Agree with the 'limited edition' analogy. The difference is that if I buy the 'limited edition' and sell it, Kings of Leon will get a cut. If that is sold for years and years down the road, Kings of Leon will continue to make money off of it and continue to get a cut every time it's sold, as opposed to a one-time sale. By and large I think NFT's are just a money laundering scheme for crypto :). Great video!
I have a pretty positive view on them. How often do legitimate new forms of merchandise come around? That's pretty cool and innovative! But yeah, those people who are saying this is going to revolutionize the music industry are most likely just trying to be dramatic for attention.
Same views as me, I was surprised to find out that when I did deeper research that none of the Art or music was even stored on the blockchain! In arts case its looks like its just a linkin the token code. NFTs and DIFI as they are now are this cycles Hype like ICOS and DAPs hints of good ideas in theory but not ready in execution . However some parts of the NTF idea that cold be implemented for art, which doesn't nessicarily need a blockchain is the idea that the artist gets a percentage for resale. I agree without copyright or usage rights you are really just paying for the rights to a link! and because it is digital unlike its analog equivalent it can be copied with 100 percent accuracy. What would be useful is that If you bought the token you bought a percentage of the copyright and whenever it was used In a browser that has crypto integration like a future version of Brave that used a stablecoin instead of its own native toke you would receive a micro payment.
Great points! I really wanted to accomplish two things with this video. The first is that most of the articles out there are trying to overhype NFTs to people who don't understand what they are or how they work. I'm not fond of that practice, so I wanted to set the record straight on what you actually get when you purchase one. However, I think it's actually very important to point out that there's no government involvement in any of this, and thus, you get nothing more than the NFT when you purchase it. Any other promise of the artist doing something for you, or the artist receiving payment, would have to be backed by a government. I think having transaction fees which go to an artist is a cool idea, and one I hadn't thought of. But that still seems quite niche when the only thing NFTs are is a bragging right. Ultimately I just don't see NFTs as being better at anything than limited edition physical media is, or a Patreon account.
![Путин и ПЕСКОВ ждут звонка от ТРАМПА 😁 [Пародия]](http://i.ytimg.com/vi/sm8iV0SxRHk/mqdefault.jpg)
Agree with the 'limited edition' analogy. The difference is that if I buy the 'limited edition' and sell it, Kings of Leon will get a cut. If that is sold for years and years down the road, Kings of Leon will continue to make money off of it and continue to get a cut every time it's sold, as opposed to a one-time sale. By and large I think NFT's are just a money laundering scheme for crypto :). Great video!
I have a pretty positive view on them. How often do legitimate new forms of merchandise come around? That's pretty cool and innovative!
But yeah, those people who are saying this is going to revolutionize the music industry are most likely just trying to be dramatic for attention.
Same views as me, I was surprised to find out that when I did deeper research that none of the Art or music was even stored on the blockchain! In arts case its looks like its just a linkin the token code. NFTs and DIFI as they are now are this cycles Hype like ICOS and DAPs hints of good ideas in theory but not ready in execution . However some parts of the NTF idea that cold be implemented for art, which doesn't nessicarily need a blockchain is the idea that the artist gets a percentage for resale. I agree without copyright or usage rights you are really just paying for the rights to a link! and because it is digital unlike its analog equivalent it can be copied with 100 percent accuracy. What would be useful is that If you bought the token you bought a percentage of the copyright and whenever it was used In a browser that has crypto integration like a future version of Brave that used a stablecoin instead of its own native toke you would receive a micro payment.
Great points!
I really wanted to accomplish two things with this video. The first is that most of the articles out there are trying to overhype NFTs to people who don't understand what they are or how they work. I'm not fond of that practice, so I wanted to set the record straight on what you actually get when you purchase one.
However, I think it's actually very important to point out that there's no government involvement in any of this, and thus, you get nothing more than the NFT when you purchase it. Any other promise of the artist doing something for you, or the artist receiving payment, would have to be backed by a government.
I think having transaction fees which go to an artist is a cool idea, and one I hadn't thought of. But that still seems quite niche when the only thing NFTs are is a bragging right. Ultimately I just don't see NFTs as being better at anything than limited edition physical media is, or a Patreon account.
@@feigner374 Agree with everything, alot of people will loose money when bitcoin cycle tops. Bandcamp is good too.