- 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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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
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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.
At least Steam trading cards gives badge when we collect them, and don't require global chip shortage to make one, so I guess it's better choice
NFTs are not stupid but the people who spend huge amounts of money buying them are. Some people have too much money.
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?
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.
The blockchain was meant to have more professional investments like bank accounts, not pictures of literal monkeys selling for 3 million each
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.
My problem of NFT is, there's a lot of loophole that can be abused by just anyone……
Capitalism never fails to come up with a new scam every decade.
Nah but the people are
Are NTFs stupid?
Me: YES
They're stupid because they run on cryptocurrency tech which means that they're part of a system which gets less efficient, and more expensive to run, the more you use it.
Having this video explaining to me what the Heck and NFT is…..i just can say that NFT are more stupid that already is!
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.
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.
Nft's are a scam and made by stupid and lazy good for nothing people
Are NFT's stupid?
tl;dr: YES!
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.
Honestly just buy signed prints from artists and get an irl receipt for it.
This video is much too long. You could just say "yes"
17:00 can or are allowed to? Cus I can technically download or record a lot of music that’s been made available to me through the public internet, right? But am I allowed to?
The NFT technology itself is not stupid, it's just the usage for selling buying pngs are.