Fun fact for artists: *There aren't any background checks to make sure an NFT seller is the creator.* The market is new, and it's a free-for-all. The only real background check for NFTs right now is the check to make sure there isn't a duplicate NFT on the market. This means that if you wanna make an NFT with your art, you have to do it hoping that an art thief hasn't already made one of yours. If you wanna take down an NFT yourself you're gonna need a lot of lawyers to sue them- because not only are NFTs such a new thing that the lawyer you actually _can_ afford won't be trained in it, but the person who's sold your work for big cash/crypto now has more than enough money to fight you in court. Not only are NFTs unregulated environmentally, they suck in every way possible for small artists with no recognition.
unless your work has never been published or uploaded. thats what i dont get about the platforms. they require your portfolio to be on a cloud somewhere. im like, isnt that defeating the reason for your existence?
As far as I can tell, there is nothing inherent about the NFT system that claims original ownership. So you can just upload your own copy and claim you are the actual creator, hopefully with some info to back it up.
So much money to be made in NFTs because of the crypto whales though tbh. I'm just a glad to be a part n understand the space so well. Just got into Bangsta Bears nft and the community is awesome, I've learned a crap ton!
I don't think NFTs are going to disappear anytime soon, but I don't think we can ignore the fact that all of the current buzz revolves more around the money than the art itself. People are purchasing these art pieces with the intention of selling them at a later point for more money. It is an investment in the relative perceived value of a digital asset. So for newer / undiscovered artist, I see this as being a waste of time. Even if you are an incredibly skilled artist, if there isn't any value attached to your name, you probably won't fair well on these platforms, as the major players involved are more interested in money than art.
As an artist who's been around plenty of people that collect original art, this seems more to me like an art stock market rather than a collectible market. People who collect physical art want to display it. They want to get up close to it and experience it. Many times it's a memento of the relationship between the artist and the buyer. When an artist signs something for you, or personalizes it with a note that resonates with you, it becomes really meaningful. NFTs, on the other hand, seem at this point to be a stock market for digital art. And while it seems to be paying off now for some (and who knows - I might dip my toe in it), it never in its current form will have the significance to someone that an original, commissioned piece of art can.
I have the exact same sentiment. You're basically buying a piece of paper that says you own this art work, without the actual physical art. I think what is interesting is actually using the NFT to authenticate a real physical piece of art. There will always be fraud and forgery, but the combination of having to replicate an artist's unique physical piece AND an NFT is magnitudes more difficult than either one alone.
Great explanation and I’m glad you gave your honest take on it. To me, it seems like the idea of an NFT cheapens the art people create. It becomes a commodity and the sole purpose is to make money. I like that it’s a way for artists to make more money but it kinda defeats the whole purpose of art which is the create an idea or a feeling not to poop out a picture and hope to make a million with it within a year.
It's not a big sacrifice if you don't necessarily have to work 40 hours a week to live off. Loosing time, energy and creativity = waste of time while you not making art. Live off making art is sooo difficult sad but true.
I don't know why but the more you've explained this...the more icky it feels. But thank you for explaining it & researching it. Because I didn't want to lol!
Weird. The more I watched this video the more I think everyone overreacted about NFTs. Edit: nvm talked to my friend who actually does cryptography. It's like a lot worse than it seems on a lot of fronts.
@@christoliver2065 Cool .....I had some misgivings before the video too so....and if you don't believe in climate change I can see why you'd say this fella's overreacting. personally, after five months, I'd say I still feel icky about NFTs because it's already really hard to get noticed as an artist.....but new gatekeeping tactics are the norm, these days.
@@thebradcolbow Do you buy a token to go along with all your pieces of art or do you have to buy a token for each different piece of art you make and put on the site?
@@frostreaper1607 it will go up which is exactly why you should do it, many will give up and those that don't will likely succeed I want the price to rise eliminating my competition
Haha, thanks man, that means a lot coming from you. I rewrote this script several times to make it accurate and not to get bogged down in the weeds which is very easy to do with this topic.
@@thebradcolbow Hey Brad, thank you a lot for your video. I don't judge anybody who does NFT, I know it's complicated and artists who have been undervalued for so long are happy to finally have a tool that values their work properly. But I feel as if the video passage on the downsides downplays the negative effects a little too much in comparison to all the benefits that you emphasize a lot. (I do understand. A lot of the things you mentioned excite me, too. But I think NFTs are a lot more critical than presented in the video.) There is a strongly worded article on Medium that explains the problems and whereas I know its tone is really sharp I think the points it makes are still worth considering. Maybe you could look into this? everestpipkin.medium.com/but-the-environmental-issues-with-cryptoart-1128ef72e6a3
The biggest benefit to this is ensuring that artists are properly compensated for their artwork. With a token, usage and terms for usage along with compensation can be monitored. This is great for artists for multiple reasons. Let's say you are a professional photographer and someone decided to take your photos screenprint them onto a whole bunch of t-shirts and sell the t-shirts at $100 a piece. Technically under artist copyright laws this is illegal, however, this happens all the time, and artists often do not get compensated even though there would be no t-shirt without your photos. So in order to prevent this from happening, you could turn your photos into NFTs and ensure that you are compensated for any purchase or future use. Also, you can determine the terms of usage. So if you don't want your photos ever put on a t-shirt, you can write those terms into your contract. You can also also set the terms such that you can get a royalty anytime someone does sell a t-shirt using your photo. The beauty is you can be making money off of every t-shirt that uses your photo without having to do more "work." It's like having a digital widget. Hope that helps explain things! As an artist, I think this is pretty amazing because artists get ripped off all the time, especially with digital art. People steal things off the internet and use it to make money without any acknowledgment to the artist, and in the end, if it weren't for the artist, there wouldn't be a "$100 t-shirt" to sell.
@@GenevieveKim Thanks for the explanation. What I still would wonder about: okay, so maybe one can 100% see who created the piece of art, but what if someone screenshots the pic simply and then prints the t-shirts. The NFT-creator/artist would have to get lawyers involved to claim his rights -> a ton of costs and maybe even no success... especially if the person who "stole" the art is somewhere far away and/or not to be located. And also: if they sell the NFT-piece -> do they just sell the access or the piece and the rights to it alltogether or can that be different? I mean: who will track if the access gets bought, but then t-shirts are printed from it. I am really asking out of curiosity, because I can't see it and I also suspect money laundering to be the real reason hahaha I can t wrap my head around anyone spending thousands on on some digital graphic ._. at least not to this extend at that the NFT sells are presented - like: "Anyone can create and sell - Get rich now" ... it seems like it s some money new market especially to do money laundering
I'm here because someone on Twitter allegedly had their art "stolen" when someone else uploaded their art on one of these sites. If the artist didn't upload their work themselves and publicly condemned the "authentic" copy, would this work the same way that market forces do and the guy who stole it basically just paid gas for something no one would buy because of it's stolen nature? I think this is super interesting, especially the part that talks about how we think about money and value for digital, arguably immaterial(?), things. Even more when you think that our current intellectual property laws don't even cover this area yet.
So THIS is what everyone has been screaming about on my twitter for the past week. I seriously had no idea and just thought everyone suddenly had this mighty need to draw bigfoot. The more you know!
There are some interesting aspects about NFTs for the future, but currently, with the way they affect the environment, I definitely can't support something reprehensible like that.
is the carbon footprint from that higher than making prints and shipping it across the world? cause if they can replace prints, might be overall worth it
@@spicydraks Take at least Nvidia's claims with a grain of salt, they're also selling mining-only cards now which are even worse because they're driver-locked to be rendered useless for anything else (because they didn't like how with the 10xx series, when the mining crashed, miners sold their used cards and gamers were able to get them cheap and not buy the 20xx series like Nvidia wanted them to do). Demand is still going to be up a bit now that mining seems to be getting popular again, the mining-only cards might help with the prices a bit, but then further down the line, you won't have that option to buy those used cards, and those cards are likely destined for landfills as a result. LinusTechTips has a pretty insightful rundown on it.
The carbon footprint of a crypto artist in SIX MONTHS can be as high as the CO2 emission for the electric consumption of an average EU citizen in 70 YEARS... Anyone who takes part in this market should really re-evaluate their priorities
I'm sure that a lot of artists are just ignorant of the issue but that doesn't make their actions moral... We only have one Earth, we shouldn't destroy it just to make a quick buck
@@HAL_NOVEMILA They are working on it. Proof of work is really expensive and Etherium wants to switch to a method called Proof of stake. It would drastically cut down on energy costs and make the block chain a lot more environment friendly
@UC89I_iaz8OrpvsE4omyS5bw Not an expert, but as far as I understand it Crypto currency is created by "Mining" it with a PC. Basically it needs to solve math and this creates bit coins. This gets increasingly harder as we get further along the "chain" and requires more and more computing effort and consumes more and more power. In most countries we already past the point where the cost of power required is higher than then the value of the bitcoins created.
@@Capharas Yet until they do make the switch, artists should be aware that they're engaging in an incredibly destructive (and immoral) activity... People should just stop using any crypto that uses PoW
Thank you for the unintimidating, easy to understand way of explaining this. Its so easy to get distracted by all the noise and the gold rush mentality and lose all control for a money grab. You explained this very well. Thanks again!
@@pabloescobar4555 Honestly I think it's all about copyright law. IF someone owns an NFT they want to say, "I own this! You must take it down! You can't use this in your video!" If that happens, the NFT system is going down. And all of it will lose value.
I think you are misinformed please look into what you are talking about because you sound like a clown to anyone who can read a few articles (aside from mainstream media). If you mean energy consumption, then blockchain technology uses a very small fraction of the energy that our current financial system uses. All of these nfts would be running on the same blockchains that your country’s central bank will be using very soon. You can stick to old beliefs all you want until you realize youre getting left behind. Good luck in the future because this is it.
