As a digital artist one of my biggest concerns about NFTs is art thieves. I wouldn't want people getting tons of money off of art that I spent hours on, and wasn't planning on selling.
the smallest thing you could do to piss them off is to screenshot the nft that "they own", and joke like "guys look i do nft's now lolololol" what would they do? say to delete the screenshot? its originally made by you anyway
So NFTs don’t really have value for what it is, they only have value for what people give it. Which is why in the months since this video was posted nfts went from stuff like the first tweet to a couple thousand random drawings of a monkey
@@sonnykensenhuis8562 Kind of like that but if you own one of those for example some companies use ownership of one of their nft's as an exclusive membership card into a private group that hosts events with members only. And since some have a minimum purchase requirement of around 200k its pretty inclusive
Yes the value is only what people are willing to pay. I treat it kind of like comic or sports trading. So if it’s a drawing by an artist that I already collect in the tangible world. I find it amazing ( through nostalgia) that I own the first digital print of Spider-Man #1 or my Lebron James moment. I see more video games implementing NFTs into gameplay as well. When I play XBox and purchase a skin or certain weapon this is essentially an NFT . I can see game makers creating many items with rarity involved in the future. Then they will all set up secondary market places where players can buy, sell or trade these items. Imagine a COD market place where you could buy an item that gives you even a slight edge over your competitors… and this is just one example. it’s mind boggling how big NFTs will get. The NFT market is in it infancy stage kind of like Bitcoin in 2016 with implications to dwarf crypto in marketcap size and user adoption. Happy trading… 😊🚀
Exactly, it shows no ownership at all. It just means you purchased a digital replica to look at or listen too. It literally has no value other than someone else paid that much for it once before. However as an artist and being able to go through companies that mint the art and track the sales giving me a percentage of each sale is fantastic until the hype dies out. All it takes is one piece of your art making it into a rich collecting group where they fight over the rarest of the your minted works.
But realize the hype is generated by these companies minting stuff... The hype never was "rich people" investing like a stock... They invested into it to create the hype... It will be a short lived thing like beanie babies as these companies can only sucker so many people to play the losing game of paying to mint art... Some parts of the market might stand through it because of sports using it like animated ball cards. Beyond that i don't really see much of a reason outside of collecting. Its a question of how many fans a specific nft market can keep, end of story.
1:04 What is a NFT 2:32 Ad break 3:41 Fungible - Replaceable 5:42 Difference between Fungible & Non-Funglible 6:00 Token - Blockchain 9:57 Examples 13:07 The Flip-side to the big fad (as of April 2021) 16:36 Outro
Turns out we all, myself included? Are adult children. The plague of our communication culture is that we try to sound smart and complicated and the result is no one really understands. I make these videos in a way I would want to explain it to me.
this guy is hypocrite! he is using YT which consumes much more energy that this ETH protocol! your NETFLIX bs as well!!!!!!!! go away UNSUBSCRIBED!!!!!!!!!
@@michaelc1326 your weak that's why you run. I control my environment so I don't care what happens my circle will survive and make changes as we have. So go run and hide in the trees with the other of the weak people who don't know how to make moves and think they have to make be like society
There are a bunch of Artists I follow who are deeply effected by this. One in particular is against NFTs because of the geoimpact, and some one, or group of persons are taking her art and making NFTs of it against her will. it just brutal. And there doesn't seem to be any way to hold these people accountable because it's so decentralized.
as an artist, that genuinely sounds so annoying and sad. imagine putting your hard work and skills, finally having a piece you're proud of then posting it to your social media account but a random person just steals it and has the potential to PROFITS off of it.
Artists can make a slogan im digital art they make that acts like a watermark showing the person who made it in reality against NFT. Lhotoshop #NFTScheme or something over a tattoo or beard.
I agree with most of that, but I do dislike when people talk about the geo-impacts of blockchains. Why is the focus always on this new technology disrupting things and causing climate change and not on the fossil fuel plants literally polluting out the CO2? As civilization advances, more and more electricity will be consumed, and blockchains are just a part of that new future.
I wish you brought up how nft's created a boom in art theft where people were selling things they didn't own and didn't make, like how many artists have found their work being sold on nft websites without their permission, or even their knowledge and receiving 0% of the money from the sales
The thing I don't get though, is they don't have a physical copy of it. It's like if I posted a photo on facebook, and someone tried to sell it. Well, on Facebook it's a super low, shitty resolution, whereas the original in my computer is 40MB of raw detail, that the buyer nor the seller have.
Anyone else just feels like Johnny's explainer content is one of the most creative on the platform? I’m always left wondering how he makes the most “mundane” topics seem so fascinating
That’s why it’s better to own something physical like gold. They cant make gold magically disappear or change its amount. 1lb of gold will always be 1lb of gold
@@paulshaju2806 Except, gold is a real, physical, finite commodity with tangible utility. It cannot be replicated or mass produced at will, therefore it will always be rare, and since value is associated with rarity, it will always be valuable.
@@ntuthuko3175 it has utility but if you think about it almost every mineral or metal has utility. What I'm trying to say is that gold is definitely rare but why is rare considered valuable? It's because of human perception On the other hand why is food or grain considered valuable it's because it's human need it's a necessity Gold is not a necessity we can live without gold Real necessity is food ,clothing etc And these were a lot more valuable than gold during early ages
@@johndonaldson3619 Human nature might be the same, but considering that we still reference tulip mania today suggests that this was a highly unusual event rather than the norm that it would be today
Thank you for being there LIBERTONCORP when I wanted you to..... I was lost in this new world that I was hassled to start with ....you not only guided me along the way but you also showed me the proper way....whatever little I have been able to achieve in life is because of you today ..... I want to thank you for being there and showing me the proper way of doing thing for me you are my best guide as you truly showed me the way to life....once again , I would like to tell you a heartfelt thanks for being there.
Thank you for your explanation, out of all the videos I've seen this was by far the most clearest. Looks like I'll just be screenshotting the NFTs I like cause ain't no way I'm spending thousands on a JPEG
I think ppl buy them just because they think the value of it will grow more, because it's like a rare thing and therefore they're just hoping to resell it to make money off it.
