NFT's Explained in 4 minutes!
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- Опубликовано: 7 июн 2021
- 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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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
I SECOND THIS!!!! I was so confused until i got here. Thank you!!
Same. I hate how thst many people/sited throw technobabble at you, and when you look up the terms you dont know you get more terms you dont knoe
Most of the videos I saw were people trying to sell the idea of NFT as a money making scheme rather than explaining the actual technology.
there's lot to know about NFTs than this short video
@@ragjnmusic8765 yet nobody cares
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.
finally, the first logical explanation on how it can be useful to someone.
Charlie is Hunter.
Thanks :)
In the video, he spoke about sina estavi, and i tried to found some info on this guy .... but ... damn ... the only info i found are on strange site not very reliable, and it seem he's in jail since 16 may 2021 ...
That is not new. Art has been used for this for decades.
Wow, very easy to understand NFT's, and thank you for not using background music. Videos with loud background music are very annoying.
Haha, funny you mention the music. On almost every video, I try to add music but I just don't like the combination. Glad someone agrees with me ;)
@@simplyexplained you're on the right track
This is a way to get ready to be cashless society, but still be able to buy sell drugs, and then tax that money without having shell company's.
This is the best video I've seen on NFTs, I finally understand them.
Seriously... well explained under 4 minutes. I have gone through many videos and was still confused until I landed here.
Can u explain I still don't under let say I brought an art so then what ? Wht can I do with it like Can I buy a car ?? Or anything thts real ?
@@sahatotti9437 imagine if you buy real art? What can you do with it? It all depends on resale,..
@@AP-eb8hd well it depends u can keep it or sell it. But I don't understand let say I brought 1 and decide to sell then wht the use of nfts I can't buy anything tht is real from tht can I ? Sorry if I sound dumb I really don't understand this.
@@sahatotti9437 I think if let's say u buy an nft for 2 dollars, then resell it for 3 dollars, u earn one dollar? From my point of view its either for ppl to make money by reselling, for creators to get commission, or to prove ownership?
The most easy and understandable video about nft
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.
NFT is just a digital copyright patent.
@@mikelisteral7863 Is that true??? So inspiring women wonder
@@mikelisteral7863 i didn't think it gives you any ownership over copyright?
@@mikelisteral7863 nope doesn't give you copyright to it at all. It's similar to buying a piece of art or pairing from the shop you own that painting but they still have copyright over it even though you have the painting.
@@thompsoon3 Except you don't even have the painting, you technically own the painting but it's still absolutely in the store
These past 4 minutes have been much better than the 1000 I've spent on NFT videos!
Even though this was four minutes, it is by far the best explanation I've heard of an NFT so far. I have reviewed over 10 to 15 videos on RUclips and this is the most precise and explanatory examples the concept and theory perfectly. Thank you.
Hi I’m calvin how are you doing?
Yes sure
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.
TeXtMe DiReCtLy 🤙🥶..,;
Thank you for a very clean and lucid explanation to this vague concept; yours is the best I've seen so far; well done 👍
Brilliant concept. Thanks for the video.
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.
Wow!! Impressive Someone here trade with Mrs Stacy Griffin kartner too! I thought people don't know her that well.... She's really awesome.
My advice is always to keep the majority in ETFs that cover multiple sectors. Then have a couple stocks/cryptocurrency, as a small percentage,
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Great video, simple, crisp, perspicuous. Thank you!
This video alone truly explained everything in the most simplified way, thankyou alot.
NFT is just a digital copyright patent.
Great video, please keep up the good work...!
That's the best & simplest video on NFT
Amazing and smart explanation. KEEP UP UP!
Very well explained, thank you:)
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.
Great explanation, thank you for posting this video.
The best video for NFTs explaination 🤩🔥
Good explanation. I finally understand!
Great Video!! 👍👍😊
That was amazingly simple and precise
Quick and concise we love to see it
TeXtMe DiReCtLy 🤙🥶.,;;
Thank you for explaining it in 4 minutes.
Amazing explanation!
Bro Your Explanation is really simple and technical at the same time..💯💯
TeXtmę DiReCtLy⬆️🤙🏻For profitable investment??
this is the best explanation ever!
Thanks for the video. This really describes NFTs! :)
Excellent video!
Unbelievable... Someone who knows how to teach! Amazing what things become easy to learn when you find the right teacher. Thanks... I finally get it!😎😂❤
TeXtMe DiReCtLy 🤙🥶..,
You explained this amazingly. I watched so many videos and they were terrible. Simple yet technical 4 minute video. Thank you!
NFT is just a digital copyright patent.
excellent video!
That was helpful.💙💙 Thankyou
Thanks for the quick and easy-to-understand video 👍
TeXtMe DiReCtLy 🤙🥶
thanks men, now i understand
Thank you for "dumming it down". Its been drivibg me nuts trying to get an explanation with out tech jargon.
TeXtMe DiReCtLy 🤙🥶
Thank you for sharing
This guy is a legend explaining something that can't be explained in 1 hour but done it in 4min
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).
bitcoin invented nft's a long time ago. ethereum isn't even relevant to nft's.
interesting, how does that work?