I was so confused about the whole situation, I'm glad you explained it in a simple manner. being away from social media this year was a smart choice until controversial topics like this one emerges 😂
Love that you point out not only the potential of NFTs but also the caveats, especially the environmental impact of crypto. Yes, I'm aware there are also cryptocurrencies that use mechanisms other than proof-of-work (a.k.a. mining) in order to mitigiate the environmental impact, but right now Bitcoin is still the big player and the total energy consumed by mining outclasses entire countries.
But the problem is how the electrical energy is produced (a.k.a fossil fuels,coal), not the mining of Bitcoin. If for example the energy came from solar panels there wouldn't be a problem. We need to fight the source of the problem...
@@naiknaik8812 it's a problem of both. It's like saying a car that produces a lot of emissions doesn't have a problem, the problem is that the car uses fuel.
I want to start doing commissions too but now I'm scared of this whole thing. I guess the only solution would be to sue them, but who knows if that would work...
@@rinaloveskiwis they only requests I would take for making my art would be size of a piece. I am developing at a sloths pace so I have t started selling online just yet. Yes this concept seems like a huge I just don’t know about this. Sounds cool at face value until one starts watching videos like this . My hope is it doesn’t devalue physical - ie on canvas etc artwork . I’m doing mixed media so this concept wouldn’t fit me. Also I like working with physical art materials . Digital alone isn’t enough to satisfy my creativity .
I find it funny that just yesterday, one of my favorite digital artist who uploaded his NFT discovered that his art got stolen and is bidding for slightly higher fee than him in the auction 😅 He was selling his art for 0.30 ether, the other dude was around 1. Something almost 2.
Thank you very much for the information. You hit the point!! The fees: the main reason that will finally clean all the stuff generated by the initial NFT fever. Everybody consider they may get rich during a weekend, after paying almost $100 fees, to put their "art" in a infinite beach full of sand grains. Briefing: are you an artist? This is an excellent way of selling your art. You don't have experience as an artist? Think twice the fees you're going to pay/waste...
The world is changing! I'm glad to be part of that. I've made so much financial progress indulging in investing. Crypto currency is the evolution of money
NFTs are kinda worthless if they’re fraudulent, right? Artists are getting their stuff stolen already via Twitter. How can people with little to no following even break into this?
I just heard about this too. I was totally for this until I learned about the theft, bots and people selling tweets and images. It’s quite disappointing I was excited for digital artists to have an “original”.
@@mrs.quills7061 ikr! now im scrambling to retweet and repost block lists. it sounds like a sweet deal but in truth it's destroying artist communities and the environment...
@@julia-pw8fz same. I feel like a fool for hyping it up and sharing links, but I think many of us have been outraged with art theft and copyright stuff for so long we jumped in without really thinking. It’s cool concept, but I think right now it needs more time to become sustainable. Ten hun (another artist) just did a video about this and how some marketplaces are moving towards non mining structures so it would eliminate the need for crazy computing needs and power. But that could take years.
no it isn't the big play is when a Fortune 500 wants a piece of your work....if they steal it you can sue...in fact Fortune 500s will probably start using this as a legitimate way to purchase licensed material. Also because of block chain there is really no argument who the art belongs to.
Thank you for the video, Brad! What I'm worried about is how people might use NFTs for large scale art theft. If the NFT is tied to normal jpgs (or pngs or what-have-you) then what stops people to take a jpg from an artist's social media account and register it as an NFT that they can sell. Now they can make even bigger bank than just stealing artworks for t-shirt printing websites. Big, curated galleries might conduct background checks but they restrict which artists can sell their art through them. As there are also other websites like the ones you mentioned in the video I can see these being a big problem for smaller artists. Or bigger artists without a lot of money! For indie artists fame/following doesn't always translate into big bucks. Even a lot of famous digital artists are just very average people financially. The costs of turning their art into an NFT may be too high for them to be feasable but at the same time not turning it into an NFT might mean they're not protected against art thieves with more resources available. There is so much art theft already, as an independent artist this really worries me.
What stops it is copyright law. If somebody did that, they would very quickly get dragged into copyright court. There are many lawyers who are willing to work for free, especially for cases where they are guaranteed to win (such as if you can easily prove that the art is stolen).
@@SchemingGoldberg I'm not sure how realistic that is, tbh. I feel like a lot of people want to fall back on that "it's protected by law" narrative whereas the practical reality looks different for many people. I've already seen two examples by people on twitter whose art has been wrongfully minted by other people. This may be a big problem if you consider the international scale of the internet and the digital art world. Cryptoart doesn't just happen in an enclosed national space, e.g., it's not just done by US Americans for US Americans etc. If a website is hosted in a foreign country with different copyright laws (or different willingness to enforce laws) then this might make regulation much harder if someone mints your work. On the other hand, even if we are talking about reputable websites foreign artists might have a hard time accessing law enforcement in this country. There may be language barriers which make entering the procedure hard, intimidating or impossible, knowledge barriers wrt foreign law or financial barriers (who says everyone will have access to a free laywer? It's great there are those who do it in the US (I assume) but that doesn't guarantee they will be available for everyone, let alone in any country where the art theft happens, or that they all will represent international clients). And lastly, it's also possible that you just don't notice if your art gets stolen. The internet is a vast place and there are a lot of artists who only learn much later or never about an art theft. I do think it's a realistic threat and whereas I don't think copyright laws are useless I think they will not protect people as much as they hope they will.
@@abcdef2072 Copyright law is almost entirely universal, there's only a tiny handful of countries which don't abide by it, look up the Berne Convention. And DMCA is universal even across countries. Also, the only law that matters is the law of the marketplace. If the marketplace is in the USA, then it will abide by USA copyright laws. And every marketplace has a system for reporting fraudulent art (without needing to drag them to court). There may be some isolated incidents, but I don't think it will be that widespread, especially on the marketplaces which require approval.
@@SchemingGoldberg The only ones that copyright law helps protect are big companies. I have never seen a small artist be able to get a company to stop selling stolen art.
@@TheUbernuck Yes, I agree, I think copyright and patents should be completely abolished. However, even without copyright there are ways for an artist to prove that they are the creator. And then it will be up to the NFT marketplace to curate the submissions. If they don't curate, then they will get a bad reputation, which means the rich high art collectors won't use that marketplace. So it's still a non-problem even in that case.
definitely an interesting space, and I can definitely see that aspect to it. I think there might be another evolution to NFT's that will make them more valuable to own (I don't know what though, just a thought)
@channelofstuff short sighted understanding, entire ecosystems can collapse from prolonged unnatural temperature changes. e.g. great barrier reef. The flow on effects to everything on Earth is more direct and pronounced than simply dialling up the aircon.
@@DJAlicorn look up how they get their lithium, or where most electricity in the US in generated. Yeah tesla isnt doing anything to help the environment. Their cars are just more status symbols
@channelofstuff global average temp increase of 1 degree isn't just like "oh its a normal day, it's 1 degree warmer" no. that's not how it works. this is like, basic knowledge abt the environment. tesla and cryptocurrency and battery production are things up to debate, but it's not debatable that global temp increasing by a few degs isnt going to do any harm.
It's also able to track who is the original and its will update hash value every time it's got a bit of changing, and all those changes are traceable as well that all recorded on blockchains
Here's my biggest issue with all of this. This NFT stuff is cool and I think it's great that certain digital artists are benefitting from it. However, how does this affect me? How does this affect some artist with 50 followers on Instagram who's been posting a new work everyday for 2 years? How does this affect your average struggling artist without a huge following? If you ask me, this is a step in the pompous fine arts direction. 90% of people will look at a piece by Picasso and think "wtf is that? it's just scribbles" Then the pompous 10% will say "oh it's a Picasso, so now it's worth $10 mil" That annoying thought process of art professors, art collectors, etc. Where if 2 people make the exact same piece of work at the exact same time and are completely unrelated to each other, but if one of them is popular well then bam that work is worth 10,000 times more than the other guys work. Who drew that cat picture? Was it some random dude on the street? Or was it some guy with millions of followers who adore his every move? You said it yourself, you put up your work and received zero hits. It's because nobody knew who you were. The whole point of this is just to support those ever popular people. If you ask me, this isn't gonna do anything for the 95% of us with less than 300k subs or 800k followers. We're just gonna be the people that get scrolled past on those websites you mentioned.
You're absolutely right. about 1% of the people at the top will likely make a killing from this, and the rest of us will not. And while that's happening, the same 99% that won't make any money will ALSO get sucked deeper into the scheme because they keep hearing about how it's the "next big thing". There will always be a "next big thing", and it will never make a genuine difference for the vast majority of people involved. And in this instance, there are so many negatives involved, I just don't see it ever being a good thing. It's a fad and the bubble will burst as soon as people realize that.
not exactly ownership, just “everybody on this planet who recognizes the authority of this star registry, agrees that you have given that star a name.”
What happens when someone steals your work and manages to list it on one of these sites, (unbeknown to the site) before the creator has listed it somewhere and it's already sold and resold one or two times? Genuine fakes?
@@joemotive it's on you to make sure, there's no built-in defense against it and i heard there is some fraudulence going on, kinda the same with physical art, you can't always know you're not being sold a fake
Mine is the real jpeg! That guy's is a phony! Oh and what if the artist is dead? This stuff has value because x amount of people agree it does. At least with professional fakes of physical artwork there are telltale signs as to why it's a fake, beyond "who uploaded this?"
I think this is a fad! right now it's over hyped and soon it will be saturated. Also I think it's different than buying a rare painting. Collectors buy a painting because they can feel the artwork and the work of the artist and hang on their walls ... or show off I don't know. But what's this all about. People buying some pixels that you can download from the Internet? I think this is mostly driven by greed. People usually buy these artworks not because of the artworks themselvs but to sell them at higher prices. That's just my opinion
Which platform? They’re incredibly costly in energy consumption. I do t blame anyone who didn’t know how much energy it takes for NFTs. But once they do know? I question their ethics.