@@slavicqueen I agree....90% of the NFTs I've seen are ugly as hell though, no clue how they sell for so many thousands and mlllions of dollars. Like the pixelated portraits of cartoon illustrations "crypto punk" or whatever
@@cxrlitosway lol exactly, all of them are just so ugly and stupid I literally don't understand the hype that's been created. What if you never get your money from it? And now that's what your millions are put into. Some stupid pixilated image on computer. 🤦♀️ pffft I'd rather buy land with that much money
Dude...fantastic job explaining NFTs. I'll be honest, I've read some, watched a lot of videos and still never really grasped it. You made it very clear and very understandable. Oh and the production was fantastic. Well done!
I use the service of a senior trade analyst Sir Benjamin H. Ravies as my fiduciary and I have been making profits minting and selling NFTs, if you don't know how to start then just seek professional help. Made £ 4000 this week
@@revolvingworld2676 technically all the canvas used from trees is hurting the environment, but when in comparison to all the power used of NFT’s… yeah you’re right.
They both full of money laundering, but as an artist, I really hate computer generated NFT jpegs. Even Pokémon trading card would make more sense than these NFT
If you venture into NFTs because of the hype, it's not going to be good, it is very important to follow a plan, and using the correct techniques could be very beneficial also have a Financial broker like Cintra V. Bedassie who guided me through the rough market and my wallet has increased to 7x of the total money invested.>
I outbid @@thomasduffyjr by ฿1! 😉 (That's 3 US cents. I don't know why Johnny used the baht symbol to represent Bitcoin. I hope that's not what the cryptonutters are doing.)
Everything has value, that's why it was created. Whether or not it has monetary value is another story. Now excuse me while I pirate all of these nfts. brb
yea and this isn't doing great things for the environment. we always want what we don't have. by sticking with what we have already and focusing on meaningful relationships with others, i think we can be happier and live more fulfilling lives as well as helping the environment.
One thing about NFTs that's rarely explained well is that NFT's are essentially a reciept of ownership. In other words, if you buy a jpeg as an NFT, you don't own that jpeg. What you own is a public receipt indicating ownership of the jpeg, and a link to that image. You own metadata. The image itself is NOT hosted on the blockchain. Because of this, while nobody can change the ledger indicating that you own the jpeg, somebody CAN change the image itself, or simply erase it. If the domain that's hosting the link goes offline, or if the owner of the domain changes the image, as the owner of the NFT, there's nothing you can do about it. Blockchain is impressive technology, but NFTs are a scam. Don't buy the hype.
I'm still fairly ignorant on the subject, but one of my issues is this concept of NFT's being infallible proof of ownership or something. There is no such thing.
@@catisreckless4647 well, listen to your hunch that perhaps you are ignorant. This guy is right that NFT's are a scam, but the method and technology for proof that you own "it" are sound, provided the blockchain itself is sound. In order for a transaction to be approved on the blockchain, the entire (or perhaps only a majority of 51%) need to approve it. Even if you manage to defraud one part of the system, the rest of it immediately recognizes the transaction as fraudulent. And when it is a cryptocurrency with hundreds of thousands of miners processing these transactions, you can't simply defraud the majority of them. The system is decentralized, making it impervious to fraud if it has proliferated enough. That said, the current cryptocurrency craze is a lot like the dot com bubble. People hyping up worthless domains as if they'll be the next big thing. Most crypto is that right now. And whatever blockchain your NFT works off of could be one of those trash coins nobody uses or could easily be hacked.
@@catisreckless4647 yep and the biggest irony is, who owns the art piece more? The one that screenshotted the jpeg or the one that bought the url/metadata of hosted on the Blockchain. At least I can look at the picture whenever I want lmao
@@dihanmustakeem4089 As I said, I don't know enough about them to say "Ooo, Bad, BAD!!" But I do know that as far as I'm concerned, they are amazingly pointless. This notion that they'll "change the future" is also pretty questionable. They are merely just another fad for people to latch onto. Monkey see, Monkey do at it's purest form.
I’m still confused about the implications of NFTs on intellectual property rights. As I understand it, the purchaser does not own the underlying asset, right? The copyright is not transferred. So does this mean that the buyer of Jack Dorsey’s NFT can’t put the tweet on a T-shirt and sell it without Jack’s permission? I feel like this part of the equation is never thoroughly explained, either in the media or elsewhere
You're right, copyright is not transfered (unless the original author of the asset transmits rights to the owner of the NFT). In general, people can only claim ownership of the NFT itself, not the asset. People still give value to it because they can prove the provenance of the NFT. Consider it as being able to prove that famous basketball player xy signed your basketball, I guess.
Think of it like the black market. There is no intellectual property because there are no laws and regulations yet. It's just a big ledger of people agreeing about who sold what to who
Determination is highly needed in stocks trading. What most people see at a glance wealth, a great career, purpose is the result of hard work and hustle over time, we all need make moves now #VCORPINVEST
This guy explains complex concepts so simply that you are ready to write an essay on the topic after watching a 15-20 minutes video. Johnny is my favorite teacher ❤️
Its good that people are so aware of the environmental impacts of NFT's/Crypto. Prices literally fluctuate depending on how healthy the crypto is for the environment.
That fact you believe humans can affect the Earths climate is so laughable, methane gasses has been releaded for MILLIENIA and the earth always makes it thru. Climate change is just another scam the Marxists use to get you to give up your rights and more power to them.
@@Gh0zT-777 the changes we are seeing today are too sudden and rapid to be attributed to orbital changes. ocean temperatures and CO2 levels have simply increased way faster then ever before in Earth's history. scientists know this because the CO2 molecules released by human activities are literally different from the CO2 molecules released naturally by plants and animals. using carbon dating, they are unable to identify any other period in the Earth's history that has warmed this fast without the presence of human-caused greenhouse gasses
@@philsbootleg There's nothing that makes it authentic expect for your own perspective. No one cares if you own a shitty picture, especially when you're harming the environment by doing so.
