NFT's Explained in 4 minutes!

What are NFT's? NFT's are an innovation in the blockchain/cryptocurrency space that allows you to track who owns a particular item. Something tricky with digital files because they can easily be copied.

NFT's are essentially smart contracts that live on blockchains like Ethereum, Flow, or Tezos. They can also be programmed to give the creator a royalty of every sale of his NFT.

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#nft #crypto #blockchain #simplyexplained

[soulreaper]

After I gave up on trying to understand what they are based on countless videos, a 4 minute video explained it in a simple yet technical way I understood. You now got a subscriber

[gayusschwulius]

One very important aspect you didn't discuss is the money laundering ability of NFTs.

An example: Let's say that there is a drug dealer called Charlie. Charlie has sold many drugs on the darknet and thus has a few thousand dollars in crypto. He can't just send this money to an exchange to cash out, because the IRS would ask him where the money comes from. To get around this, he buys an NFT for a few bucks. He then puts that NFT up for sale for thousands of dollars. With his "tainted" drug money on a second, anonymous address, he then buys this NFT from himself. Now, he can just cash out the money and tell the IRS that it comes from NFT speculation, which he can prove. Thus, he's converted "dirty" into "clean" money.

It's one of the main reasons why people use NFTs.

[PrinceSodhi]

Wow, very easy to understand NFT's, and thank you for not using background music. Videos with loud background music are very annoying.

[greeny]

This is the best video I've seen on NFTs, I finally understand them.

[AP-ebhd]

Seriously... well explained under 4 minutes. I have gone through many videos and was still confused until I landed here.

[robtaylor]

As far as I can tell, owning an NFT just means that someone was prepared to pay for something he could easily get for free.

[olatundeakarigbo]

Barely watched the video half-way I have already understood the concept of NFT's after series of 1 hour videos and presentations. Thanks a million times.

[alex-ukw]

what are some of the actual use cases of nfts? other than these "bragging rights" for digital pictures, i can't think of anything productive, or something that can be applied in our daily lives.

[yeasirarafat]

The most easy and understandable video about nft

[Sycoworld]

Thanks, this was really helpful. got some few questions thought. what happens when an artist sell 10 nft of the same project? is the ownership split?

[rfoster]

Humans like to see things as sacred, imbued with special meaning beyond the raw materials they're composed of. NFTs are a way to do this to digital things. Owning a physical piece of art gives us a sense of intimacy with the artist at the time he was painting it. Holding a fossil makes us feel closer to a dinosaur, visiting a grave of someone deceased makes us feel closer to them, in reality none of that is true, but we believe it to be true. It seems like NFTs are just an attempt to give soulless digital data a uniqueness, or in other words a soul.

[gideonob]

These past 4 minutes have been much better than the 1000 I've spent on NFT videos!

[stevenpaul]

Putting our time and effort in activities and investments that will yield a profitable return in the future is what we should be aiming for. Success depends on the actions or steps you take to achieve it.

[bergonius]

If i buy NFT ownership of this video, can i make you take down the video? Or change it's attributes such as description?

[TenjiBenji]

Great explanation!

Sidenote: the world has now become so pointless people will pay out the ass for anything.

[aishapatuwai]

This video alone truly explained everything in the most simplified way, thankyou alot.

[benjaminwagner]

I don't usually like or comment at all, maybe this is the first time I did ( okay I like to "save" stuff for later ) but you are the first out of fucking 17 videos I watched to get the grasp behind what the fuck NFT's are.

Your video started making more and more sense, and 3 seconds before you said "some say it's just for bragging rights", I called it and finally NOT felt dumb after figuring out what NFT's are for the last 3 hours.

Props to you, I'm a random guy, but thank you so much for being able to explain something without leaving relevant information out of it so the entire thing makes sense.
Keep it up. Idk what else. Stay safe.

[RomanDubP]

Nice video, though NFTs do not need smart contracts, you've explained how NFTs work on Ethereum. There are platforms that mint NFTs without a smart contract (e.g. Cardano).

[stevenicholas]

Clearest description ever. But c'mon 2.9 million dollars for a tweet What are with humans these days

[VideoboutiqueAustralia]

In respect to buying digital art, in effect you're buying a series of digits, because a JPEG can be copied pixel for pixel, Is that right? Is there more to this?