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I have been doing digital art for years. And I have kept them in my USB drive thinking that nobody will buy it or see it valuable. Now I am grateful and opportunity like NFT came out to me today. So I’m learning and taking notes :)
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One important aspect you didn't take in consideration is that the art bussiness functions primarily on prestige and not money laundering as many people think, most billionaires buy art to display it and crypto art, well, it is crypto, secret, as a bitcoin no one knows who owns it.
I think atm it’s a bubble. A bunch of low quality stuff go for high prices simply because people trading in NFTs think it’s the best money making scheme right now. Sure lots of them will make money, but a lot more will lose a ton once the bubble bursts and people realize it’s not about art at all-at the moment. Given time, if it doesn’t tank, I think it’ll be viable for real artists, but we won’t be seeing the insane prices like right now.
This is the first truly sane and reasonable comment I've seen. It's got potential down the road, but right now, it's quite literally just a big scheme.
@@Toksyuryel so basically its not an original, which is driving me insane!!! theres literally blatant art theft from twitter atm! small artist communities who are super alarmed... ajsdasdk like it's sounds interesting n all but this just doesn't feel right...
@@julia-pw8fz The concept of "the original" doesn't really exist digitally just as a consequence of how computers work. This novel approach to blockchain attempts to implement such a concept, though it sounds very flawed to me- what's to stop some rando from taking a piece of art that's not their's, attaching a token to it, and claiming to have the original to make bank off someone else's work? I too was directed to this video by an artist I follow who was worried about how this technology might negatively impact them, indicating they were going to start using far more aggressive watermarking going forward as a result.
@@Toksyuryel LOLLLL YEAHH like there's an artist called cuqqid, apparently they started putting their watermark closer and closer to the face/eyes/hair because people tend to crop out corners and lower bodies XDDD
This was very helpful! Does the buyer have to pay for “gas” as well because they have to also pay for their spot in the block chain? It’s hard to understand since the seller paid for “gas” to upload why the buyer also pays.
Thank you for the education. I'm new to making digital art mainly because I'm making NFTs of my work and giving them away for free as well as listing some on the market.
That’s a tiny bit unfair as artist have been traditionally ripped off of their artwork. And a lot of times they don’t get much of the value from all the work that they put in. I see what this does and I see the value in this. And I would hope that if there’s something that you enjoy you would also be able to enjoy the value whatever it is you do or make if you are creative.
@@TakaMitsukai They will continue to not see value from the work they put in; the vast majority of the income from each consequent sale is still going to the current owner, never the creator -- nobody will buy a piece off of you if its resale % fee is high. And that's the people that DO sell. You never will make that type of money and neither will I. I feel as confident saying that as saying that you or me will never win the big lottery -- because the chances are more or less the same. It has nothing to do with creativity or work, but rather being found by a rich enough person, with a compatible enough taste, at an opportune enough time. The vast majority of people will be effectively paying for the privilege of uploading images onto a site where they will stay forever. At that point, just use Photobucket lol.
I’m glad u look kinda old because this is the future for the next 200 years so I’m glad you’ve had your time. Let the rest of us learn and adapt to this. Clown
@@mamayareborn I have to agree it is all a bit of a fools paradise! Very few artists make tons of money. Just like many indie book publishers make tiny royalties. It is always the owners of the schemes that win and crafty marketers who can see how to spin the wheel of fortune. If you look at many traditional artists they never made money from their art. A 100 years later you find that the sleezy marketers have seen an opportunity and sold the paintings at vast profit! Sadly the original artist never made a gain in any way. It reminds me of the stock market they are all greedy gambling pariahs! They'll step on anyone who gets in their way of profiteering. I worked alongside these sharks and hated their guts!
@@taniayager3361 people like you most of the time regret making those comments...look down the road in just a few years and you may regret that you did not put anything on the platform...what is the risk? there is none..
It’s true, just as any market place, someone or a business needs a following of customers that desire the work before anything will sell. So keep promoting your work! Keep creating! In the long game. No short easy money here.
It’s so true a lot of people are making it seem like NFT’s are so easy to get rich off of but now I know that’s not the case. You have to work hard and stay persistent!
You explained what it is and I still think it is stupid. I cannot get an exact, perfect copy of a painted work, but I can with a digital one. I see no value at all in doing this. Copyrights already exist and it does nothing to prevent pirating of digital art. Unless embedding a code in it prevents someone from simply right clicking and copying the art, it's pointless.
Thanks Brad, this was very insightful! I found that I was getting ahead of myself in hopes that I could easily make money off my art. I then reached the end of your video where you mentioned NFT would be more lucrative for people who already have a decent following... lol. I guess ill be playing the long game in growing my audience first but I'm glad I know where to start now.
Yea nfts mostly benefit the bigger artists more since theyre more recognizable. Meanwhile for small artists , theyll often experience the unfortunate case of someone claiming their art and using it as their own nft and somehow profiting off it .
I think, unfortunately, the only thing that really matters about Crypto Art right now is the impact stuff. There is just absolutely no way its existence in that form isn't an obscenity, and the damage potential of that alone makes engaging with it beyond discussion of the topic fundamentally immoral. It doesn't really matter that there are ways to do it that don't require much more energy than a standard transaction if the most noteworthy places doing it are hoovering up lifetimes worth of energy per piece, considering the state of the world and issues related to how that energy gets made. A bunch of digitally signed JPGs are not more valuable than megatons of tmospheric carbon pollution are harmful.
Bitcoin uses egregious amounts of energy, but Ethereum is switching to proof of stake, which uses FAR less energy. NFTs use Ethereum, not Bitcoin. So the energy argument is very overblown.
I just still don’t understand and I’ve now watched many videos on the subject. So you get nothing tangible or in the real world correct? When I buy something, especially art (if I were to do that) I want to hold it in my hand. How does this translate to that? The only thing I’m willing to have digitally is music and then I still buy the album I don’t stream it. Anyway to me this just seems ridiculous, I mean more power to the artists selling their art this way but like, I don’t want a digital drawing that lives where, on my computer? So confused
As a lifelong artist myself, the entire thing screams of one giant scam. It basically sounds like people are buying "ownership" of a certificate that claims they are the owner of an original piece of digital art (which is already an oxymoron in and of itself as nothing digital can truly be considered "original"). And on top of that, they are making the purchase with the equivalent of play money. The fact that so many people are rushing to sing its praises doesn't make me feel out of the loop, it makes me feel like we are literally witnessing the next "gold rush", and we all know how that turned out. The only difference is gold was actually worth something. This nonsense has no tangible worth, nor does the fake money being used to purchase it in the first place.
"Art" that derives its value from a limiting of its supply is not art, it's just merchandised stuff. This late-capitalist idea is laughable at best, abominable to Aesthetics at worst.
Thank you. I hate how art is used as stocks and then has increase in value out of pure speculation. That doesn't happen to music, books and other forms of art.
Initially I felt the same way, but I think that artists and other creators have a tendency to be slow to move with the times and that’s why we tend to get ripped off of some of our value. I think this is an evolution of what it is to sell art. Also, it’s a good way to ensure you get credit for your work. How many other people will copy and paste your work from your site and then paste it elsewhere and get a vote or even flat out called theirs? Now we can hold more people accountable. Also. Also, What is wrong with merchandising things? What’s wrong with being able to make money from your craft? The whole starving artist Notion didn’t do anything for anybody back in the day and still isn’t effective for anybody today.
@@TakaMitsukai Ok. Have fun getting your art stolen by tokenizedtweets and the countless of thieves that will copy them. The Pandora's Box is open and I cannot wait until someone with quantum computers defeats this NFT encryption bullshit for good. Shame for all the good trees we will burn while we fight off this thing...
Thank you for also listing the negatives of cryptoart! I’ve only been seeing the whole 'get rich quick' mindset when I was doing my research so it’s good to see someone who actually talks about both sides.
I'm an illustrator myself, too. After knowing 'ethereum' is one of horrible pollution by crunching the numbers constantly when Earth is dying, I don't think it isn't the way, although as an artist, the NFT IS something very intriguing element. ... Earth is hurt, as an artist, we should really share the problem with our creativity, artists are the only ones that can do this, we appreciate the beings, existence of natures beauty.
NFT's were meant to be the digital/crypto version of art auctions. But instead it turned into fucking cancer. An empty image called "Invisible Rock" was sold for 30 Eth!! That's around $100.000 currently. Like WTF! People like i have been busting our asses off for 15-20 years, building up skill, and get no views even. This is messed up.
It's like buying the equipment and winning a rock fight at the Roxy, "The winner gets a record contract, man. That's not going to mean dick unless they promote you, you know." and you're still paying for the equipment. Thank you for the clear-headed perspective.
mehh... dont give thought into that. if a busy street isnt used for a day, no vehicles rode in that street you will save 100's of years of mining electricity.. its just another click bait news site which relies on hate to get views and ad money
@@CHAITHANYAkitta Not really dumbass. Climate change and global warming are serious things. Although I agree that limiting these upcoming technologies isn't the solution. Using renewable energy sources is.
@@SomethingSomewhereJustOnce Exactly, but some people've set up large data centres to mine Crypto. The Carbon sources used to power them and the heat they produce and the power to cool them is contributing to Climate Change
I think we should focus on becoming a "picasso" ourself. If you do not have following (branding) and your art is subpar. You won't be able to make it in NFTs. But I'm glad that NFTs is happening. Great time to be a digital artist!
I think it's pretty silly. Yes you have a record on the etherium blockchain, but it's only data on a server. It's not like owning an actual painting. However this is highly subjective and just because I don't see any worth in it doesn't mean that nobody else does.
You're absolutely not wrong. People definitely pay more for physical art. In fact, because digital art is so ubiquitous these days, more and more artists aren't learning traditional art. It's becoming more uncommon for an artist to make physical copies, and the value is rising for traditional art. People are buying intangible ideas now (which is basically what this blockchain art is), which have no actual value. It's epitome of fiat currency; this stuff has no value other than what people claim it's worth.
