What is an NFT and Why Buy One?

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Jen Lee (@BackseatVC on Twitter) helps explain what an NFT or Non-Fungible Token is and why people would want to buy them from creators. She works with Twitch founder Justin Kan on his TikTok, RU-vid, and NFT creation.
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Опубликовано:

14 окт 2024

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Комментарии : 110

@mattwatkinsto 3 года назад

I think the NFT's are a phenomenal idea for creators, artists etc...the only way I would ever purchase something like an NBATS would be if I had complete ownership and was paid a licensing fee every time it was used. Otherwise to me, it is a cash grab by the NBA.

@dragonkattz 3 года назад

But... you wouldn't have bought anything, except a flawed concept?...

@kaliravel9832 2 года назад

How though? You're literally just selling a link.

@amantahiliani 3 года назад

Nobody can replicate the Mona Lisa. That digital art on the other hand..... can be replicated pixel for pixel. So the analogy doesn't really add up

@brunonastico 2 года назад

Benefits of owning an nft: You own an nft Your wallet is less heavy

@digitaldrugdetox 3 года назад

Pretty interesting but still a bit of a weird concept

@vzs01 3 года назад

So basically the only appeal of NFTs is to be able to resell them? Then why buy them in the first place? Why would I want "ownership" of a digital file without the copyright when anybody on the internet can just go ahead and grab that video for free, thus removing the uniqueness part?

@fundifferent1 2 года назад

You buy them to sell them. The same reason people buy stocks for companies they have 0 interest in otherwise. you buy stocks to sell stocks.

@kaliravel9832 2 года назад

@@fundifferent1 But companies actually do something. This is another tulip bubble. That's like claiming MLMs are real companies because you can draw a real company's hierarchy as a pyramid.

@Homer_Jay 3 года назад

GREAT VIDEO. Confirmed my thoughts on NFTs being complete bullshit. The market is all sellers trying to make a quick easy buck. There is not intrinsic value like most shitcoins. Man zoomers are hard-up to make money.

@jacobdestern4288 2 года назад

Literally. It makes no sense. I don’t understand how it’s any different from someone selling “used forks” for millions of dollars.

@Rotimiskills 3 года назад

Jen did a great job explaining what NFTs means for creator/originators of content however, I think the bit she might of missed in re to NBATS specifically is that many view it primarily as an authentic collectible signed and licensed by the NBA. Samir, is right in saying the experience of owning the moment and viewing it on RU-vid are the same but the point made about the Mona Lisa is important - viewership and ownership are not the same. NBA TS owners understand that they do not have complete ownership over a said ‘LBJ dunk’ clip however they do have a stamp/certificate of authenticity by NBA which enables them to trade/swap on the marketplace. The real trick with NBA TS is that it mostly solved issues littered in the physical cards space, such as: authenticity, buyer/seller transparency, card maintenance & circulation, storage and a liquid market place. Once again great video guys! Love that you are tapped in!

@Rizziculous 2 года назад

This actually cleared up a lot. Thanks

@adriangilbert8330 2 года назад

Your explanation is just as good bro

@ShauryaSinha 3 года назад

This just opened up so many more questions - but still super grateful that you answered my first few!!

@ASXInvestor 3 года назад

The amount of knowledge that this channel gifts us on the daily is phenomenal - Thank you Colin & Samir 🙏

@CleanThatUp 3 года назад

Very interesting, thanks for the info/breakdown. I have been seeing a ton hype about these.

@ShaggyScooby 3 года назад

Waa waa watch the break down 🔥

@scarletspidernz 3 года назад

How do you stop clone/replication of the digital content and or the removal of the digital signature

@Alexi781 3 года назад

But why would I go to someone's digital museum to see images that are freely available everywhere?

@krowleysbox 3 года назад

I agree with some comments that this opened up more questions. I was surprised when it ended king of abruptly. Super interesting and far right crazy subject. It will be interesting to see where this all goes.

@4rled 2 года назад

NFTs really piss me off I still don’t understand why people are buying them for so much money.

@SlayNetwork 3 года назад

Don’t let NFT’s bamboozle your brain

@TechCryptoNow 3 года назад

NFTs are definitely an interesting thing! Tested them out by making some of my own for fun!

