What are NFTs?

In the past year a new trend in the crypto world has boomed: NFTs, or non-fungible tokens. They started as a way for digital artists to have ownership over their work but have transformed into a dizzying new multi-billion-dollar marketplace. Are they worth the hype?

00:00 - Are NFTs worth the hype?
01:38 - How to sell an NFT
03:24 - Where did NFTs come from?
04:51 - Why are NFTs so popular?
05:45 - NFTs in the artworld
07:04 - The risks in buying and selling NFTs
08:08 - NFTs in the metaverse
08:53 - The real world uses of NFTs

[spacedoubt]

I would have liked to have seen you cover the fact that numerous artists on twitter (and I'm sure elsewhere) have had their art stolen and put up for sale as NFT's without their consent or knowledge because there is so little regulation. They've usually only found out when their fans ask them why they got into NFT's. Then through no fault of their own they have to start contacting NFT sites to essentially claim back their own work, sometimes for dozens of individual artworks going back years that they've publicly shared either on sites like twitter or in their portfolios. And there's nothing stopping another party just doing it again.

[jackieboyle]

Pillars of stability 😀
Pillars of Stupidity
It's like having imaginary friends but instead you have imaginary assets

[antyspi]

I wished they would have stressed more that NFTs just have art LINKED to it, they don´t carry the rights to it. Bying an NFT is not getting you any rights to the pictures linked to it. The only right you own with this NFT is the right to a place on a ledger, a link in a blockchain.

[ervindavida]

I made my first $million from selling my NFT, all thanks to Mr Eric for the exclusive update on NFT

[philippbohm]

Investing is currently the most lucrative business in the world, both NFT and Crypto stocks are positively changing people's lives, I know the troubles for tech believers will be over soon

[brentclasen]

I’m disappointed in The Economist. This magazine does great work on serious issues like diplomacy and climate change. There is no talk about how people are being scammed with crypto and NFTs in pump and dump schemes. Why why only talk about the positives and potential benefits?! Blockchain is probably going to be a part of the future but crypto and NFTs are awful.

[BearRiots]

I think they really glossed over the risks and problems with NFTs

[itdenelll]

I wouldn’t have known about NFT’s if it weren’t for social media. The power of other people’s FOMO.

[zhang_han]

People don't actually read the smart contracts. "Owning" NFTs is a bit of a stretch for most buyers of the NFT. You don't really own it in the way you think if you currently hold some.

[bismarknyarko]

Nice video, NFTS is really changing the way we see digital work. And now that Metaverse projects like StepApp, XANA, Decentraland just to mention few are getting more traction by the day, NFTS is going to be more valuable than ever since it's one of the ultimate currency in virtual world.

[porroapp]

How do u get NFTs wrong in the first 60 seconds? NFT media do not live on the blockchain, the NFT is a token and not a piece of digital media. The token lives on the blockchain but the media can live anywhere. The media also isn't unique as digital media is impossible to make unique given how easily they copy and paste. Please do better with your layman explanations about NFTs in the future.

[BTM]

Enough of this "teach the controversy" nonsense. The title of the video should be "Are NFTs a scam? Yes."

[annddyyy-]

<NFT and crypto are inseparable at least for now. My NFT collection since i ventured into the trade has performed relatively well and fetched me good fortune though came across some rug pulls but overcame it all. Navigating the NFT and crypto space alone without proper guidance is very dangerous. I thank Larysa Del, who has proven to be a reliable digital asset partner for us and has upgraded my financial status.>

[Eva-dpwk]

INVESTING MAKE UP THE TOP-NOTCH
HEMISPHERE OF WEALTH, THAT IS MORE
REASON ONE SHOULD SAVE AND INVEST TO
SECURE MORE PROFIT AND ENSURE SUCCESS

[HustlesInc]

I can't speak for everyone else, but I know Bangsta Bears NFT will be worth it.

[donaldpaul]

I came here to learn how to trade after listening to a guy on radio talk about the importance of investing and how he made $460, 000 in 4 months from $160k. Somehow this video has helped shed light on some things, but I'm confused, I'm a newbie and I'm open to ideas.

[tekannon]

The most outrageous example of why NFTs are something that needs regulation is the sale of a NFT from the 'virtual' artist named Beeple for 69 million dollars. His work had been selling for 100 bucks a pop before this transaction. All the more power to him, but what this sale has done is unhinged an entire commerical industry. This astounding sale, which has made an experimental artist rich beyond his wildest dreams, has also tanked the art industry at large. It has discouraged believing in any piece of art at an art auction. Anything worth believing in from the past is now very questionable.. How could anyone buy a Picasso now, knowing that an untried, unknown artist could sell his virtual doodles for millions more? The digital revolution is wonderful, but it is like what has happened during lockdown fever with the pandemic: everyone can work from home but suddenly across our world we see that business after business is going under, local restaurants have been torpedoed. City blocks look like boarded-up, war-torn cities. We must welcome all new technology, but we must not let our society crumble because of it.

[johngablesmith]

It's quite impressive that the Economist minted their own NFT and sold it so fast.

[alex]

I was expecting possible uses in industry to be talked about more than art

[HisEarth]

*Imagine buying images instead of right-clicking them*