The wisest thing that should be on every wise individuals list is to invest in different streams of income that don't depend on the government to bring money especially now the pandemic is hitting economy hard
This NFT market seems like the diamond engagement ring market. Its worth 5K, 10K, 15K when you buy it. The same dealers don't want to know you if you want to sell that same diamond back to them.
Wow! I saw also someone sold pepe Nft for 20 Eth in Opensea. This really makes me eager to create my own NFT! I want to turn my art pieces into Digital Art NFT. And my friend told me theres this NFT Tech soon coming out where I can do that 🤩 Can't wait to sell my collections for 20,30 or even 40 ETH on their marketplace. 😍
Thanks for explaining this. I know someone who is trying to work in this field and I have 2 Friends that do Digital Artwork. One I know I have to inspire the other may already be doing this and getting paid!
Thank you sooo much! I always had the feeling I NEED to do this now and felt a lot of pressure - so thank you for giving me some more arguments to wait! :)
While I appreciate you mentioning, briefly, the environmental impacts on this, I don't feel like it was emphasized enough. With just one artwork, you're burning the equivalent of DECADES of electricity. With ONE artwork. Absolutely not worth it to me, no matter how much money I could make. As cool as an idea this is, unless we find a way to massively curb the effects it has on our planet, I hope the hype for it dies off completely. EDIT: I have seen new information that it's months instead of years. (It depends on the artwork, number of sales, etc.) But months is still awful. More and more information apart from the environmental impacts has come to light as well. (Artists not getting their 10% if the NFT is sold elsewhere, artists having their work stolen and sold without their permission, etc.) All of this makes it not worth it, and dangerous for our community/the planet.
Yeah, I wasn't sure how to approach it because then numbers are all over the map and it's hard to know what sites are giving out accurate info. I'm also still not clear exactly where this cost is incurred, is it when the currency is mined? When the NFT is minted? when it's bought or sold? all of the above? Most of the people excited about this want to sweep the environmental impact under the rug. I don't have the answers but clearly there is a big impact and it gets worse as things grow and that is worrisome.
@@user-wc8oc To be fair, I did see new information that it's months instead of years. But months is still awful. More and more information apart from the environmental impacts has come to light as well. (Artists not getting their 10% if the NFT is sold elsewhere, artists having their work stolen and sold without their permission, etc.) All of this makes it not worth it. I will however edit my post for the corrections though.
Look here Brotha, you have been very clear and simple, I appreciate your honesty and being realistic. Extending Love, Light & Inner~G to you and your family!
This is pure speculation under another name. Many artists will get stung. It is the same with POD where artists have all their artwork stolen and merely reproduced elsewhere. With digital art it is so easy to make copies of everything and change it slightly then you've introduced a new copyright ripe for being ripped off!
"Settle in and play the long game." You said it really well here. Crypto art's intended demographic is high profile digital artists/photographers whose work racks up millions of Twitter interactions. So it does have a place in the industry, but not how it's being used right now (a quick cash grab by random cryptoheads and aspiring artists). Great video, probably one of the better explanations out there!
Correct me if I'm wrong, but if a crypto art was sold for $10, and someone makes a copy of that art, give it NFT and sells it to a predetermined buyer for $10, don't you effectively just copied the original? Because now you have two identical crypto art with NFT and are both verified on the blockchain with the same digital transaction footprint. At this point the NFT itself matters very little because who is to say one is the original and the other is not?
Cryptoart is such a snobby concept, you can tell that the artist who spearheaded it are so up their own @$$. I'm a digital artist too, but paying a yacht-load of cash for some silly pixels of sub-par art (most of the time) is way too much for me.
NFTs are purely a technology - they're called smart contracts. Agreements executed through code. This technology destroys the remittance industry which makes billions off migrants sending money home to their families, it also destroys every "middle man" company like Uber and Airbnb. You may dislike an application of it, but the technology is miraculous.
@@rdandelionart How do NFTs have anything to do with sending money to your family, let alone Uber and Airbnb? If you want to send money, you can use Bitcoin or Ethereum etc. without needing NFTs. Uber and Airbnb have nothing to do with NFTs at all. Also, any transaction fee is much more expensive than a whole Uber ride and more expensive than the Airbnb fee.
I would say the friendliest option to start with is ghostmarket as it does not use ETH. And the top NFT's by highest number of daily transactions are: OpenSea, CryptoPunks, Rarible and SuperRare.
Fun fact for artists: *There aren't any background checks to make sure an NFT seller is the creator.* The market is new, and it's a free-for-all. The only real background check for NFTs right now is the check to make sure there isn't a duplicate NFT on the market. This means that if you wanna make an NFT with your art, you have to do it hoping that an art thief hasn't already made one of yours.
If you wanna take down an NFT yourself you're gonna need a lot of lawyers to sue them- because not only are NFTs such a new thing that the lawyer you actually _can_ afford won't be trained in it, but the person who's sold your work for big cash/crypto now has more than enough money to fight you in court.
Not only are NFTs unregulated environmentally, they suck in every way possible for small artists with no recognition.
unless your work has never been published or uploaded. thats what i dont get about the platforms. they require your portfolio to be on a cloud somewhere. im like, isnt that defeating the reason for your existence?
Also, there are a million of Crypto networks, so there can be millions of originals, heck vreating a new system is not that hard either....
There are no background checks when selling physical or digital art anyway.
As far as I can tell, there is nothing inherent about the NFT system that claims original ownership. So you can just upload your own copy and claim you are the actual creator, hopefully with some info to back it up.
@@blackopal3138 you can create on a private portfolio where no one can see without a link to it
So much money to be made in NFTs because of the crypto whales though tbh. I'm just a glad to be a part n understand the space so well. Just got into Bangsta Bears nft and the community is awesome, I've learned a crap ton!
*screenshot your nfts*
ratio
I don't think NFTs are going to disappear anytime soon, but I don't think we can ignore the fact that all of the current buzz revolves more around the money than the art itself. People are purchasing these art pieces with the intention of selling them at a later point for more money. It is an investment in the relative perceived value of a digital asset. So for newer / undiscovered artist, I see this as being a waste of time. Even if you are an incredibly skilled artist, if there isn't any value attached to your name, you probably won't fair well on these platforms, as the major players involved are more interested in money than art.
That's what I'm nervous about. Being one of the more skilled artist and getting ignored.
@@voiceofreason1613 the best people don't always stand out, that's frustrating
Not to be blunt but the selling.. of art has always been about money. Also money laundering.. now they have just modernised it
Oh Jesus :( I don’t think we like that.
the artists earned royalties on every sale lmfao
As an artist who's been around plenty of people that collect original art, this seems more to me like an art stock market rather than a collectible market. People who collect physical art want to display it. They want to get up close to it and experience it. Many times it's a memento of the relationship between the artist and the buyer. When an artist signs something for you, or personalizes it with a note that resonates with you, it becomes really meaningful. NFTs, on the other hand, seem at this point to be a stock market for digital art. And while it seems to be paying off now for some (and who knows - I might dip my toe in it), it never in its current form will have the significance to someone that an original, commissioned piece of art can.
Money talks though
This is such an underrated comment. An important observation that needs to be made
Well said.
I have the exact same sentiment. You're basically buying a piece of paper that says you own this art work, without the actual physical art. I think what is interesting is actually using the NFT to authenticate a real physical piece of art. There will always be fraud and forgery, but the combination of having to replicate an artist's unique physical piece AND an NFT is magnitudes more difficult than either one alone.
This is so true.
Great explanation and I’m glad you gave your honest take on it. To me, it seems like the idea of an NFT cheapens the art people create. It becomes a commodity and the sole purpose is to make money. I like that it’s a way for artists to make more money but it kinda defeats the whole purpose of art which is the create an idea or a feeling not to poop out a picture and hope to make a million with it within a year.
It's not a big sacrifice if you don't necessarily have to work 40 hours a week to live off.
Loosing time, energy and creativity = waste of time while you not making art.
Live off making art is sooo difficult sad but true.
I don't know why but the more you've explained this...the more icky it feels. But thank you for explaining it & researching it. Because I didn't want to lol!
Weird. The more I watched this video the more I think everyone overreacted about NFTs.
Edit: nvm talked to my friend who actually does cryptography. It's like a lot worse than it seems on a lot of fronts.
@@christoliver2065
Cool .....I had some misgivings before the video too so....and if you don't believe in climate change I can see why you'd say this fella's overreacting. personally, after five months, I'd say I still feel icky about NFTs because it's already really hard to get noticed as an artist.....but new gatekeeping tactics are the norm, these days.
Ah, the world is going to be a bit different... soon....
what you were saying about the gas price reminds me of how the people who made the real money in the gold rush were the people who sold the shovels
This comment right here tho
Bruhhhhhhh !!!!
Dude, so true.
THANKYOU for explaining this is a way I totally understood it - Cheers Brad!
It's all those hours on clubhouse in the NFT rooms 😄
Yes! I have been seeing so much about this lately but much of the information is a bit confusing I appreciate the way the info was simplified :)
Yes thank you! New sub ☮️
@@clairecar9390 I also did a live event about NFTs yesterday but Brads explanation is easier and makes more sense.
@@thebradcolbow Do you buy a token to go along with all your pieces of art or do you have to buy a token for each different piece of art you make and put on the site?
Sweet! Another thing I will completely fail to capitalize on!
Yup
Same
that’s what you think;)
Same, the entry price is already high and it’ll only go up I guess.
@@frostreaper1607 it will go up which is exactly why you should do it, many will give up and those that don't will likely succeed I want the price to rise eliminating my competition
Damn man - you just bring art community content to a whole new level
I can’t thank you enough!
Haha, thanks man, that means a lot coming from you. I rewrote this script several times to make it accurate and not to get bogged down in the weeds which is very easy to do with this topic.
