But What Are NFTs Actually – YouTube

But What Are NFTs Actually

  • Video Views: 423690
  • Published On: 2022-04-27 21:30:01
  • Video Published/Author: Steve Mould
  • Video Duration: 00:29:28
  • Source: Watch on YouTube

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When you know the technical details of what NFTs are you realise that the way most people talk about them is completely wrong!

Find out ALL the legal details in Devin’s brilliant video over on LegalEagle: https://youtu.be/C6aeL83z_9Y

Here’s Line Goes Up by Folding Ideas: https://youtu.be/YQ_xWvX1n9g

Benji The Bear artwork can be found here: http://www.benjithebear.com

Here’s 3Blue1Brown’s video explaining cryptocurrency: https://youtu.be/bBC-nXj3Ng4

You can also discuss this video on REDDIT: https://stvmld.com/343_ab_m

00:00 Intro – NFTs aren’t want people say they are
01:05 Cryptocurrency explained
02:55 What non-fungible means
05:41 The Ethereum blockchain makes NFTs possible
06:55 NFTs are made on the Ethereum blockchain
07:11 NFTs as tickets for an event – a hypothetical real world use case
09:31 Buying NFTs without trust
11:17 What NFT art actually is
19:16 Maybe NFTs aren’t stupid
20:50 LegalEagle tells me not to do something stupid
24:15 NFT collectables – CryptoPunks
25:05 Support digital artists by buying their NFTs
27:26 Sponsor message

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  1. Here's Devin's video from LegalEagle: https://youtu.be/C6aeL83z_9Y
    Here's 3Blue1Brown's video explaining cryptocurrency: https://youtu.be/bBC-nXj3Ng4
    Here's Line Goes Up by Folding Ideas: https://youtu.be/YQ_xWvX1n9g
    Here's Benji The Bear: http://www.benjithebear.com
    You can also discuss this video on REDDIT: https://stvmld.com/5un7d-vh
    The sponsor is Brilliant: Get started for free here: https://brilliant.org/stevemould. The first 200 people get 20% off Brilliant's annual premium subscription.

  2. Great. Now you have a URL that can never be tampered with. Good things URLs are forever and never change owners or are otherwise perfectly safe to trust in every single way.
    Also great, I can buy a line of text for 70 million dollars that lives on someone else's computer that says I own that line and the line has a url in it. Oooooor I could just make a bookmark in my browser for free.

  3. Something that isn't clear to me.
    What happens if I buy an NFT that contains a URL to a picture, and afterwards that picture gets deleted from that URL's address?
    From my understanding of a blockchain, you cannot modify entries once they are added to the blockchain, so am I now owning a line that contains a URL to nothing?

  4. Such a disappointment to see that you are totally ignoring the dark side of NFT's and the blockchain system. I suggest you check out the youtube channel 'Line goes up' where NFT's and cryptocurrency are completely shown in a new light. The downsides can't be ignored. And supporting artists? No, most artists I know don't make work suited for NFT's. It's mainly generative art in there. I love generative art, but NFT's are bad.

  5. There is no benefit of introducing a blockchain. you could just hand out a standard certificate. It's used all over the internet to prove ownership of a particular domain and could be used to prove ownership of a ticket. You generate a ticket with your seat number, you put the public key of the recipient onto that ticket. Now when you want to confirm the owner of the ticket, you encrypt some message with that public key and ask the holder of the ticket to decrypt it for you using their private key. If they can do that, they know the private key of the ticket owner. On the internet those messages are used to negotiate a (way faster to work with) symmetric AES key for further communication.

  6. Anything is only worth what someone is willing to pay. Like, people have bought Cheetos shaped like Lincoln's head for crying out loud. It's just a Cheeto. But if someone is willing to pay money for it, then it has value.

  7. I dont want to enter in Marx mode, but the video talks a lot about value and dont talk very clear what it means with value. To me, and i m not the person to theorize about that, it sound that there is a few different definitions of value on the different exemples. Aways enjoy SM videos. Thanks for this one.

  8. I think there's a big semantic issue in that people automatically associate NFTs with digital artwork and immediately dismiss the concept due to the problems found in this particular application alone. That doesn't mean NFTs inherently have these problems, and apply to every utilization of it. It's like saying SMTP servers are bad because people are using them to create scams.

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