@@imbrakingthrough2152 [Verse 4: Dwayne Johnson & Tech N9ne] It's about drive, it's about power, we stay hungry, we devour Put in the work, put in the hours and take what's ours Black and Samoan in my veins, my culture bangin' with Strange I change the game so what's my motherfuckin' name? (Rock) What they gonna get though? Desecration, defamation, if you wanna bring it to the masses Face to face now we escalatin' when I have to put boots to asses Mean on ya like a dream when I'm rumblin' You're gonna scream, "Mama" So bring drama to the king Brahma (Then what?) Comin' at ya' with extreme mana (Ahoo, ahoo, ahoo)
Cryptopunks NFT sold for millions of dollars, some people where lucky to get it early for free and later sold it for millions, you too can get access to some exclusive cryptopunks NFT by getting the right information.
I had a teacher who taught a lot like this in high school and I got as excited to go to his history classes every day as I do when Johnny releases a new video. It really is effective.
Except this video didn't teach anything and just threw around some buzzwords. I still don't know what the T in NFT means, which is the whole reason I clicked on this video.
I finally understood what NFTs are, and where the environmental impact argument comes from. Now I see why it's a serious problem. Thank you for the good explanation.
lol I mean he didn't give much info on it except a simple "they use power so global warming" explanation. You should probably go look up things like Earth cycles and climate cycles before jumping to the conclusion that Humans are creating an issue lol.
i can make a nft that says WHATEVER I WANT. it isn't even possible to imagine a world where nfts mean ownership, because you would have to validate every nft's minter, which you need a central database for.
Bruh, send this to your crazy blockchain obsessed friend to show them you appreciate them. "I want a human that looks at me like anonymous millionaires look at NFTs"
Previously, a relationship was real if it said so on your facebook profile. In the future, it'll only be real if both you and your partner say so on the blockchain.
I'm GREER from VUCODIGITAL INC. We are NFT developers and we mint our own NFT's through OpenSea. We have NFT arts of rare kinds ON SALE! You may check our collections by clicking any link below. VUCO NFT COLLECTIONS opensea.io/Ronnie7777 opensea.io/collection/musclefoods opensea.io/collection/shades-of-chameleon opensea.io/collection/vucoworldland We are also building a new virtual world called VUCO WORLD. Register, Create your own Avatar, and Play fun games FOR FREE on our website below. vucoworld.com/ Trade without compromising performance and security. Create your blockchain identity at vucocash.com/ Catch us on our official Social Media accounts. TIKTOK vt.tiktok.com/ZSePVe5Pu/ TWITTER twitter.com/RonnieF99195917 PINTEREST www.pinterest.ph/VucoNFT2022/_saved/ RUclips ruclips.net/channel/UCfCbZ7ENcKt_IlgFpzCGTUQ FACEBOOK facebook.com/profile.php?id=10007616895046 DISCORD discord.gg/GH4ecpP5W8
He always manages to scratch that particular itch in your brain that you didn't know existed. Half an hour later you find yourself down the rabbit hole.
I think another point worth mentioning is the impact NFTs are already having on independent artists. People can anonymously tokenize artwork that simply does not belong to them, and sell the "ownership" to someone else, often making far more money than the original artist could've ever charged for the artwork, effectively stealing their intellectual property with no repercussions.
This same issue occurs on any media posted to the internet though. It isn't strictly an NFT issue. It is a media issue. How many people use a jpg of a copyrighted image or screenshot from a movie as their google account icon, for example?
@@anthrosaurian the issue with that example is that no one is selling those jpegs meaning the artist doesn't lose anything, however in the example that the og comment provided the artist is losing out on a whole bunch of money tht is now going to someone who didn't put any work into the art at all.
To me, the main difference between NFTs and other non fungible things is an NFT have no real added value. You can look Mona Lisa on the internet. It's fungible, therefore it has very little value (in this case, none). Or you can pay a ticket to go see it an experience the real thing. Added value = more expensive. Or you coud buy it (if it was for sale), and then you could experience it every day. More added value = way more expensive. It's a pretty basic economic principle that people buying NFTs are forgetting. If it's more expensive, it's because it has more value. Sure, for a lot of things, it's 1) subjective and 2) there is a part of perceived value. But only a part. There is some real added value to possessing or experiencing the thing. Possessing Nyan Cat's NFT brings no more value than just watching it on the internet for free. That being said, people do whatever they want with their money. To me it's just foolish but hey 🤷♂️
People don't buy valuable things like the Monalisa to experience it everyday. Even if they did, they'd have to spend more to secure it and make sure it's not stolen or damaged. They buy it for perceived value. NFTs have value because it's secure and verified. You can own an item for it's perceived value and not worry about someone stealing it. The part I'm unsure about is, these memes are floating. You don't know if people will care about Nyan cat in 20 years. Monalisa held value for 100s of years, we don't know what people will care about in 20 years.
@@vibez2806 Not much difference in terms of experiencing art. But you buy it for 100M and sell it 120M in a few years, show off to your friends while you have it.
Thank you for the video. I’m a traditional artist and I get asked if my art can be purchased using NFT and it sounds so shady. I didn’t understand the concept until now. Thanks 🙏🏽
Meh, I wouldn't go that far. He's style works for many people and for others like me it's a bit too "stretched out". I feel he can easily condense this into 5 minutes and still keep his style and format.
Wow. I've been looking for someone to explain this in a way that makes sense without trying to sound smart by throwing a bunch of lingo and terminology out there. Bravo! I honestly understand the NFT, blockchain, and crypto world a lot better after this.
This started as an NFT video, then went down the rabbit hole of the ultimate purpose/direction of humans. Once our needs are met, we seem to create imaginary value at the expense of real value. We create psychological excitement at the expense of the planet.
im trying to figure out how to stake tokens that i just bought, where do i input these words? Hire manage cloth online tilt climb sick fury pave amateur mosquito cliff
Money and riches are temporary, learned skills are permanent. One day your tweet is worth millions and next day the market crash and its worth nothing. But your skills, if valuable enough, will always retain their value.
It’s not always true. Let’s say that you know how to drive a truck. Right now it’s a valuable skill, but two decades from now it may not be valuable at all. Technology can depreciate the value of your skills. Self-driving truck would eliminate the value of your skill.
I HAVE BEEN MAKING LOSSES TRADING MYSELF...I THOUGHT TRADING ON DEMO ACCOUNT IS JUST LIKE TRADING THE REAL MARKET... CAN ANYONE HELP ME OUT OR AT LEAST ADVICE ME ON WHAT TO DO?