@@thebradcolbow Hey Brad, thank you a lot for your video. I don't judge anybody who does NFT, I know it's complicated and artists who have been undervalued for so long are happy to finally have a tool that values their work properly. But I feel as if the video passage on the downsides downplays the negative effects a little too much in comparison to all the benefits that you emphasize a lot. (I do understand. A lot of the things you mentioned excite me, too. But I think NFTs are a lot more critical than presented in the video.) There is a strongly worded article on Medium that explains the problems and whereas I know its tone is really sharp I think the points it makes are still worth considering. Maybe you could look into this?
everestpipkin.medium.com/but-the-environmental-issues-with-cryptoart-1128ef72e6a3
Adam, here’s your opportunity to become a millionaire 🤩
He's a boss!
As much as I study this I feel like I still don't understand the real use or how it helps anything
Money laundering bro, even my nephew knw it. Lol!
That's because it doesn't
It doesn't help humanity, only rich people with an abundance of money
The biggest benefit to this is ensuring that artists are properly compensated for their artwork. With a token, usage and terms for usage along with compensation can be monitored. This is great for artists for multiple reasons. Let's say you are a professional photographer and someone decided to take your photos screenprint them onto a whole bunch of t-shirts and sell the t-shirts at $100 a piece. Technically under artist copyright laws this is illegal, however, this happens all the time, and artists often do not get compensated even though there would be no t-shirt without your photos. So in order to prevent this from happening, you could turn your photos into NFTs and ensure that you are compensated for any purchase or future use. Also, you can determine the terms of usage. So if you don't want your photos ever put on a t-shirt, you can write those terms into your contract. You can also also set the terms such that you can get a royalty anytime someone does sell a t-shirt using your photo. The beauty is you can be making money off of every t-shirt that uses your photo without having to do more "work." It's like having a digital widget. Hope that helps explain things! As an artist, I think this is pretty amazing because artists get ripped off all the time, especially with digital art. People steal things off the internet and use it to make money without any acknowledgment to the artist, and in the end, if it weren't for the artist, there wouldn't be a "$100 t-shirt" to sell.
@@GenevieveKim Thanks for the explanation. What I still would wonder about: okay, so maybe one can 100% see who created the piece of art, but what if someone screenshots the pic simply and then prints the t-shirts. The NFT-creator/artist would have to get lawyers involved to claim his rights -> a ton of costs and maybe even no success... especially if the person who "stole" the art is somewhere far away and/or not to be located. And also: if they sell the NFT-piece -> do they just sell the access or the piece and the rights to it alltogether or can that be different? I mean: who will track if the access gets bought, but then t-shirts are printed from it. I am really asking out of curiosity, because I can't see it and I also suspect money laundering to be the real reason hahaha I can t wrap my head around anyone spending thousands on on some digital graphic ._. at least not to this extend at that the NFT sells are presented - like: "Anyone can create and sell - Get rich now" ... it seems like it s some money new market especially to do money laundering
I'm here because someone on Twitter allegedly had their art "stolen" when someone else uploaded their art on one of these sites. If the artist didn't upload their work themselves and publicly condemned the "authentic" copy, would this work the same way that market forces do and the guy who stole it basically just paid gas for something no one would buy because of it's stolen nature?
I think this is super interesting, especially the part that talks about how we think about money and value for digital, arguably immaterial(?), things. Even more when you think that our current intellectual property laws don't even cover this area yet.
This is the question that's been bugging me while watching "what is nft videos"
Why has no one talked about this??
Sketchy af
Excellent post.
Would be a good follow up video.
Mu biggest fear stolen
So THIS is what everyone has been screaming about on my twitter for the past week. I seriously had no idea and just thought everyone suddenly had this mighty need to draw bigfoot. The more you know!
There are some interesting aspects about NFTs for the future, but currently, with the way they affect the environment, I definitely can't support something reprehensible like that.
How do they effect the environment
It’s digital?
@@bluepterosaur Every operation with PoW Blockchain (which NFTs are based on) demands a disgusting amount of electricity to be used.
is the carbon footprint from that higher than making prints and shipping it across the world? cause if they can replace prints, might be overall worth it
Trying to get virtue signallers to think.... Best of luck.
Crypto currency is also increasing the demand on video cards which is raising the price of PCs that I'm trying to buy.......
Nvidia and AMD said they would throttle mining in their cards (not all of them) so that should balance it out again hopefully
@@spicydraks Take at least Nvidia's claims with a grain of salt, they're also selling mining-only cards now which are even worse because they're driver-locked to be rendered useless for anything else (because they didn't like how with the 10xx series, when the mining crashed, miners sold their used cards and gamers were able to get them cheap and not buy the 20xx series like Nvidia wanted them to do).
Demand is still going to be up a bit now that mining seems to be getting popular again, the mining-only cards might help with the prices a bit, but then further down the line, you won't have that option to buy those used cards, and those cards are likely destined for landfills as a result. LinusTechTips has a pretty insightful rundown on it.
Because it’s the future. Stop gaming and learn.
@@astercast game developers : *don't*
I just wanna play video games!
"focus on creating" that is the perfect advice. Plan for 10 years of creating. Start now, make 1 artwork per month.
Exactly! The more developed your style is the more people will know who you are.
The carbon footprint of a crypto artist in SIX MONTHS can be as high as the CO2 emission for the electric consumption of an average EU citizen in 70 YEARS... Anyone who takes part in this market should really re-evaluate their priorities
I'm sure that a lot of artists are just ignorant of the issue but that doesn't make their actions moral... We only have one Earth, we shouldn't destroy it just to make a quick buck
@@HAL_NOVEMILA They are working on it. Proof of work is really expensive and Etherium wants to switch to a method called Proof of stake. It would drastically cut down on energy costs and make the block chain a lot more environment friendly
@UC89I_iaz8OrpvsE4omyS5bw Not an expert, but as far as I understand it Crypto currency is created by "Mining" it with a PC. Basically it needs to solve math and this creates bit coins. This gets increasingly harder as we get further along the "chain" and requires more and more computing effort and consumes more and more power. In most countries we already past the point where the cost of power required is higher than then the value of the bitcoins created.
Glad someone mentioned this
@@Capharas Yet until they do make the switch, artists should be aware that they're engaging in an incredibly destructive (and immoral) activity... People should just stop using any crypto that uses PoW
Investment is very good and necessary
I trade my bitcoin and other crypto currencies with a broker and make lots of profit that's my investment
Because of the market fluctuating price, Investing in online trading now will be the wisest thing to do especially that it's very profitable
Online trading is really profitable as an investment
I know its wise to invest in bitcoin but as the price is rising its likely to fall, so I am afraid of investing
Trading experts are not easy to find
Thank you for the unintimidating, easy to understand way of explaining this. Its so easy to get distracted by all the noise and the gold rush mentality and lose all control for a money grab. You explained this very well. Thanks again!
Nah.
Someone paid $19,000 to 'believe' they own that jpg.
Which we can all still use freely as this video did.
I have the same thought, still don't understand NFT
Its like an identical reprint
@@pabloescobar4555 Honestly I think it's all about copyright law. IF someone owns an NFT they want to say, "I own this! You must take it down! You can't use this in your video!"
If that happens, the NFT system is going down. And all of it will lose value.
@@HalkerVeil thank you for this explanation i personally dont know much about nfts
This feels as though it solves zero problems and just burns the environment down.
it's just selling sea shells on a sea shore, selling air on a bottle while destroying the trees
@@twours it's not trees that get destroyed, it mainly causes holes in the ozone which then lead to more radiation from the sun and more global warming
@@yoavhalperin5852 I'm aware. It's hyperbole
It solves the problem of not being able to own digital work. It's a costly solution, for sure, but it does solve something.
I think you are misinformed please look into what you are talking about because you sound like a clown to anyone who can read a few articles (aside from mainstream media). If you mean energy consumption, then blockchain technology uses a very small fraction of the energy that our current financial system uses. All of these nfts would be running on the same blockchains that your country’s central bank will be using very soon. You can stick to old beliefs all you want until you realize youre getting left behind. Good luck in the future because this is it.
I was so confused about the whole situation, I'm glad you explained it in a simple manner.
being away from social media this year was a smart choice until controversial topics like this one emerges 😂
Love that you point out not only the potential of NFTs but also the caveats, especially the environmental impact of crypto. Yes, I'm aware there are also cryptocurrencies that use mechanisms other than proof-of-work (a.k.a. mining) in order to mitigiate the environmental impact, but right now Bitcoin is still the big player and the total energy consumed by mining outclasses entire countries.
But the problem is how the electrical energy is produced (a.k.a fossil fuels,coal), not the mining of Bitcoin. If for example the energy came from solar panels there wouldn't be a problem. We need to fight the source of the problem...
But tbh that sounds like a problem of the energy souce itself, not bitcoin.
@@naiknaik8812 it's a problem of both. It's like saying a car that produces a lot of emissions doesn't have a problem, the problem is that the car uses fuel.
NFTs don't use Bitcoin, they use Ethereum. And Ethereum is switching to proof of stake, which uses WAY less power.
@@CygnusOrb do you have a source for that? I’m not being snarky, the environmental impact is my only hang up
Now I'm more scared to start commissions or uploading my art online. I don't know what I would have to do if someone steals my work and does this.
I want to start doing commissions too but now I'm scared of this whole thing. I guess the only solution would be to sue them, but who knows if that would work...
@@rinaloveskiwis they only requests I would take for making my art would be size of a piece. I am developing at a sloths pace so I have t started selling online just yet. Yes this concept seems like a huge I just don’t know about this. Sounds cool at face value until one starts watching videos like this . My hope is it doesn’t devalue physical - ie on canvas etc artwork . I’m doing mixed media so this concept wouldn’t fit me. Also I like working with physical art materials . Digital alone isn’t enough to satisfy my creativity .
