amount of it is used for totally mindless rubbish and people get wrecked. But it is also an amazingly useful and valuable tool.
Mr. Antonopolous mentioned this elsewhere, but artwork NFT's are more similar to how aristocrats of yore would give great amounts of money to building churches and public monuments. Sure, the churches and statues and everything are open to the public and everyone can enjoy the artwork. But only the aristocrat gets the clout of being a patron and supporter of the arts. Artwork ownership was not always about depriving others from enjoying it. Just as Bitcoin, the "digital gold", brings back the older way of conceptualising peer-to-peer cash (i.e. I have gold, you have thing. I give you gold, you give me thing), so NFT's bring back this older way of understanding art ownership and patronage.
Bot comments are getting out of hand. Almost every comment has a reply with an impersonator that wants to scam people, how does this happen systematically? There will probably be one on this comment. UA-cam should start keeping the situation under control, now they're also having entire conversations between bots, and it's not only this channel.
Still not sure why I should care about this acronym people keep throwing around… I guess I get it… but I don’t do Bitcoin so maybe that is why this doesn’t make sense as to why I should commit this definition to memory.
P E O P L E. W A T C H O U T W I T H T H E H A C K E R I N T H E C O M M E N T S ! ! ! D O. N O T S H A R E Y O U R. P H O N E O R. P R I V A T E. K E Y S W I T H. A N Y B O D Y
It would be extremely difficult if not impossible to forge deeds and titles. And it would not require trust in a third party authority (i.e. government). And it would be much easier and quicker to transfer an NFT, than going down to the courthouse and signing a deed transfer. The downside is that such transfers usually have great tax implications and the government would very much like to know when, where, why and whose of all. This kind of defeats the purpose of the no-trust, private system.
as usual ..awesome stuff. Is it just me or anyone else thinks that Andreas BPS (blinks per second) is faster than BTC TPS ( transactions per second) :)
Thanks for watching, sharing, and subscribing to my channel! Ask your follow up questions in the comments and I'll try to do a follow up video to answer them. Also, please be careful of impersonator accounts. I'll never suggest an investment or ask you to contact someone for guidance or investment advice.
Perhaps the best overall description I have seen on NFT's.
I owe 90% of my crypto success to this man.
Edit to clarify: Andres has taught me a ton about Bitcoin, causing me to swing my port from 50% BTC to nearly 100% BTC in early 2020. Thanks for all the likes. 💪
how so?
Agreed! Ran into his videos way back, and that allowed me to understand what I was getting into, and the pitfalls to avoid. Not your keys, not your coins! Left crypto on both the Cryptsy and Crytopia exchanges for too long. Hard lessons to learn.
He is a legend. One day he will be as famous as Satoshi himself!
So?
@@albertaguy4817 what do you mean by this?
Great explanation Andreas. Still top of your game after so many years I've been following you. Thank uuuu
Dude, you are a BEAST! Thank you for taking the time. Hope to shake your hand one day...
Easily the most explicit straightforward explanation of NFTs I have heard to date! Thank you this is getting shared with my curious artist friends.
Been listening since the beginning. thank you!!!
This video is very helpful to me, thank you
The GOAT dropping facts as usual. Thank you so much for posting this!
Evenly dividing my free time between reading your books and learning how to program - Great role model, sir
May be blessed for your rest of your life!
We need more peeps like you!
Thank you for each and every single content posted 🙏
Ex. Jack Dorsey sold his first tweet for $2.9M USD. Whoever bought it, believes he/she has sole property over the tweet. The truth is that since the image can be copied and pasted, the owner only has rights over the code, only honesty can refrain Dorsey from reselling the tweet. Even though the code cannot be duplicated, Jack or tweeter can erase the tweet whenever they want and the NFT owner will only own an image since the original data will always belong to tweeter, proving that the ownership is only in their minds. The other case scenarios on this video are amazing!