They kind of use their own equivalent to a smart contract thou (or have limited functionality like no auctions) so I think the video is till pretty decent!
this was such a good explanation thanks!
TeXtmę DiReCtLy⬆️🤙🏻For profitable investment??
Great explanation. Thank you!
TeXtMe DiReCtLy 🤙🥶.;:
I feel like the only people making large amounts of money through NFTs already have a large amount of money. You have to be famous and have fans/a following of people that will buy anything from you. Not many people care if I drew a elephant, but if ‘x’ celebrity drew it, it would sell for thousands. Am I wrong or is this how it is?_
I'd agree to some extent. The value of many of these NFTs certainly percolate to the top end. Few NFTs are worth loads and most are worth very little. We're definitely in a crazy NFT market today though. Again, I think NFTs will take time to play out. There's definitely an important technological innovation here, but right now there's just crazy stuff happening with many NFTs.
Yes it has always been even before NFTS...
Print your face on A pair of Jordans and David bechams face on Jordans... Put it on sale on the JORDANS... There is less chance people are gonna choose your face to go on their feet...
The same Psychology applies for NFTs...
The Strategy is same only the technology is different
you are true but what you was talking about still does not explained the real role of NFTs. Supposed "X" celebrity drew a digital picture, make it an NFT, sell to someone. Now "someone" is the owner of the digital picture. But I still don't care who the fuck is the owner as long as I can download the digital picture freely and make it my screen background . Then which issues do NFTs solve here?
All the headlines are about NFTs going for millions. So it's only true of NFTs for items with high value, but you're ignoring NFTs for anything else. NFTs should be called crypto-deeds or crypto-copyrights. Anything you could claim ownership to can have an NFT attached to it the same way you might copyright it. 99.999% of these things are probably worthless, but all we hear about are the outliers.
Not really. At this very moment collections are a good way to enter the game with just a few dollars.
Thank you for this video. Alot is clear now 🌟
TeXtMe DiReCtLy 🤙🥶.;:
Best explanation
This was an excellent explanation; so edifying! New subscriber! Thank you!
NFT is just a digital copyright patent.
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.
2:20
@@riddick3943 yeah, I'm not convinced by those examples. just to name one, why should we change concert tickets to nfts instead of what we have now, which doesn't have any problem with proving ownership? blockchain can improve current systems, such as validating business contracts, transferring money more securely, and many more, but I don't see any productive use cases for nfts whatsoever.
@@alex01763 I think something interesting with the concert or other tickets, is that normally people can buy them in bulk at the instant the sale starts, and when all tickets are sold out, the first bulk buyers can sell their tickets with a premium in the black market. If an NFT is created from the ticket when you buy it, it can record your identity information on the ticket immutuably, to prevent black market selling. Though I don't know if such things are already done with tickets anyway to prevent black market sales.
See it like "art"...what use case has a piccasso picture which is worth millions ...?
@@outlaw6261 Great explanation
Wow amazing 😲✌️
Great explanation!
Sidenote: the world has now become so pointless people will pay out the ass for anything.
NFT is just a digital copyright patent.
thanks alot!
It’s so funny, with the first sentence I finally understood nfts
Thank you, finally I get it! All these other videos didn't explain S**t and you did it in less than 5 minutes. Yep I just subscribed.
Nice video. Thank you
TeXtMe DiReCtLy 🤙🥶..
Great videos!
What software do you use to build your diagrams on video ? I would like to build videos to explain the software architecture in my company
i think he uses after effects
Davinci Resolve is free. Best of luck
Thanks a lot..finally I got it
Thank you, this was very helpful
TeXtMe DiReCtLy 🤙🥶.,;
Thanks!
Buddy, you are a real genius and natural born teacher. Thank you for all your movies!! May I ask you for similar videos about Chia (proof-of-space) and Ethereum 2.0 (what's changed?) ?
TeXtMe DiReCtLy 🤙🥶.!;
Great video and explanation
TeXtMe DiReCtLy 🤙🥶.,;;
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?
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.
It’s not that deep
@@griffinwarner7310 considering that the entire value of proposition of NFTs is the outside perception of the intrinsic value of the piece of art / token in question - it is. Like most things, they are only as valuable as others consider them to be
Our apparatus for perceiving and conceiving is optimised for a standard homosapian lifespan - to live our daily lives we don't need to aware of almost any of the complexity which describes the universe we do that living in. Everything is that deep, we just don't usually notice anything other than that which has obvious usefulness to our meagre individual existence.
99% of the time it's all about making a quick bucks. Atleast, that is what current NFT generally used for.
@@griffinwarner7310 lmfao i was thinking the same.. but i like the explanation though
Nice video.. I really learned a lot from it. You got +1 subscriber with only this video!
TeXtmę DiReCtLy⬆️🤙🏻For profitable investment??
Beautiful! You just got another subscriber.
TeXtMe DiReCtLy 🤙🥶.,:
Thank you very much for the nice video. Very good video.