@miamiwax5504 3 года назад

I feel like the music industry is gonna go crazy with this

@major4838 2 года назад

What I feel about these things is if someone finds something (literally anything) valuable then it is valuable. 🤔

@pher8902 9 месяцев назад

This video made me buy ETH and learn about ETH. It wasn’t just about NFTs, I don’t own any NFTs, but the potential of Ethereum seemed obviously massive. Changed my life

@JosueOfTheChi 3 года назад

This is a perfect example of one question answered and now 10 more come up

@SamMartinPeakPerformance 3 года назад

So true ha

@valmaks9531 3 года назад

Ok, I’ve got a question. Why is it called nonfungible if there is such thing as copy-paste? You can make a copy of an original file you put to sell as NFT, rename it just like the original, and here it is - you’ve got the same exact “asset”. And you can make as many as you want, which makes it fungible. Which ruins the idea behind the NFTs being nonfungible, therefore taking away their value. What am I missing here?

@kaliravel9832 2 года назад

The NFT is the link to the image, not the image. You're confused because the video was confused.

@yahya-s-ahmed 2 года назад

NFT in two words: BS bubble

@iamayoubbkr 3 года назад

I liked the museum concept, like paying x mount of money too see someone's gallery of NFT's.but still a weird idea.

@josephjerez3602 3 года назад

I'm not convinced NFT's are a scam to me. I'll screen record Lebron's dunk and save my money for a real investment

@russellny8086 2 года назад

After my own research all I’ve come to understand is money laundering for the rich. Nothing else makes any sense lol

@fgary 3 года назад

Jeesh, the Mona Lisa/NFT analogies are wearing thin. What if someone could replicate the physical Mona Lisa in a few seconds without any quality degradation, how would anyone really know and it'll make the original worthless? The same can happen for NFTs.

@mohilgarg2348 3 года назад

No it can't, there's a digital signature attached to all artwork and that can't be replicated

@AicyDC 3 года назад

This is using blockchain technology to show ownership and it can't be faked / replicated

@kaliravel9832 2 года назад

@@mohilgarg2348 The artwork is irrelevant because the NFT is the link NOT the artwork.

@jonathanobrien3312 3 года назад

I still don't get it

@adriangilbert8330 2 года назад

These people will come up with any concept to make money and put intellectual language behind it to make it seems like a great idea which it is for someone.

@waterbergice3440 2 года назад

I think In future, Most of item can be digitalized, the transfering need NFT,it is a symbol of holder,just like the monalisa.

@gordiangordianakos5107 3 года назад

what if someone copy that video and sell it too as an nft ...can be 2 holders of the same clip? who is the original holder? what makes that unique?

@kaliravel9832 2 года назад

It would be a different NFT. The NFT is the link, NOT the video. If people talk about the NFT as if it is the video or the artwork, they don't know what they're talking about and/or they're trying to obfuscate the issue.

@richardbranson363 3 года назад

"Copy & Paste" beats NFTs.

@zaid1889 3 года назад

why you have changed the thumbnail

@streetpunkstreams4730 2 года назад

Screenshot nfts whenever you see them, it's your duty

@4rled 2 года назад

I think people have lost their minds on this one.

@kaliravel9832 2 года назад

I'm surprised we didn't all learn from the tulip bulb thing.

@latenightsnacks937 Год назад

I agree but you guys are talking into your microphones wrong.

@joaogomes9399 2 года назад

what you think about Crypto Hasbulla NFT?

@fundifferent1 2 года назад

People are making this more complicated than it needs to be. NFTs are just a new creative way for people to invest and make money. They're created a new marketplace for people to invest in and get a higher return on their investment. The actual art doesn't matter. It's about the investment and money.

@DeRussellMasina 2 года назад

But it's stupid & pointless

@kaliravel9832 2 года назад

What are they investing IN? Because so far I haven't seen anything that shows me NFTs are any different from the Dutch Tulip craze.

@fundifferent1 2 года назад

@@kaliravel9832 Yes, it is a bubble. You create an nft and hope to sell it because other people want to buy nfts so that they can sell nfts. Well now it's become a status symbol so some people buy them just to have them, but the reason it's a so popular and we're talking about it is because it's a market bubble.

@realhumanbean46 3 года назад

This was done in a videogame. It ended up being a monopoly.

@thatguyowais5489 3 года назад

Thanks guys for finding a semi-way to explain this weird concept! Great guest as well. So what I get out of this is essentially these NFTs are just like video trading cards? I feel it’s pretty ridiculous overall, but it is something that’s booming, so I guess it’s worth looking into ?