That's the problem with many current iterations of NFTs. Andreas makes it clear how they should be implemented and why they have value by having some level of uniqueness or functionality, but many are pretty useless right now
I think that will change though. Good ones will pop up
Best explanation I've heard till now
Από τις πιο ετυμολογικά ορθές & εύληπτες εξηγήσεις. Σε ευχαριστούμε για την προσφορά σου! Ειλικρινά τα λόγια είναι περιττά & δεν επαρκούν.
Thank you. I enjoy this. Brief, clear, concise and little time dedication.
A great explanation, and the best of all...in just 8 minutes!
Thanks for the free knowledge professor.
I’ve been sneering at NFTs. This is the first talk about them that broadened my mind to the possibilities 🤔
The biggest takeaways I got were 1) they record unique instance transactions and 2) the standard set of functions can be extended for customized use cases.
Hmmm more important than I thought. I thought it was just balloon dog sculpture.
Thanks Andreas!
1) Like databases have been doing since the dawn of computing then.
Hi Andreas, Question? Will you be in Wyoming in September for the Cardano celebration? Love tom meet you there in person, hope so can't wait!
Hey aantonop, can you build and NFT on lighting or some other layer of bitcoin??
I'm also curious about this. After seeing some of the apps available in lighting (roulette, black jack) I too think lighting could be capable of handling NFTs.
@@antonionotbanderas9775 It would be huge for BTC and I think it should in theory. After all its really just a messaging system...
Great explanation thank you.
Thanks for update and data
I have a question.
What's the cheapest way to mint an nft? And can it be done at a very low cost
Thanks for that clear explanation
Question- can oracles be 2-way? For instance.... could NFT contracts be used to update a legacy database of record? Thinking how to bridge NFT transactions with the (current) “real world“. 🤔
Doesnt OPRETURN make a Bitcoin UTXO Non-Fungible?
Wow... Yeah. I was really getting stoked about the possibilities of NFT's and then I watched this video... Mind blown.
Awesome vid thanks- just bought my first NFT, a Thicc Pidgey!!!!!! Sweet
Thanks Andreas
Awesome information, thanks
Thanks
fun·gi·ble
/ˈfənjəbəl/
adjective
(of goods contracted for without an individual specimen being specified) able to replace or be replaced by another identical item; mutually interchangeable.
"it is by no means the world's only fungible commodity"
Didn't understand anything. Got distracted by the excessive blinking.
More seriously, very nice explanation
Wen NFT book DAO?
Was this extracted from a former live talk? I feel like I've seen at least the beginning of this, even though it is new. 🤔
Deja vu?
The intro is part of a series I do called Down the Rabbit Hole during my livestream Q&A sessions. This one on NFTs was part of the March Open Topic event. Link is in the description. Thanks for watching!
@aantonop question if you or anyone on here can answer, how many people is the most that can control a multi sig wallet?
At the most I mean.
Cars could be considered as items that are fungibile, but tend towards becoming non-fungible.
Hola !
El volumen del vídeo es muy bajo,
Se necesita sonido más fuerte.
Gracias .
Abrazo desde Riviera Maya México !
GOD that man is such a brilliant man & teacher. AHAHA! 2 questions !!
Thank u
i have a signed copy of your book ;)
Thank you. Great explanation. This seems to have value in tagged ownership. If I owned the Original Mona Lisa it could be marked with an NFT hidden on the back attesting to the fact it's the original Mona Lisa and I am the only person with ownership. Personalization of data, even better than copywriting programs, and identifying patents ownership. Maybe can be used to discover frauds and fakes. Interesting concept.
If somebody creates another NFT using a copy of the "original" NFT, how would you be able to tell the difference and prove that the original is "truly" the original? If anyone can create NFTs, then how can there possibly be an ownership?
With Bitcoin, the coins are generated from the blockchain itself, so that's how the double spend problem was solved. But NFTs seem to overlook the double spend problem.