TeXtMe DiReCtLy 🤙🥶
After watching so many RUclips tutorial videos about trading I was still losing
That's why I perfer NFT crypto token than trading crypto because I NFT crypto token you have 100% sure of your profit earned
TeXtMe DiReCtLy 🤙🥶..:
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?
NFTS use blockchain technology to trace back the owner. So if he sells copies, blockchain records will show that
ten separate NFT’s are created for each piece sold in that scenario
Not sure about the JPEG aspect but the stuff like domain names and tickets seems interesting. Digital assets with utility like game keys and tickets could be traded peer to peer in a trustless manner. Its still early, and the art aspect is the easiest, sorta scammiest way to use this tech. But i think alot of people dismissing this as a whole will be using an NFT in the future and not even realize it.
If i buy NFT ownership of this video, can i make you take down the video? Or change it's attributes such as description?
From what I understood, he'd still own the copyright for the video, so no, I don't think you could make him take it down.
No, because you only own the NFT, not the art work attached to it.
finally someone explained this perfectly
What happens if the server hosting the optional link is abandoned or shut down? I realize that changes nothing with the hash but how does the image itself connect with the hash?
Nice video -- should discuss 'on-chain' NFT's, aka storing base64 encoding on-chain.
Great video
This reminds me of middle school MySpace days when everyone said “i own!” on people’s pictures. Except now people pay for that. Ok
thank you!
Wow, very good, perfect
TeXtMe DiReCtLy 🤙🥶.,,;
Hallelujah!!
Thank you , I get it
Thunder bolts n lightning 😎you explain Way better cheers
TeXtMe DiReCtLy 🤙🥶..,
This video should have mentioned more about the utility aspect of NFT's, simply saying you can get royalties isn't enough to nail home the depths that a utility can go. Especially after mentioning that "NFT's are weird" because you dont get copyright or reproduction rights, but the creator of the NFT could make that part of the utility, some of the biggest NFT's currently offer IP rights to its holders, which is crazy if you think about it, an entire community owning the IP rights to various illustrated characters, if any of those holders makes something amazing with a character the rest of the collection is instantly more valuable, and the collaboration potential, damn, the ideas running thru my head thinking about it blow my mind. I just wish Simply Explained detailed the critical information of utility better so those without knowledge of whats being done by creators can get a better grasp of the concept.
TeXtMe DiReCtLy 🤙🥶.’
so informative
TeXtMe DiReCtLy 🤙🥶.!
This video hits hard, feel free to download
Nice, still a bit confused but at least I kind of get what they are.
thumbs up yall!! thx for this video.!
I still do not get why people pay for it if the they cannot acquire the unique ownership to that particular item with the NFT. For example, if unless as an owner of the picture's NFT, only I can legally reproduce and sell copies of the picture, what is the point of paying for the NFT? I could create NTF for the Sun and sell it, but the person who purchased the NFT cannot claim that the Sun is his. It reminds me of the story in the Little Prince by Saint Exupery. There was a "businessman" who counted the number of stars he sees, and saved the number in the bank.
Great wotk!!
You can also do the same thing with a QR code or a USB ? Probably even a irl if it is infact something that is 1of1 or holds value
Which app u use for editing??
Final Cut Pro
This video needs way more views
Excellent
TeXtMe DiReCtLy 🤙🥶.,
NFT represents the ownership which is stored in a blockchain. Thanks.
NO, it does not represent ownership. You only own the NFT... NOT what it represents.
Thank you
TeXtMe DiReCtLy 🤙🥶.;:
Got another subscriber here!
So does it work the same as mining a bitcoin, what I mean is that does it use more of your electricity like mining a bitcoin
Bitcoin and dollars are nonfungible too - they have serial numbers or transaciton IDs. A perfact example for non fungible item is gold of the same quality and weight.
or monero
So it's actually digital bragging rights not part of the copyright. If I could buy a share of the original and get dividends from subsequent sales that would be cool
Forums to discuss nfts to purchase?
This explanation does help me understand NFT a little bit. It's an idea that I actually thought up 10 years ago when I started creating digital abstract art. BUT converting the digital art to actual printed art pieces. So I really don't understand the non-physical digital aspect of it... ???
I'll have to watch a lot more videos on the subject. Hopefully I'll understand it completely.
lets say i have the ownership of an nft like u said , how would it be useful to me irl instead of going for some concert or getting an ingame item
it is the same as getting an autograph from a celebrity. It may not make sense to most people but that celebrity's followers value it.
If the followers value it, then that's a market for it...
I did not know what a NFT was until I watched this video - also surprised money laundering was not mentioned
Also so I derived from this that owing an NFT is like owning the original Mona Lisa, you could have a life sized poster that looks exactly the same for 30 bucks (or even free if you downloaded and printed yourself) .... or you can pay a billion dollars to own the original. The difference is the Mona Lisa is very old and revered for centuries... NFTs can disappear if we have a power cut.
TeXtMe DiReCtLy 🤙🥶