The editing is out of this world! Absolutely amazing! I watch a lot of RUclips and I have never seen such unique, refreshing, and satisfying editing...at least not from a non-major-Studio.
I think what is going on is the reaction of the feeling of “always wanting what you can’t have” if someone has something despite you being able to see it else where, because people have brought value to it because it’s an exact version, it creates hype over that one thing
@@groovesan Or you have the same effin picture for free as the guy who officially owns the picture worth 150k and is validated for it by his friends as well as the media.
Getting a way to make income without having to leave home isn’t exactly as easy as you all think it is , talk is cheap and it’s sure easier said than done , I have my source , and I would rather stick to that, it pays well, even my stepdad quickly #VCORPINVEST
Starting early is the best way of getting ahead to build wealth, investing remains a priority. The stock market has plenty of opportunities to earn a decent payouts, with the right skills and proper understanding of how the market works #VCORPINVEST
the "basics" are.. this is a money laundering scheme. made to transfer wealth from person to person, from country to country. it is also a money syphoning con, designed to part money from fools who dont understand that. and think that like Jack Dorsey, they also can "make huge profits" from "investing" in it. it is also a ponzi scheme.. where the growth in value is coming from more and more fools pumping money into the system. and the moment the flow stops, it WILL collapse. just like Bitcoin.
@@arjundhaliwal8853 i dont know what bitcoin will do.. i just know its a con. it is ABSOLUTELY worthless and just an IMAGINARY, virtual computer image, even if it hits $100k per pixel, because fools keep pumping money into it. but once everyone realize this, it might collapse to zero that it deserves.
@@adamfirst3772 kk u can keep thinking that I’m not a Bitcoin or crypto expert. But u clearly don’t know anything about it and while ur so skeptic there’s going to be millions of others making profits while ur sitting at home typing in RUclips comments about how bad it is😂 pls don’t say random ass shit with no proof or knowledge to back it up that’s just ur random ass opinion based off nothing
@@kalma8216 Because they have added value. If there's a group of people that believes in the value of something, then that item must be valuable (that's the theory). That's why "the mona lisa" has its value: it's just a painting, but we recognize its value because "it's one of a kind" and it's been sold for a lot of money. Well, nft happen to be in the same spot. They are something new, a new way to sell digital art, so people grab some nft and sell them so expensive because "it's one of a kind" and because of hype.
@@kalma8216 they generally don't cost this much. Of course, if you are not in this business/not interested in these things, you will hear about cryptopunks and bored apes selling for hundreds of thousands of dollars, but really, most of the goods sold as « NFT's » have just as normal prices as the « real world things »
Successful people don't become that way overnight. most people see at a glance-wealth, a great career, purpose-is the result of hard work and hustle over time. I pray that anyone who reads this will be successful in life
I watched so many videos on RUclips in order to understand NFT; but you are the only one who could make me understand this very clearly. Thank You Johnny!
Hi there. Can i buy your comment for 9$? This is a historical moment and in the year 3000 people will look back at this moment and it will be worth $1 million. Nah im just kidding, i don't actually want it. You have a good day 😂
Hi guys. I'd like to get ahead of it all here and just buy this whole comment thread for 1000 crypto-monies? If you two are willing to shell out money for it then that's all I need to know. Value baby! And no, this has nothing to do with money laundering. Why would you even ask that?
It's literally the opposite, it proves that poor people can finally create value from nothin and aren't limited by what rich people deem expensive, for the first time an aspiring artist can create something and sell it on the Internet without having to sell a kidney to have it auctioned off at Sotheby's! This is liberation from the capitalist machine that has placed value on paper and disconnected the world from gold which in itself is an NFT ! Think about that for a second!
First the McDonalds video being adjacent to right to repair by Louis Rossmann, now NFT being adjacent to Benn Jordan and NFT in the music industry. Seriously love these deep dives and explanations into niche things, they help me explain it to others in a more reasonable way!
What is great is that if we are having food insecurities issues then it would be more economical from both a monetary and resource standpoint to just use a bartering system or go back to our current local currencies. The resource and energy overhead for NFT's is only culturally viable because we don't care about burning readily accessible fossil fuels.
You should clarify that the "public record" doesn't actually have people's personal information on it. It has the account name which is generally something like a string of 24 random letters and numbers.
Honestly I think that will be less and less anonymizing going forwards in the same way that ip adresses have been replaced by urls. Its just easier to use with domain name services.
What makes this even more crazy is game industries we know and loved are getting into NFTs which is ridiculous. Absolutely ridiculous. A good example is Ubisoft started a thing called Ubisoft Quartz, mostly about selling NFTs. Luckily though, they failed miserably. Edit 1/2/22: Square Enix gave us a middle finger for the new year. I loved them because they make good games like Tomb Raiders and Nier. It’s so sad now. At this point, I’m making a switch to indie games. Edit 2 1/7/22: I have a bad feeling Rockstar is getting into NFTs…
Art is SO MUCH MORE then just a number of people deciding that something is valuable. No one "decided" that Mozart, Miles Davis or Beatles were great -- rather there music SPOKE to people and their genius radiated through their work. Similarly, no one DECIDED that da Vinci, Monet and Picasso were great -- rather their art SPOKE to people and their genius radiated through their work. I remember years ago walking through a museum in Italy. It had all sorts of artists that I had never heard of as well as some famous ones. Lots and lots of paintings. I decided after a while that I was only going to look at the artist's name of a work if it spoke to me. I walked past dozens of paintings and finally found one that really struck me. I took a look at the name -- it was painted by a certain Leonardo da Vinci.
Thanks dude I knew something fishy was going on with these NFT Craze. I can actually see the flaws that this can be used as a way to do illegal things and without a human being trying to do a check in balance on this giant ledger my fear is that this NFT craze would lead to another financial crisis.
