What the hell are NFT's?

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What are NFT's?
Can anyone explain NFT's?
What can you do with an NFT?

NFT stands for non-fungible token, it is an economic phrase meaning 'cannot be replaced with an identical'.

In this video I'll be explaining what they are in very simple terms, how they work, why they exists and why there are so many NFT scams.

Thank you to the supporters on Patreon and Twitch who keep the channel alive.

[FinhBezahl]

It's actually scary how much NFTs remind me of a runescape scam I used to do when I was younger.
Me and my friend would stand in falador and we would find some random, worthless tradable item that was very unlikely to be held by anyone (usually something used in a quest). My friend would then start shouting at the north bank that he was selling it for 50k while I stood at the south bank shouting that I was buying it for 500k. Usually within 5 minute someone would buy the item off him and then try to sell it to me, at which point I would just pretend that they were too late and someone else actually just sold it to me

[Gengarextreme]

So...buying NFT's is even dumber than I thought.

[rept]

This is the most calm and collected way of saying "NFTs are a fucking scam" I've ever seen.

[WickedWiz]

Can we all appreciate that Josh is playing a game about monkeys in the background while explaining NFTs

[PhileasLiebmann]

"NFTs is like buying someone's grocery receipt" is a pretty good analogy.

[ed_architecture]

So in short:
The last person that ends up "owning" the monkey is the idiot.

[ratchet]

Love how a MMO guy explains a NFT better than the finance YouTube channels.

[BlueMareen]

My biggest takeaway from this video was "I should really play Ape Escape again." I'm now going to think this every time I see anything NFT related. Thank you Mr. Hayes

[srelden]

"Let's say I want to sell you NOTHING."

Nailed it. Bravo, Josh!

[tomd]

"That's why NFT bros are so vocal about their support for the entire system. It's built on believing it works." Exactly! We often make the mistake of believing that the NFT bros are stupid or incompetent. There are plenty of NFT bros that understand the technology well enough to know that it has no value whatsoever. They make their money by selling hype. It's also part of the reason why I think that finding good information on NFTs is difficult. These guys have a vested interest in people not understanding the technology, because if they did, they would be able to make more informed purchasing decisions.

[edbertojunior]

I actually thought that the NFTs were more closely related to the copyright of the art associated with it, it's even worse than that! Thanks for clarifying that Josh! I really hope that this bubble pops sooner rather than later especially in relation to the video game companies.

[David-jsvp]

My favourite part:

'So why does everyone keep saying that "owning an NFT of a videogame thing will allow you to use that thing in other games"? Well, that's quite simple. Its because people are idiots (not you guys)'.

Love it. I have heard so much hype about NFTs that is simply technically just not possible. This comment sums it up perfectly.

[TalkingRaven_]

After understanding wth NFT's are, I can safely say that my preconceived notions of it being utterly stupid is correct. Thank you Josh.

[marcobidini]

i can almost see the strained face of Josh while he's reiterating that the one who bough an nft does not possess the image. i can also hear his faith in humanity screaming murder and then jump out from the window of his office xD

[serialkiller]

"it's because people are idiots" what a great line. such truth.

[russellcohen]

When I first learned about NFTs I thought to myself "I am missing something. This sounds utterly worthless and dumb" Now, after this excellent layman's explanation I can instead say "I'm not missing anything. This is utterly worthless and dumb" Blockchain is such a great technology. But of course we have to go and use it for scams, instead of really good things like logistic improvements in legal shipping, including reducing black market theft and trading of humanitarian aid supplies. I suppose the bright side is it shows how truly creative and inventive the human species is.

[TheNitram]

Josh is someone that understands the influence that you can have when you are well spoken, good looking and well dressed. He speaks about it regularly. Ive seen so many people in his position turn to the dark side (or the money side) and begin selling NFT's, shitcoins or get rich quick schemes... I'm glad he is not one of them.

[vonrelevanz]

Josh is a good teacher. Most people who tried to define to me what an NFT is and how it works left me puzzled. This explanation I understood.

[raTTy_auT]

The comparison with "name a star after you" - which is somewhere on a database, and has no inherent value, nor do you own any right for that star was brilliant. I gonna use that for myself anyone ever asks me again about nfts.

[Azerrz]

Hands down the best explanation. Thank you Josh for literally spelling or out for us 🔥