You sue them and make bank.
@@ai-man212 you need a lawyer, and most cases, if you win the money you won from the lawsuit would be pocketed by the attorney lol
I find it funny that just yesterday, one of my favorite digital artist who uploaded his NFT discovered that his art got stolen and is bidding for slightly higher fee than him in the auction 😅
He was selling his art for 0.30 ether, the other dude was around 1. Something almost 2.
Thank you very much for the information. You hit the point!! The fees: the main reason that will finally clean all the stuff generated by the initial NFT fever. Everybody consider they may get rich during a weekend, after paying almost $100 fees, to put their "art" in a infinite beach full of sand grains. Briefing: are you an artist? This is an excellent way of selling your art. You don't have experience as an artist? Think twice the fees you're going to pay/waste...
@J H yes. Everytime you sell an art you gotta pay
The world is changing! I'm glad to be part of that. I've made so much financial progress indulging in investing. Crypto currency is the evolution of money
I agree:) the world is going digital Same as money!
@@jeremybull3735 yeah I make extra income over $2k weekly, investing, earning and holding cryptos. NFTs is the newest add 😊
@@avinashbowers8618 that's cool. A solid means of extra income you've got there!
Keep it going
@@daviluis5713 Yeah! I'm 42 and that's my major plan to retirement. Hoping to get $5 million in 2 years then I Can get a full retirement
@@avinashbowers8618 👍👍
NFTs are kinda worthless if they’re fraudulent, right? Artists are getting their stuff stolen already via Twitter. How can people with little to no following even break into this?
not to mention the HUGE environmental costs with NFTs
I just heard about this too. I was totally for this until I learned about the theft, bots and people selling tweets and images. It’s quite disappointing I was excited for digital artists to have an “original”.
@@mrs.quills7061 ikr! now im scrambling to retweet and repost block lists. it sounds like a sweet deal but in truth it's destroying artist communities and the environment...
@@julia-pw8fz same. I feel like a fool for hyping it up and sharing links, but I think many of us have been outraged with art theft and copyright stuff for so long we jumped in without really thinking. It’s cool concept, but I think right now it needs more time to become sustainable. Ten hun (another artist) just did a video about this and how some marketplaces are moving towards non mining structures so it would eliminate the need for crazy computing needs and power. But that could take years.
no it isn't the big play is when a Fortune 500 wants a piece of your work....if they steal it you can sue...in fact Fortune 500s will probably start using this as a legitimate way to purchase licensed material. Also because of block chain there is really no argument who the art belongs to.
Thank you for the video, Brad! What I'm worried about is how people might use NFTs for large scale art theft. If the NFT is tied to normal jpgs (or pngs or what-have-you) then what stops people to take a jpg from an artist's social media account and register it as an NFT that they can sell. Now they can make even bigger bank than just stealing artworks for t-shirt printing websites. Big, curated galleries might conduct background checks but they restrict which artists can sell their art through them. As there are also other websites like the ones you mentioned in the video I can see these being a big problem for smaller artists. Or bigger artists without a lot of money! For indie artists fame/following doesn't always translate into big bucks. Even a lot of famous digital artists are just very average people financially. The costs of turning their art into an NFT may be too high for them to be feasable but at the same time not turning it into an NFT might mean they're not protected against art thieves with more resources available. There is so much art theft already, as an independent artist this really worries me.
What stops it is copyright law. If somebody did that, they would very quickly get dragged into copyright court. There are many lawyers who are willing to work for free, especially for cases where they are guaranteed to win (such as if you can easily prove that the art is stolen).
@@SchemingGoldberg I'm not sure how realistic that is, tbh. I feel like a lot of people want to fall back on that "it's protected by law" narrative whereas the practical reality looks different for many people. I've already seen two examples by people on twitter whose art has been wrongfully minted by other people. This may be a big problem if you consider the international scale of the internet and the digital art world. Cryptoart doesn't just happen in an enclosed national space, e.g., it's not just done by US Americans for US Americans etc. If a website is hosted in a foreign country with different copyright laws (or different willingness to enforce laws) then this might make regulation much harder if someone mints your work. On the other hand, even if we are talking about reputable websites foreign artists might have a hard time accessing law enforcement in this country. There may be language barriers which make entering the procedure hard, intimidating or impossible, knowledge barriers wrt foreign law or financial barriers (who says everyone will have access to a free laywer? It's great there are those who do it in the US (I assume) but that doesn't guarantee they will be available for everyone, let alone in any country where the art theft happens, or that they all will represent international clients).
And lastly, it's also possible that you just don't notice if your art gets stolen. The internet is a vast place and there are a lot of artists who only learn much later or never about an art theft. I do think it's a realistic threat and whereas I don't think copyright laws are useless I think they will not protect people as much as they hope they will.
@@abcdef2072 Copyright law is almost entirely universal, there's only a tiny handful of countries which don't abide by it, look up the Berne Convention. And DMCA is universal even across countries. Also, the only law that matters is the law of the marketplace. If the marketplace is in the USA, then it will abide by USA copyright laws. And every marketplace has a system for reporting fraudulent art (without needing to drag them to court). There may be some isolated incidents, but I don't think it will be that widespread, especially on the marketplaces which require approval.
@@SchemingGoldberg The only ones that copyright law helps protect are big companies. I have never seen a small artist be able to get a company to stop selling stolen art.
@@TheUbernuck Yes, I agree, I think copyright and patents should be completely abolished. However, even without copyright there are ways for an artist to prove that they are the creator. And then it will be up to the NFT marketplace to curate the submissions. If they don't curate, then they will get a bad reputation, which means the rich high art collectors won't use that marketplace. So it's still a non-problem even in that case.
Dude, i totally agree what you said at the end. "If it interests you, play the game. But focus on your work, then the rest'll take care of itself"
It’s gonna end up that someone famous owned the art and that’s how it gets it’s value .. nothings changed
definitely an interesting space, and I can definitely see that aspect to it. I think there might be another evolution to NFT's that will make them more valuable to own (I don't know what though, just a thought)
@@benisrood They did.
Not about art at all, simply best money laundering process ever!
People don't really care about the environment like they say they do
Facts. It's like Tesla heavily investing in Bitcoin. Hypocritical.
What about the environment? I’m really confused
@channelofstuff short sighted understanding, entire ecosystems can collapse from prolonged unnatural temperature changes. e.g. great barrier reef. The flow on effects to everything on Earth is more direct and pronounced than simply dialling up the aircon.
@@DJAlicorn look up how they get their lithium, or where most electricity in the US in generated. Yeah tesla isnt doing anything to help the environment. Their cars are just more status symbols
@channelofstuff global average temp increase of 1 degree isn't just like "oh its a normal day, it's 1 degree warmer" no. that's not how it works. this is like, basic knowledge abt the environment. tesla and cryptocurrency and battery production are things up to debate, but it's not debatable that global temp increasing by a few degs isnt going to do any harm.
So an NFT is like a certificate of authenticity, basically.
Yep, exactly. But it's digital.
And it can't be forged.
@@muranziel funged
and can make you receive royalties each time someone trades it, forever.
It's also able to track who is the original and its will update hash value every time it's got a bit of changing, and all those changes are traceable as well that all recorded on blockchains
Here's my biggest issue with all of this. This NFT stuff is cool and I think it's great that certain digital artists are benefitting from it. However, how does this affect me? How does this affect some artist with 50 followers on Instagram who's been posting a new work everyday for 2 years? How does this affect your average struggling artist without a huge following? If you ask me, this is a step in the pompous fine arts direction. 90% of people will look at a piece by Picasso and think "wtf is that? it's just scribbles" Then the pompous 10% will say "oh it's a Picasso, so now it's worth $10 mil" That annoying thought process of art professors, art collectors, etc. Where if 2 people make the exact same piece of work at the exact same time and are completely unrelated to each other, but if one of them is popular well then bam that work is worth 10,000 times more than the other guys work.
Who drew that cat picture? Was it some random dude on the street? Or was it some guy with millions of followers who adore his every move? You said it yourself, you put up your work and received zero hits. It's because nobody knew who you were. The whole point of this is just to support those ever popular people. If you ask me, this isn't gonna do anything for the 95% of us with less than 300k subs or 800k followers. We're just gonna be the people that get scrolled past on those websites you mentioned.
You're absolutely right. about 1% of the people at the top will likely make a killing from this, and the rest of us will not. And while that's happening, the same 99% that won't make any money will ALSO get sucked deeper into the scheme because they keep hearing about how it's the "next big thing". There will always be a "next big thing", and it will never make a genuine difference for the vast majority of people involved. And in this instance, there are so many negatives involved, I just don't see it ever being a good thing. It's a fad and the bubble will burst as soon as people realize that.
Reminds me of those pieces of paper you can buy to clame ownership of a star in the sky
not exactly ownership, just “everybody on this planet who recognizes the authority of this star registry, agrees that you have given that star a name.”
Bahaha i love that scam. I thought China owns the stars
Except you'll be buying it from the person who made the stars
I was thinking the same.lol
What happens when someone steals your work and manages to list it on one of these sites, (unbeknown to the site) before the creator has listed it somewhere and it's already sold and resold one or two times?
Genuine fakes?
it wouldn't be worth anything because it didn't come from the original creator (as i understand it at least)
@@Cred1Tor but how would anyone know?
@@joemotive it's on you to make sure, there's no built-in defense against it and i heard there is some fraudulence going on, kinda the same with physical art, you can't always know you're not being sold a fake
Mine is the real jpeg! That guy's is a phony!
Oh and what if the artist is dead?
This stuff has value because x amount of people agree it does. At least with professional fakes of physical artwork there are telltale signs as to why it's a fake, beyond "who uploaded this?"
@@davidlewis4013 that’s what I’m curious about too.
I think this is a fad! right now it's over hyped and soon it will be saturated.