My marriage of 7yrs is about to crash. I am so much depressed right now and wish I never used the money I and my husband have been saving to buy our first family home. I used the money to trade in the Crypto and NFTs and everything is gone. Now he wants to divorce me. I love my husband so much and I don't want him to leave me. I feel like killing myself right now😭😭😭😭
Yes Beatrice is right. Julia Mac has been trading for me since last year. I even use some of the profit I made through Julia Mac to open a company worth $85k. That woman is perfect when it comes to trading
I terribly sorry this happened to you. My advice would be to wash your hands of nfts and crypto in general and show your husband that you were scammed and that you've learned from your mistakes. Trying to get the money back by trading in more nfts would be the equivalent of a problem gambler who lost everything at the poker table say there going to win it all back by playing more poker. It would just show him you haven't learned anything.
No you didn't. He gave you a unit of energy. It's like saying "2000 bananas. That's the same as the country of Serbia uses". Like, what? Uses per what time period? Per day, per year? If he'd just given a unit of TW instead of TWh, fine, but in that case 10 TW seems a bit high...
I'm not going to lie, you're easily one of my favorite youtubers. The style of editing and your narration do a remarkable job of captivating the audience, also the careful research you do for all of your videos is incredibly admirable. Seriously man, you are amazing at what you do. Keep up the wonderful work.
Successful people don't become that way overnight .most people you see as a glance-wealth, a great career, purpose-is the result of hard work and hustle over time. I pray that anyone who reads this will be successful in life #VCORPINVEST
I get the comparison with "art", but let me ask for further explanatiin since I didnt understand 100%. So if you buy Mona Lisa (the actual painting, not a picture of it) then you will have THE Mona Lisa in your living room, and nobody else in the world has acces to it or can put one in their own house. But why would anyone buy a digital anything (short video, gif, jpeg) since literally anyone else has the same acces to it over the internet as the person who spent actual-real money? I mean, that guy spent 200k on Lebron scoring a point on that short video. I have acces to the same video, for free. Hell, I can see the whole damn game for free if I want to.
I might have some sort of mental disorder, because everything has no value to me with the exception of people, memories and experiences... things have no value other than their utilitary value that is...
a lot of people think like that really, but smetimes we attach memories and eperiences to objects, so we want to have them close, so the fond memories are always with us, its not that stupid honestly.
No, not at all material things are ultimatly futile, and can only give temporary bursts of happieness, or sustinance. It is our realationships, and experiences, as you said that are truly important. The mentality that we need things to be happy is rooted in a model of success based on our possession of a vast amount of lifeless objects. Now, it's important to have a balance, as it is through these avenues that, people can foster their experices.
Thank you for this video. I admit that I still struggle with NFTs as an asset class. I can't accept that a stoner's scribble of a lion gargling mouthwash is worth more money than I will make in a few decades of honest work. But even more than the total lack of effective or reasonable value assignment to art assets that are shockingly devoid of artistic merit, I can't wrap my tiny brain around the concept of buying and selling "ownership" of the token itself. If I were to buy a car or a house (or even the Mona Lisa), through the blockchain or the traditional collection of banks and dealers/realtors, I would be able to take exclusive possession of the car/house/irreplaceable-artwork-by-a-master-whose like-is-not-in-the-world-today. I would gain the rights to modify and dispose of it as I (within the bounds of the law,) saw fit. If I wanted to I could destroy the property or abandon it, and have every right to do so. So far as I can tell, that is not the case with NFT "ownership." I don't have sole possession of the NFT. I cannot modify or destroy it, I cannot prevent people from making identical copies, I don't have anything I can actually resell. I've paid for ownership without any of the rights and benefits of actual ownership, and I struggle to accept how anyone could conceive of that kind of asset as having any value whatsoever.
i believe that's where regulation and law will help enforce the ownership from NFT. From what i understand, in the end for that kind of problem, NFT will only replace notary and/or any other certificate as a legal base in enforcing ownership. can't say it would be any better in doing so, though.
This is what I wrote, 12:28 This is the part of the whole NFT argument that is sickeningly untrue. Its the human expression imbued in the work of art that gives it it's value. Commerce tries to quantify that value with money. The value is NOT the money, it is the art. This is why NFT's, as they stand now, is insipid. It's very premise, due to today's infrastructure (one where the actual art is made readily and freely available to everyone), is absolutely stupid. It states that the measure of the art, ergo the money, is what is valuable, and not the art itself, which is an essential disconnect that those obsessed with commerce are deluded into.
@@zumabbar This where why mention infrastructure in my original comment. If this happens, the internet would literally no longer be a free place. We would have robbed ourselves of equal access to information for all, for the sake of commerce. The internet is already not a free place, but this would be the nail on the coffin for sure
@@AubreyLinks a photocopy of a painting is not even remotely close to the original thing. The texture of the brush strokes are not there, the colors are not true, and is still restrained by pixel resolution. Even a skilled copy of a painting, though it has the copy artists touch and craftsmanship is still far removed from the original. Even if one today is able to generate a perfect copy, stroke for stroke of the original, it still would not have the physical history present in the art piece. An NFT is literally data. There is absolutely, positively no difference between one purchased for an absolutely ludicrous price, and one downloaded for free with a right click. It's the same exact pixels. And worse off, the planet has to pay because of this madness inspired money grubbers.
This video made me finally understand Bitcoin mining, they pay you in crypto for having your computer verify these transactions and contributing to the blockchain (and contributing to climate change). It makes so much sense now, thanks Johnny!
@@k_tess true but bitcoin has been the currency of a lot of shady dealings and money laundering for some time as well. I think I this is what they were getting at.
This. The second I found out how much unknown NFTs were selling for I thought money laundering...I set up a rat hole fake artist. They make an NFT....I buy it for 9 million and bam I washed the money.
@@GTaichou Funny because there's been SIGNIFICANTLY more shady dealings and money laundering happening in traditional fiat, for hundreds of years and I don't see anyone complaining that cash is corrupt. It's been reported that all money laundering that may have occurred through cryptocurrency to date is about $1.5B. In the last 20 years alone, and just in the US, banks have been hit with a total of 395 money laundering cases/charges. And the result of those cases resulted in more than $200 billion in fines/penalties. $200B. And that's not how much has been laundered.. that's the fines banks have had to pay over just the last 20 years for facilitating or enabling the money laundering. Shady things happen everywhere. The changes that will come from this new technological revolution are going to far outweigh the few shady things that can happen as a result.
