Crypto Explained: What Are NFT or Non Fungible Tokens? Why Should I Care? [2021]

You've seen reports of NFT artwork selling for millions of US dollars in the mainstream media. But what is an NFT really? How are NFTs different from cryptocurrencies? What do you really own when you buy an NFT?

Chapters
0:00 What is an NFT or Non Fungible Token?
0:52 What is fungibility?
2:25 Programmable collectibles that have special features
3:04 Bragging rights!
4:05 Extra perks for owning NFTs, using them as an access token
4:48 Ownership and control over the asset
5:53 Can NFTs expire?

Link to ERC-721 Standard (this is just one resource to learn about NFT standards in Ethereum)

COMMENT below and let us know what you think of the video. Post your follow-up questions there too!

You can also learn from one of aantonop's many books. Andreas has written three technical books for developers about blockchain technology, Mastering Bitcoin, Mastering Ethereum, and Mastering the Lightning Network (2021) published by O’Reilly Media. He’s also written The Internet of Money Series books, which explain why bitcoin, ethereum, and open blockchains matter.

From Andreas: You may already know that my mission is to educate as many people as possible about #Bitcoin and open blockchain technologies. Watching these videos and sharing them with others is a big part of that. Thank you for being part of this mission.

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Thanks for watching, sharing, and subscribing!

[aantonop]

Thanks for watching, sharing, and subscribing to my channel! Ask your follow up questions in the comments and I'll try to do a follow up video to answer them. Also, please be careful of impersonator accounts. I'll never suggest an investment or ask you to contact someone for guidance or investment advice.

[dialecticalmonist]

Perhaps the best overall description I have seen on NFT's.

[nocollarcrypto]

I owe 90% of my crypto success to this man.

Edit to clarify: Andres has taught me a ton about Bitcoin, causing me to swing my port from 50% BTC to nearly 100% BTC in early 2020. Thanks for all the likes. 💪

[suziq]

Great explanation Andreas. Still top of your game after so many years I've been following you. Thank uuuu

[mobileandroid]

Dude, you are a BEAST! Thank you for taking the time. Hope to shake your hand one day...

[TheJezcol]

Easily the most explicit straightforward explanation of NFTs I have heard to date! Thank you this is getting shared with my curious artist friends.

[josephkuhlman]

Hi Andreas, Question? Will you be in Wyoming in September for the Cardano celebration? Love tom meet you there in person, hope so can't wait!

[LilfairyD]

Από τις πιο ετυμολογικά ορθές & εύληπτες εξηγήσεις. Σε ευχαριστούμε για την προσφορά σου! Ειλικρινά τα λόγια είναι περιττά & δεν επαρκούν.

[biohazel]

Evenly dividing my free time between reading your books and learning how to program – Great role model, sir

[juanfaisal]

The GOAT dropping facts as usual. Thank you so much for posting this!

[GurpreetSinghMadaan]

I have a question.
What's the cheapest way to mint an nft? And can it be done at a very low cost

[ishi]

Doesnt OPRETURN make a Bitcoin UTXO Non-Fungible?

[CC-mdjp]

May be blessed for your rest of your life!
We need more peeps like you!
Thank you for each and every single content posted 🙏

[dodi]

Question- can oracles be 2-way? For instance.... could NFT contracts be used to update a legacy database of record? Thinking how to bridge NFT transactions with the (current) “real world“. 🤔

[Ghostbtc]

Ex. Jack Dorsey sold his first tweet for $2.9M USD. Whoever bought it, believes he/she has sole property over the tweet. The truth is that since the image can be copied and pasted, the owner only has rights over the code, only honesty can refrain Dorsey from reselling the tweet. Even though the code cannot be duplicated, Jack or tweeter can erase the tweet whenever they want and the NFT owner will only own an image since the original data will always belong to tweeter, proving that the ownership is only in their minds. The other case scenarios on this video are amazing!

[BrandiVeil]

Thank you. I enjoy this. Brief, clear, concise and little time dedication.

[AGoogleUser-hfzg]

Hey aantonop, can you build and NFT on lighting or some other layer of bitcoin??

[holodeckdragon]

Been listening since the beginning. thank you!!!

[piechun]

This video is very helpful to me, thank you

[LRPMQLRPC]

A great explanation, and the best of all...in just 8 minutes!