Also I think it's different than buying a rare painting. Collectors buy a painting because they can feel the artwork and the work of the artist and hang on their walls ... or show off I don't know.
But what's this all about. People buying some pixels that you can download from the Internet? I think this is mostly driven by greed. People usually buy these artworks not because of the artworks themselvs but to sell them at higher prices.
That's just my opinion
Such a nice and clear explanation, well done! I’ve been with Makersplace since 2018, selling NFTs. I’m happy it’s lifting off now 😊
Oh wow! that's great. you got in early then!
Which platform? They’re incredibly costly in energy consumption. I do t blame anyone who didn’t know how much energy it takes for NFTs. But once they do know? I question their ethics.
@@divalea I sell my work at Makersplace, but yes, minting a piece is quite expensive. You need to keep an eye on the gas price.
@@divalea says someone who eats animal products which is the number one climate killer.
@@thebudgieartist3391 Not sayin that they don’t but how do you know?
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Believe me when I say I saw a few videos of NFT’s and was more confused this video explained everything crisp and sharp man thank you
One nft can cause the amount of energy consumption of a person in the EU for 30 days
This video was sooo necessary! Thanks for that. I think you summarized it the best possible way. Cheers
I have been doing digital art for years. And I have kept them in my USB drive thinking that nobody will buy it or see it valuable. Now I am grateful and opportunity like NFT came out to me today. So I’m learning and taking notes :)
Where do you post your works?
@@rolandmata6395 I have one ready in Rarible
This is the best channel for digital art. I really love the quality of content and your way of teaching :)
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One important aspect you didn't take in consideration is that the art bussiness functions primarily on prestige and not money laundering as many people think, most billionaires buy art to display it and crypto art, well, it is crypto, secret, as a bitcoin no one knows who owns it.
Great video. But what’s stopping random people stealing other’s art and slapping a token on them?
true point, huh,
The 1st thing I would think of is that people who have are should associate it with an nft token before uploading it anywhere.
nothing, actually. so if youre dead and you posted art even once before, any rando can slap a token on it and profit from your work
I think atm it’s a bubble. A bunch of low quality stuff go for high prices simply because people trading in NFTs think it’s the best money making scheme right now. Sure lots of them will make money, but a lot more will lose a ton once the bubble bursts and people realize it’s not about art at all-at the moment.
Given time, if it doesn’t tank, I think it’ll be viable for real artists, but we won’t be seeing the insane prices like right now.
.
This is the first truly sane and reasonable comment I've seen. It's got potential down the road, but right now, it's quite literally just a big scheme.
Data junkies just getting high..... that's what I see
Wow they found a way to sell you GAS (the token), so I guess that means that the value of the crypto currency will increase.
So the art with the NFT is not the original, but a copy of the original that is uploaded to any of those websites
The *original* is not even the original, it's a copy of the original that is copied to your hard drive from the one stored in RAM by your art program.
@@Toksyuryel so basically its not an original, which is driving me insane!!! theres literally blatant art theft from twitter atm! small artist communities who are super alarmed... ajsdasdk like it's sounds interesting n all but this just doesn't feel right...
@@julia-pw8fz The concept of "the original" doesn't really exist digitally just as a consequence of how computers work. This novel approach to blockchain attempts to implement such a concept, though it sounds very flawed to me- what's to stop some rando from taking a piece of art that's not their's, attaching a token to it, and claiming to have the original to make bank off someone else's work?
I too was directed to this video by an artist I follow who was worried about how this technology might negatively impact them, indicating they were going to start using far more aggressive watermarking going forward as a result.
@@Toksyuryel LOLLLL YEAHH like there's an artist called cuqqid, apparently they started putting their watermark closer and closer to the face/eyes/hair because people tend to crop out corners and lower bodies XDDD
@@Toksyuryel The original would be the file itself (if you used Photoshop: .psd, if you used Blender: .blend so on).
This was very helpful! Does the buyer have to pay for “gas” as well because they have to also pay for their spot in the block chain? It’s hard to understand since the seller paid for “gas” to upload why the buyer also pays.
Thank you for the education. I'm new to making digital art mainly because I'm making NFTs of my work and giving them away for free as well as listing some on the market.
Sounds like an amazing way to waste money! 😅
That’s a tiny bit unfair as artist have been traditionally ripped off of their artwork. And a lot of times they don’t get much of the value from all the work that they put in. I see what this does and I see the value in this. And I would hope that if there’s something that you enjoy you would also be able to enjoy the value whatever it is you do or make if you are creative.
@@TakaMitsukai They will continue to not see value from the work they put in; the vast majority of the income from each consequent sale is still going to the current owner, never the creator -- nobody will buy a piece off of you if its resale % fee is high.
And that's the people that DO sell. You never will make that type of money and neither will I. I feel as confident saying that as saying that you or me will never win the big lottery -- because the chances are more or less the same. It has nothing to do with creativity or work, but rather being found by a rich enough person, with a compatible enough taste, at an opportune enough time.
The vast majority of people will be effectively paying for the privilege of uploading images onto a site where they will stay forever. At that point, just use Photobucket lol.
I’m glad u look kinda old because this is the future for the next 200 years so I’m glad you’ve had your time. Let the rest of us learn and adapt to this. Clown
@@mamayareborn I have to agree it is all a bit of a fools paradise! Very few artists make tons of money. Just like many indie book publishers make tiny royalties. It is always the owners of the schemes that win and crafty marketers who can see how to spin the wheel of fortune.
If you look at many traditional artists they never made money from their art. A 100 years later you find that the sleezy marketers have seen an opportunity and sold the paintings at vast profit! Sadly the original artist never made a gain in any way.
It reminds me of the stock market they are all greedy gambling pariahs! They'll step on anyone who gets in their way of profiteering. I worked alongside these sharks and hated their guts!
@@taniayager3361 people like you most of the time regret making those comments...look down the road in just a few years and you may regret that you did not put anything on the platform...what is the risk? there is none..
So Kim jung gi becomes a billionaire when?
You’re literally the only video on NFTs that I was able to understand, thanks man
It’s true, just as any market place, someone or a business needs a following of customers that desire the work before anything will sell. So keep promoting your work! Keep creating! In the long game. No short easy money here.
It’s so true a lot of people are making it seem like NFT’s are so easy to get rich off of but now I know that’s not the case. You have to work hard and stay persistent!
You explained what it is and I still think it is stupid. I cannot get an exact, perfect copy of a painted work, but I can with a digital one. I see no value at all in doing this. Copyrights already exist and it does nothing to prevent pirating of digital art. Unless embedding a code in it prevents someone from simply right clicking and copying the art, it's pointless.
Omg this helped me and my dad so much, tysm brad!
Loved your simplified explanation of block chain and the art angle to it
Thanks Brad, this was very insightful! I found that I was getting ahead of myself in hopes that I could easily make money off my art. I then reached the end of your video where you mentioned NFT would be more lucrative for people who already have a decent following... lol. I guess ill be playing the long game in growing my audience first but I'm glad I know where to start now.
Still would not make sense with that boy that created those wale icons and become rich 💭
Yea nfts mostly benefit the bigger artists more since theyre more recognizable.
Meanwhile for small artists , theyll often experience the unfortunate case of someone claiming their art and using it as their own nft and somehow profiting off it .
nfts is bad for the envirohnement btw
The most useful video about crypto art i've seen. Thanks
I think, unfortunately, the only thing that really matters about Crypto Art right now is the impact stuff. There is just absolutely no way its existence in that form isn't an obscenity, and the damage potential of that alone makes engaging with it beyond discussion of the topic fundamentally immoral. It doesn't really matter that there are ways to do it that don't require much more energy than a standard transaction if the most noteworthy places doing it are hoovering up lifetimes worth of energy per piece, considering the state of the world and issues related to how that energy gets made. A bunch of digitally signed JPGs are not more valuable than megatons of tmospheric carbon pollution are harmful.
Bitcoin uses egregious amounts of energy, but Ethereum is switching to proof of stake, which uses FAR less energy. NFTs use Ethereum, not Bitcoin. So the energy argument is very overblown.
I just still don’t understand and I’ve now watched many videos on the subject. So you get nothing tangible or in the real world correct? When I buy something, especially art (if I were to do that) I want to hold it in my hand. How does this translate to that? The only thing I’m willing to have digitally is music and then I still buy the album I don’t stream it. Anyway to me this just seems ridiculous, I mean more power to the artists selling their art this way but like, I don’t want a digital drawing that lives where, on my computer? So confused
You get to hold your credit card bill when it comes in the mail if you want a picture of cat for 15K
As a lifelong artist myself, the entire thing screams of one giant scam. It basically sounds like people are buying "ownership" of a certificate that claims they are the owner of an original piece of digital art (which is already an oxymoron in and of itself as nothing digital can truly be considered "original"). And on top of that, they are making the purchase with the equivalent of play money. The fact that so many people are rushing to sing its praises doesn't make me feel out of the loop, it makes me feel like we are literally witnessing the next "gold rush", and we all know how that turned out. The only difference is gold was actually worth something. This nonsense has no tangible worth, nor does the fake money being used to purchase it in the first place.
Thank your for explaining,
World would really be a huge cyberpunk sh*tshow in near future
Maybe I haven't gone into the art world enough, but this seems to have impacted the meme scene far more.
isnt it rad that ppl are using this to steal art online and sell it for more than the artist who worked on it made. /s
It's lit🔥🔥🔥
Right i don't think that's fair
how
The level of honesty in this post is sincerely appreciated! 💯🙏🏽🇹🇹
"Art" that derives its value from a limiting of its supply is not art, it's just merchandised stuff. This late-capitalist idea is laughable at best, abominable to Aesthetics at worst.
Thank you. I hate how art is used as stocks and then has increase in value out of pure speculation. That doesn't happen to music, books and other forms of art.