To dive deeper into the world of crypto check out this crypto debate video I just released on my channel: ruclips.net/video/v0V_zkng4go/видео.html
a
I see you've actually been listening to the other side! Way to go, you've passed the ideological Turing Test.
Great video on web 3 can't wait for web4
nft cringe
Victor Chaos introduced me to NFTs
As a digital artist one of my biggest concerns about NFTs is art thieves. I wouldn't want people getting tons of money off of art that I spent hours on, and wasn't planning on selling.
Hey that's a nice nft you got there
It would be a shame if I
Screenshot
the smallest thing you could do to piss them off is to screenshot the nft that "they own", and joke like "guys look i do nft's now lolololol" what would they do? say to delete the screenshot? its originally made by you anyway
You thief using my name. Now prepare for trouble
their copy of your work would not have the same id as yours and will be obviously fake and you could sue them . thats wht nft does .
Do artist still use watermarks on their online images?
So NFTs don’t really have value for what it is, they only have value for what people give it. Which is why in the months since this video was posted nfts went from stuff like the first tweet to a couple thousand random drawings of a monkey
Actually they have made games and private clubs out of them now which does have value
So just like normal art? Some modern art pieces are literally some colors on a canvas and people buy it for millions
@@sonnykensenhuis8562 Kind of like that but if you own one of those for example some companies use ownership of one of their nft's as an exclusive membership card into a private group that hosts events with members only. And since some have a minimum purchase requirement of around 200k its pretty inclusive
Yes the value is only what people are willing to pay. I treat it kind of like comic or sports trading. So if it’s a drawing by an artist that I already collect in the tangible world. I find it amazing ( through nostalgia) that I own the first digital print of Spider-Man #1 or my Lebron James moment. I see more video games implementing NFTs into gameplay as well. When I play XBox and purchase a skin or certain weapon this is essentially an NFT . I can see game makers creating many items with rarity involved in the future. Then they will all set up secondary market places where players can buy, sell or trade these items. Imagine a COD market place where you could buy an item that gives you even a slight edge over your competitors… and this is just one example. it’s mind boggling how big NFTs will get. The NFT market is in it infancy stage kind of like Bitcoin in 2016 with implications to dwarf crypto in marketcap size and user adoption. Happy trading… 😊🚀
This man has no idea what a nft can be trust his video and fall
No matter how well this was explained, I still feel I’m missing something fundamentally important as to why people are spending money on this shite
Same bro 😂
Exactly, it shows no ownership at all. It just means you purchased a digital replica to look at or listen too. It literally has no value other than someone else paid that much for it once before. However as an artist and being able to go through companies that mint the art and track the sales giving me a percentage of each sale is fantastic until the hype dies out. All it takes is one piece of your art making it into a rich collecting group where they fight over the rarest of the your minted works.
But realize the hype is generated by these companies minting stuff... The hype never was "rich people" investing like a stock... They invested into it to create the hype... It will be a short lived thing like beanie babies as these companies can only sucker so many people to play the losing game of paying to mint art... Some parts of the market might stand through it because of sports using it like animated ball cards. Beyond that i don't really see much of a reason outside of collecting. Its a question of how many fans a specific nft market can keep, end of story.
Bc it's gambling
Imo, it's just so someone can brag about being rich or owning something widely admired.
1:04 What is a NFT
2:32 Ad break
3:41 Fungible - Replaceable
5:42 Difference between Fungible & Non-Funglible
6:00 Token - Blockchain
9:57 Examples
13:07 The Flip-side to the big fad (as of April 2021)
16:36 Outro
Oof I had to scroll through a lot of bots to see this
These art styles go so hard. Feel free to screenshot.
No pay $39500, or
@Central Intelligence Agency _________.
@@hansfromcongo6322 no lol
waaah waaah pay 3 thousand ETH or you wil lbe fined !!!1!!!
@@hansfromcongo6322 *screenshots*
I'm glad this man uses pokemon cards and orange jackets when explaining things in his videos so I, an adult child can understand.
Same here mate, same here 🙋♂️
and pizza!
👍🏻🤣
Turns out we all, myself included? Are adult children. The plague of our communication culture is that we try to sound smart and complicated and the result is no one really understands. I make these videos in a way I would want to explain it to me.
this guy is hypocrite! he is using YT which consumes much more energy that this ETH protocol! your NETFLIX bs as well!!!!!!!! go away UNSUBSCRIBED!!!!!!!!!
Why does all of this stuff make me wanna live off the grid in the woods somewhere far, far away from everyone in existence?
probably because it makes real society feel less real since this is a huge leap into making everything digitizable
Me too
Probably because you suffer from anxiety and have lack of confidence in your ability to Adapt to new times 🤔
@@BlackandWhitecustoms maybe I just lack the ability to follow the heard blindly like the rest of you crypto cry babies?
@@michaelc1326 your weak that's why you run. I control my environment so I don't care what happens my circle will survive and make changes as we have. So go run and hide in the trees with the other of the weak people who don't know how to make moves and think they have to make be like society
There are a bunch of Artists I follow who are deeply effected by this. One in particular is against NFTs because of the geoimpact, and some one, or group of persons are taking her art and making NFTs of it against her will. it just brutal. And there doesn't seem to be any way to hold these people accountable because it's so decentralized.
as an artist, that genuinely sounds so annoying and sad. imagine putting your hard work and skills, finally having a piece you're proud of then posting it to your social media account but a random person just steals it and has the potential to PROFITS off of it.
@@reyalfa18 the ONLY work they did was taking a screenshot, thats it.
Artists can make a slogan im digital art they make that acts like a watermark showing the person who made it in reality against NFT. Lhotoshop #NFTScheme or something over a tattoo or beard.
I agree with most of that, but I do dislike when people talk about the geo-impacts of blockchains. Why is the focus always on this new technology disrupting things and causing climate change and not on the fossil fuel plants literally polluting out the CO2? As civilization advances, more and more electricity will be consumed, and blockchains are just a part of that new future.