@smji5269 2 года назад

People buy Pokémon cards for ridiculous prices, it doesn't get any use other than the "I own this" appeal.

@thatguyowais5489 2 года назад

@@smji5269 interestingly enough I got into NFTs but for NBA topshot. It’s been really cool. It’s kinda like an easier stock market, but with a little luck! The money been good too so I guess I’m not finding it as ridiculous anymore 😜

@gracemartin797 2 года назад

I still don't get it, so if you take selling part out of it, what's the point of buying it, if its information you can get for free? Like with the art analogy, digital art looks the same if you own it or not and you can't control who sees it because its online. unlike real art, where if you own it you have to power to put it wherever you want and do whatever you want with it, and you can make money off people viewing that art because its one of a kind. I know the whole point of NFTs is that they're one of a kind but to me it seems like what your actually buying, isn't.

@amantahiliani 3 года назад

Ok.....I now have more questions than I did before I watched this video. Like what in the top shot video is the value, I still do not get.

@adriangilbert8330 2 года назад

She’s got that look a laugh whereby she is indirectly saying, please don’t unpick this too much guys because you’ll see that I’m a money spinner on a hype train.

@kladdha_ 3 года назад

It seems like everyone is still trying to figure out for themselves how they can milk the NFT space and I guess in that attempt to figure it out there will be several experiments ranging from actual value (unique digital artwork from renowned artists) to universally available videos (NBA stars dunking). Best to experiment with a whole bunch of ideas right now looking at it as a funnel to hopefully find the big winners in the future.

@kaliravel9832 2 года назад

But the NFT isn't the artwork, it's just a link to it.

@jacobdestern4288 2 года назад

No way the first girl compared an actual physical copy of an autograph signed by said person infront of you to a video with a signature written on the lens….

@jacobeason1363 3 года назад

Yeah still makes no sense to me.😕

@ferendisme3992 3 года назад

Can buyer resell nft?

@EdwardSimms 3 года назад

Yes, but the same question arises in my head. What is the advantage financially of buying a random NFT?

@kaliravel9832 2 года назад

@@EdwardSimms Nothing. Just the hope you'll be able to trick someone else into buying it for more money.

@WheresTheSauce 2 года назад

So my understanding is the value people are putting on these images and gifs. Is from the hype of people attaching money to these images and gifs. Yeah it's a bubble about to pop LOL

@GoapprStudios 3 года назад

Wow I learned a lot and it opened up my mind to what our clients can do to create community and let them profit from it also as they grow. Winner Winner Chicken Diner

@dragonkattz 3 года назад

So they're like... magic beans...that don't grow a beanstalk?

@kaliravel9832 2 года назад

Like the Dutch Tulip craze.

@gregoryboss946 2 года назад

Yeah but they actually own it 7:00 they have it physically in their room vs i have it on my internet that's currently turn off cause I'm not on my computer 247

@sammyfash100 3 года назад

Honestly, I still don't get it

@petikan 2 года назад

I m all in if there are ppl who will pay for these sort of things. I just need to find an NFT.

@adamsymthe5389 3 года назад

If art is just a vehicle for value NFT is cool. If art has intrinsic value NFTs are, y'know, not necessarily bad, but probably a blind alley. edit: oh, that answer to the last question - if the original creator gets a kickback every time the token is traded, this could be really cool.

@scarletspidernz 3 года назад

Question is how do you keep track of it?

@adamsymthe5389 3 года назад

@@scarletspidernz Blockchain?

@akitamtrx514 2 года назад

I still don't get it at all thanks

@thecanningbandit8466 Год назад

Ridiculous hyped “You gotta own this!” scam.

@ehsankhorasani_ 3 года назад

I can sell that video again with it unique hash

@parth1210 3 года назад

Its only gonna benefit the creators, as for the buyer...rich people don't know how to spend their money so thats the buyer market. LeBron dunk shot is probably the weirdest example coz you neither own the clip, neither can you stop people from watching it 🤷

@AmericanBoy88 2 года назад

Basically what nfts you buy a spot in a line you do not own it you just paying for a spot in a line what a waste of money. If you have money to burn and you do not care about it then go right at it if you're like normal person then do not bother and not saying if you have thousands of dollars the stand on nothing.