Ok comunist
literally read my mind on this topic
Initially I felt the same way, but I think that artists and other creators have a tendency to be slow to move with the times and that’s why we tend to get ripped off of some of our value. I think this is an evolution of what it is to sell art. Also, it’s a good way to ensure you get credit for your work. How many other people will copy and paste your work from your site and then paste it elsewhere and get a vote or even flat out called theirs? Now we can hold more people accountable. Also. Also, What is wrong with merchandising things? What’s wrong with being able to make money from your craft? The whole starving artist Notion didn’t do anything for anybody back in the day and still isn’t effective for anybody today.
@@TakaMitsukai Ok. Have fun getting your art stolen by tokenizedtweets and the countless of thieves that will copy them. The Pandora's Box is open and I cannot wait until someone with quantum computers defeats this NFT encryption bullshit for good. Shame for all the good trees we will burn while we fight off this thing...
I've heard about the digital art going for millions, but had no clue it was crypto. It all makes sense now, so thank you VERY much!
Thank you for also listing the negatives of cryptoart! I’ve only been seeing the whole 'get rich quick' mindset when I was doing my research so it’s good to see someone who actually talks about both sides.
I'm an illustrator myself, too. After knowing 'ethereum' is one of horrible pollution by crunching the numbers constantly when Earth is dying, I don't think it isn't the way, although as an artist, the NFT IS something very intriguing element. ... Earth is hurt, as an artist, we should really share the problem with our creativity, artists are the only ones that can do this, we appreciate the beings, existence of natures beauty.
NFT's were meant to be the digital/crypto version of art auctions.
But instead it turned into fucking cancer.
An empty image called "Invisible Rock" was sold for 30 Eth!! That's around $100.000 currently. Like WTF!
People like i have been busting our asses off for 15-20 years, building up skill, and get no views even. This is messed up.
It's like buying the equipment and winning a rock fight at the Roxy, "The winner gets a record contract, man. That's not going to mean dick unless they promote you, you know." and you're still paying for the equipment.
Thank you for the clear-headed perspective.
Thanks for comment
Get yourself in to crypto currencies
(BTC & ETH) and make good returns
+ 1 ( 3 1 8 ) 7 6 6 - 5 9 7 8
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I never ever imagined in my life that mining bitcoin could contribute to global warming this way.
mehh... dont give thought into that. if a busy street isnt used for a day, no vehicles rode in that street you will save 100's of years of mining electricity.. its just another click bait news site which relies on hate to get views and ad money
@@CHAITHANYAkitta Not really dumbass. Climate change and global warming are serious things. Although I agree that limiting these upcoming technologies isn't the solution. Using renewable energy sources is.
So does red meat and animal farming in general, but i bet you wont go plant based because of that
me farting contribute to global warming lol jk. accelerated global warming is real.
@@SomethingSomewhereJustOnce Exactly, but some people've set up large data centres to mine Crypto. The Carbon sources used to power them and the heat they produce and the power to cool them is contributing to Climate Change
I think we should focus on becoming a "picasso" ourself. If you do not have following (branding) and your art is subpar. You won't be able to make it in NFTs. But I'm glad that NFTs is happening. Great time to be a digital artist!
5:58 starting to sound like a pyramid scheme there
Good luck if that’s what you think because this is happening here and now and the world is not looking back
Yeah you have no clue what a pyramid scheme is
This is why you’re watching this video. You have absolutely no clue about anything he’s said
Royalties arent pyramid schemes
that's because IT IS
Best explanation on NFTs so far.....others were confusing me and he explained it so well in minimal and simpler words elaborately......
I think it's pretty silly. Yes you have a record on the etherium blockchain, but it's only data on a server. It's not like owning an actual painting.
However this is highly subjective and just because I don't see any worth in it doesn't mean that nobody else does.
You're absolutely not wrong. People definitely pay more for physical art. In fact, because digital art is so ubiquitous these days, more and more artists aren't learning traditional art. It's becoming more uncommon for an artist to make physical copies, and the value is rising for traditional art. People are buying intangible ideas now (which is basically what this blockchain art is), which have no actual value. It's epitome of fiat currency; this stuff has no value other than what people claim it's worth.
Thanks for clearing a lot of questions I had. Appreciate the time you took for the research.
The wisest thing that should be on every wise individuals list is to invest in different streams of income that don't depend on the government to bring money especially now the pandemic is hitting economy hard
The best thing Ive heard today
making your money invisible" is such a simple powerful concept that I think it is a darn shame that it isn't taught in schools.
Don't think the government have good plans for us maybe side hustle or investment could help
Talking about side hustle and investment are you into any am confused which is okay?
Well there are a lot: Nio stock, Real estate investment, ZOM, Tesla, Bitcoin, and alot more.
This NFT market seems like the diamond engagement ring market. Its worth 5K, 10K, 15K when you buy it. The same dealers don't want to know you if you want to sell that same diamond back to them.
Wow! I saw also someone sold pepe Nft for 20 Eth in Opensea. This really makes me eager to create my own NFT! I want to turn my art pieces into Digital Art NFT. And my friend told me theres this NFT Tech soon coming out where I can do that 🤩 Can't wait to sell my collections for 20,30 or even 40 ETH on their marketplace. 😍
Where to roll this world...
Thanks for explaining this. I know someone who is trying to work in this field and I have 2 Friends that do Digital Artwork. One I know I have to inspire the other may already be doing this and getting paid!
Thank you sooo much! I always had the feeling I NEED to do this now and felt a lot of pressure - so thank you for giving me some more arguments to wait! :)
I came in knowing less than nothing about crypto anything and you explained it in such a well-spoken and concise way. Thank you so much!
So many people in the comments not giving a crap about the environmental impact and just thinking about how much money they could make. Jfc.
5:31 That's so smooth dude
While I appreciate you mentioning, briefly, the environmental impacts on this, I don't feel like it was emphasized enough. With just one artwork, you're burning the equivalent of DECADES of electricity. With ONE artwork. Absolutely not worth it to me, no matter how much money I could make. As cool as an idea this is, unless we find a way to massively curb the effects it has on our planet, I hope the hype for it dies off completely.
EDIT: I have seen new information that it's months instead of years. (It depends on the artwork, number of sales, etc.) But months is still awful. More and more information apart from the environmental impacts has come to light as well. (Artists not getting their 10% if the NFT is sold elsewhere, artists having their work stolen and sold without their permission, etc.) All of this makes it not worth it, and dangerous for our community/the planet.
Yeah, I wasn't sure how to approach it because then numbers are all over the map and it's hard to know what sites are giving out accurate info. I'm also still not clear exactly where this cost is incurred, is it when the currency is mined? When the NFT is minted? when it's bought or sold? all of the above? Most of the people excited about this want to sweep the environmental impact under the rug. I don't have the answers but clearly there is a big impact and it gets worse as things grow and that is worrisome.
Use your brain please. Nobody is burning decades worth of electricity with one artwork
@@user-wc8oc To be fair, I did see new information that it's months instead of years. But months is still awful. More and more information apart from the environmental impacts has come to light as well. (Artists not getting their 10% if the NFT is sold elsewhere, artists having their work stolen and sold without their permission, etc.) All of this makes it not worth it. I will however edit my post for the corrections though.
Look here Brotha, you have been very clear and simple, I appreciate your honesty and being realistic. Extending Love, Light & Inner~G to you and your family!
Thanks for keeping us updated.
thanks for explaining! always nice when someone jumps into the video instead of using some boring intro
Someone: A degree in Art? There's no money in that.
2021:
Thanks for an excellent explanation. It appears that whoever collects the gas is the moneymaker. Can you tell us more about who the gas companies are?
This is pure speculation under another name. Many artists will get stung. It is the same with POD where artists have all their artwork stolen and merely reproduced elsewhere. With digital art it is so easy to make copies of everything and change it slightly then you've introduced a new copyright ripe for being ripped off!
"Settle in and play the long game." You said it really well here. Crypto art's intended demographic is high profile digital artists/photographers whose work racks up millions of Twitter interactions. So it does have a place in the industry, but not how it's being used right now (a quick cash grab by random cryptoheads and aspiring artists). Great video, probably one of the better explanations out there!
I was just getting into NFTs! Thanks for this video...
wow kesh you might become the first indian artist to sell nft
@@mrmukundamadhabsharma848 nope he's not. Someone from punjab jist sold 19 lakhs worth of nft
@@hrishikesh07m oh wow
@@mrmukundamadhabsharma848 bahot log hai bhai india ke XD
I thought you were a lot smarter than that honestly. I just hope you don't get burned like a lot of other artists will.
Correct me if I'm wrong, but if a crypto art was sold for $10, and someone makes a copy of that art, give it NFT and sells it to a predetermined buyer for $10, don't you effectively just copied the original? Because now you have two identical crypto art with NFT and are both verified on the blockchain with the same digital transaction footprint. At this point the NFT itself matters very little because who is to say one is the original and the other is not?
Cryptoart is such a snobby concept, you can tell that the artist who spearheaded it are so up their own @$$. I'm a digital artist too, but paying a yacht-load of cash for some silly pixels of sub-par art (most of the time) is way too much for me.
Someone spent 7.5 million dollars on a 16x16 pixel PNG. That's crazy!
NFTs are purely a technology - they're called smart contracts. Agreements executed through code. This technology destroys the remittance industry which makes billions off migrants sending money home to their families, it also destroys every "middle man" company like Uber and Airbnb. You may dislike an application of it, but the technology is miraculous.
@@rdandelionart How do NFTs have anything to do with sending money to your family, let alone Uber and Airbnb? If you want to send money, you can use Bitcoin or Ethereum etc. without needing NFTs. Uber and Airbnb have nothing to do with NFTs at all. Also, any transaction fee is much more expensive than a whole Uber ride and more expensive than the Airbnb fee.
I would say the friendliest option to start with is ghostmarket as it does not use ETH. And the top NFT's by highest number of daily transactions are: OpenSea, CryptoPunks, Rarible and SuperRare.