@@reyalfa18 correction. Copyright laws still apply here. You can sue them
I wish you brought up how nft's created a boom in art theft where people were selling things they didn't own and didn't make, like how many artists have found their work being sold on nft websites without their permission, or even their knowledge and receiving 0% of the money from the sales
That is an excellent point. Crazy that it is a flip on the typical art theft of how easy digital stuff is to copy.
i saw one on twitter where a recently dead arttist's work was sold as an nft and none of the money went to the family
The thing I don't get though, is they don't have a physical copy of it. It's like if I posted a photo on facebook, and someone tried to sell it. Well, on Facebook it's a super low, shitty resolution, whereas the original in my computer is 40MB of raw detail, that the buyer nor the seller have.
@@cubeography Are you talking about Qinni (@QinniArt), the artist that died last year? Yeahhh shit's fucked
That's what I was thinking, I can get Mia Khalifa's debut video, Mayweather first professional fight, etc... and sell that as a NFT, it's retarded
Anyone else just feels like Johnny's explainer content is one of the most creative on the platform? I’m always left wondering how he makes the most “mundane” topics seem so fascinating
There is always another
This topic is not "mundane" though! Blockchain might well be as big as the social media revolution. WWW 3.0?
well, he is one of the best editors on the platform
I'm trying to do a similar style, different content. Maybe you'd enjoy it as well.
@@larslover6559 I came to say this.
“Your money is just a number on the screen “. That hit hard.
how it differs from "Your money is just number on the paper" ?
That’s why it’s better to own something physical like gold. They cant make gold magically disappear or change its amount. 1lb of gold will always be 1lb of gold
@@notmenotme614 but gold is also like nft if you think about it. If people loses interest in that commodity then it's worthless
@@paulshaju2806 Except, gold is a real, physical, finite commodity with tangible utility. It cannot be replicated or mass produced at will, therefore it will always be rare, and since value is associated with rarity, it will always be valuable.
@@ntuthuko3175 it has utility but if you think about it almost every mineral or metal has utility.
What I'm trying to say is that gold is definitely rare but why is rare considered valuable? It's because of human perception
On the other hand why is food or grain considered valuable it's because it's human need it's a necessity
Gold is not a necessity we can live without gold
Real necessity is food ,clothing etc
And these were a lot more valuable than gold during early ages
*This video is so high quality,* that it probably would be sold for millions through NFT’s.
_Not saying that anyone should actually buy it with NFTs._
I wouldn't agree
@@JohnDoe-vh7vc contact the whatsapp number for more understanding
69blikes
@@bradleypitt3525 where do i invest?
@@je7647 contact the whatsapp number now
Edit: You will never know why I got this many likes.
Thank you all
Indeed
Thats the intelligent way of putting it
I would have called it the era of morons
It's been that way since we transcended the basic needs of life. Nothing new, happening for centuries.
I guess you've never heard of the Tulip mania in the 1700's....this is nothing new in humanity
@@johndonaldson3619 Human nature might be the same, but considering that we still reference tulip mania today suggests that this was a highly unusual event rather than the norm that it would be today
Mainstream news media couldn't make content this good if they tried.
well good thing cause they dont even try
tbh they could easily do better that just doesn’t sell
They actually could. They have all those people but they don't because they have to pump news every day.
they can. only that it’s 70% ads. Not even unique ads probably just 5 ads repeated over and over again
Mainstream media can't get their head out of the democrats a$$
Thank you for being there LIBERTONCORP when I wanted you to..... I was lost in this new world that I was hassled to start with ....you not only guided me along the way but you also showed me the proper way....whatever little I have been able to achieve in life is because of you today ..... I want to thank you for being there and showing me the proper way of doing thing for me you are my best guide as you truly showed me the way to life....once again , I would like to tell you a heartfelt thanks for being there.
Thank you for your explanation, out of all the videos I've seen this was by far the most clearest. Looks like I'll just be screenshotting the NFTs I like cause ain't no way I'm spending thousands on a JPEG
100
I think ppl buy them just because they think the value of it will grow more, because it's like a rare thing and therefore they're just hoping to resell it to make money off it.
@@slavicqueen
A bunch of scammers scamming each others basically.
Following the "There's always a bigger fool" philosophy.
@@slavicqueen I agree....90% of the NFTs I've seen are ugly as hell though, no clue how they sell for so many thousands and mlllions of dollars. Like the pixelated portraits of cartoon illustrations "crypto punk" or whatever
@@cxrlitosway lol exactly, all of them are just so ugly and stupid I literally don't understand the hype that's been created. What if you never get your money from it? And now that's what your millions are put into. Some stupid pixilated image on computer. 🤦♀️ pffft I'd rather buy land with that much money
Dude...fantastic job explaining NFTs. I'll be honest, I've read some, watched a lot of videos and still never really grasped it. You made it very clear and very understandable. Oh and the production was fantastic. Well done!
200th like
@@MASTEROFEVIL think he explained pretty trash
I use the service of a senior trade analyst Sir Benjamin H. Ravies as my fiduciary and I have been making profits minting and selling NFTs, if you don't know how to start then just seek professional help. Made £ 4000 this week
BenjaminRavies (a gmai lcomm to send a mail directly okay
👍
Everyone: “Modern Art is way too expensive for what it is”
NFT: “Hold my image”
Was literally having what you just said on my mind all week
"... For 2.700.000$!"
At least modern art doesn't hurt the environment.
@@revolvingworld2676 technically all the canvas used from trees is hurting the environment, but when in comparison to all the power used of NFT’s… yeah you’re right.
They both full of money laundering, but as an artist, I really hate computer generated NFT jpegs. Even Pokémon trading card would make more sense than these NFT
If I asked you, right now, to give me a 1-minute pitch as to why you bought/want to buy any NFTs, could you do it?
I am interested in making and selling NFT's, but right now is probably not a good time for me, considering the gas fees
@@legilooks, They seem to think the gas fee is reasonable, but not at for some people.
I don't see how cryptocurrency and the idea of NFTs will have value for the internet in the future,
If you venture into NFTs because of the hype, it's not going to be good, it is very important to follow a plan, and using the correct techniques could be very beneficial also have a Financial broker like Cintra V. Bedassie who guided me through the rough market and my wallet has increased to 7x of the total money invested.>
@@younglee-segredo831 So, how do i get to this advisor because i don't understand this NFT?
Someday, a digital picture of Johnny’s worn orange jacket will probably sell for a thousands of dollars at an NFT memorabilia auction.