It gets more confusing when the same NFT can be implemented across different blockchains which have smart contracts
its akin to an author signing several books vs one.
Kalispera❤️💪
Thank you for what you've been doing all these years. Andreas should have a much wider audience on UA-cam, hit his like button if you agree, I'd rather hear anything about crypto from him than others on here, he's been speaking and teaching about this all before most.
So am i right when i say an NFT is another name for "crypto kitty".?
Yes and no. Bit like the internet a significant amount of it is used for totally mindless rubbish and people get wrecked. But it is also an amazingly useful and valuable tool.
Mr. Antonopolous mentioned this elsewhere, but artwork NFT's are more similar to how aristocrats of yore would give great amounts of money to building churches and public monuments. Sure, the churches and statues and everything are open to the public and everyone can enjoy the artwork. But only the aristocrat gets the clout of being a patron and supporter of the arts. Artwork ownership was not always about depriving others from enjoying it. Just as Bitcoin, the "digital gold", brings back the older way of conceptualising peer-to-peer cash (i.e. I have gold, you have thing. I give you gold, you give me thing), so NFT's bring back this older way of understanding art ownership and patronage.
Floridium announced they will soon be doing NFT real world scavenger hunts
NFT's as a technology is phenominal with huge potential. But almost all examples of NFT's in use today are trash 😅
@Annton Op terrible scam attempt 😅😅😅 try harder
You are amazing brain
Bot comments are getting out of hand. Almost every comment has a reply with an impersonator that wants to scam people, how does this happen systematically? There will probably be one on this comment. UA-cam should start keeping the situation under control, now they're also having entire conversations between bots, and it's not only this channel.
You are hilarious. Thank man.
Lol @ " Toyota Corolla"..
Was Here...
I like this guy.. He's a funny guy.. I like his humor.. I think, he is joking.
"Not your keys not your crypto" Take a look at the Sovryn platform i think you will love it .... Defi for Bitcoin 🙏 Thanks for your great video's !!
Still not sure why I should care about this acronym people keep throwing around… I guess I get it… but I don’t do Bitcoin so maybe that is why this doesn’t make sense as to why I should commit this definition to memory.
Close your eyes while listening and this is the Christoph Waltz of cryptocurrency, Andreas is the Jack-of-All-Things-Crypto
Great !
P E O P L E.
W A T C H O U T W I T H T H E H A C K E R I N T H E C O M M E N T S ! ! !
D O. N O T S H A R E Y O U R. P H O N E
O R. P R I V A T E. K E Y S W I T H. A N Y B O D Y
Who else is watching and reading comments at the same time 😊
Bitcoin is The future, lnvesting in it now will be the wisest thing to do especially with the current rise
This could be great for putting Real Estate Deeds, Vehicle Titles, Licensing into NFTs. Anyone see benefits to this? Opposed?
It would be extremely difficult if not impossible to forge deeds and titles. And it would not require trust in a third party authority (i.e. government). And it would be much easier and quicker to transfer an NFT, than going down to the courthouse and signing a deed transfer. The downside is that such transfers usually have great tax implications and the government would very much like to know when, where, why and whose of all. This kind of defeats the purpose of the no-trust, private system.
Awesome explanation. Only thing that's missing is how NFT's have nothing to do with mining and mining's impact on the environment.
ETH 🚀 STRONG 🚀 HTR 🚀
10X Gem - BCTR, PAINT, CRO
as usual ..awesome stuff. Is it just me or anyone else thinks that Andreas BPS (blinks per second) is faster than BTC TPS ( transactions per second)
:)
By this token (no pun intended) it might be said that bitcoin is a non-fungible crypto since it is a specific *instance* of a cryptocurrency. Bwahaha.
We are all NFTzs
I am now a non fungible token. Hehe
HelA kalimera
Primeiro
Thumbs down by janet yellen
Interesting! NOT!!
Kneel before ZOD no coiner!