I will buy it 😂
I outbid @@thomasduffyjr by ฿1! 😉
(That's 3 US cents. I don't know why Johnny used the baht symbol to represent Bitcoin. I hope that's not what the cryptonutters are doing.)
yeah but I ain't buying one!!!!
Yes! This is a good one.
@@thomasduffyjr i will buy it too !!
johnny = best teacher
johnny = cleanest videos
johnny = most entertaining videos
johnny = best informational videos on YT, underrated too.
Johnny, is also a firefighter, an astronaut, a police officer, the list goes on. What a legend
Johnny = But Russia
Jake Tran takes that spot
James Jani is a serious contender, also 1 million + is underrated?
If school had taught me like that, i'd be a genius
When we have everything we need we create value out of something that has no value. WOW ... well said man. Great video.
Why would we want to promote this concept?
Everything has value, that's why it was created. Whether or not it has monetary value is another story.
Now excuse me while I pirate all of these nfts. brb
Geoff said: WOAH DEEP SHIT 😭😭😭
Nothing has value on its own. Nothing. Something is GIVEN value. There is nothing on the planet that has any intrinsic value.
yea and this isn't doing great things for the environment. we always want what we don't have. by sticking with what we have already and focusing on meaningful relationships with others, i think we can be happier and live more fulfilling lives as well as helping the environment.
The future is now , you all need to start somewhere no matter how small #VCORPINVEST
Sheesh
Scam bot moment
Johnny Harris is a legend, much love and support from Algeria 🇩🇿 I love your way of simplifying things. Thank you boss
@@DyslexicMitochondria Your username made me click on ur profile. Your channeI is SOOO underrated bro
He's good enough to know how the democrats and Biden operate but keeps throwing the soft ball.
Algerian gang
🇲🇦💜
Wlad lablad yeh
One thing about NFTs that's rarely explained well is that NFT's are essentially a reciept of ownership. In other words, if you buy a jpeg as an NFT, you don't own that jpeg. What you own is a public receipt indicating ownership of the jpeg, and a link to that image. You own metadata. The image itself is NOT hosted on the blockchain. Because of this, while nobody can change the ledger indicating that you own the jpeg, somebody CAN change the image itself, or simply erase it. If the domain that's hosting the link goes offline, or if the owner of the domain changes the image, as the owner of the NFT, there's nothing you can do about it. Blockchain is impressive technology, but NFTs are a scam. Don't buy the hype.
I'm still fairly ignorant on the subject, but one of my issues is this concept of NFT's being infallible proof of ownership or something. There is no such thing.
@@catisreckless4647 well, listen to your hunch that perhaps you are ignorant.
This guy is right that NFT's are a scam, but the method and technology for proof that you own "it" are sound, provided the blockchain itself is sound.
In order for a transaction to be approved on the blockchain, the entire (or perhaps only a majority of 51%) need to approve it.
Even if you manage to defraud one part of the system, the rest of it immediately recognizes the transaction as fraudulent.
And when it is a cryptocurrency with hundreds of thousands of miners processing these transactions, you can't simply defraud the majority of them. The system is decentralized, making it impervious to fraud if it has proliferated enough.
That said, the current cryptocurrency craze is a lot like the dot com bubble. People hyping up worthless domains as if they'll be the next big thing. Most crypto is that right now. And whatever blockchain your NFT works off of could be one of those trash coins nobody uses or could easily be hacked.
@@Theviewerdude There is no such thing as infallible proof of ownership. That fact has nothing to do with NFT's.
@@catisreckless4647 yep and the biggest irony is, who owns the art piece more? The one that screenshotted the jpeg or the one that bought the url/metadata of hosted on the Blockchain. At least I can look at the picture whenever I want lmao
@@dihanmustakeem4089 As I said, I don't know enough about them to say "Ooo, Bad, BAD!!" But I do know that as far as I'm concerned, they are amazingly pointless. This notion that they'll "change the future" is also pretty questionable. They are merely just another fad for people to latch onto. Monkey see, Monkey do at it's purest form.
I’m still confused about the implications of NFTs on intellectual property rights.
As I understand it, the purchaser does not own the underlying asset, right? The copyright is not transferred. So does this mean that the buyer of Jack Dorsey’s NFT can’t put the tweet on a T-shirt and sell it without Jack’s permission? I feel like this part of the equation is never thoroughly explained, either in the media or elsewhere
I would like to know how that works, in the digital world it would be easy to track, on the material workd it brings in new regulations right?
You're right, copyright is not transfered (unless the original author of the asset transmits rights to the owner of the NFT).
In general, people can only claim ownership of the NFT itself, not the asset. People still give value to it because they can prove the provenance of the NFT. Consider it as being able to prove that famous basketball player xy signed your basketball, I guess.
I don't, i will start printing this art and say it i own the paper.
@@hubble5755 but you still don't own the basketball
Think of it like the black market. There is no intellectual property because there are no laws and regulations yet. It's just a big ledger of people agreeing about who sold what to who
Determination is highly needed in stocks trading. What most people see at a glance wealth, a great career, purpose is the result of hard work and hustle over time, we all need make moves now #VCORPINVEST
This guy explains complex concepts so simply that you are ready to write an essay on the topic after watching a 15-20 minutes video. Johnny is my favorite teacher ❤️
Are you planning to buy an NFT now?😛
Reject modernity, embrace tradition
@Johnny Harris Roflmao
"I mean, I could donate $69M to something beneficial like cancer research or causes to help the impoverished... Nah I'm gonna blow it all on a JPEG."
That would not even make a dent in cancer research, big pharma has trillions and so much power
@Eagle Beast of Prey here you dropped your tin foil hat
Its being used to launder money
@Eagle Beast of Prey ok trump supporter
@Eagle Beast of Prey no no no, the guy you are making fun of is right, you dropped your schizo medicine and your tin foil hat
Its good that people are so aware of the environmental impacts of NFT's/Crypto. Prices literally fluctuate depending on how healthy the crypto is for the environment.
That fact you believe humans can affect the Earths climate is so laughable, methane gasses has been releaded for MILLIENIA and the earth always makes it thru. Climate change is just another scam the Marxists use to get you to give up your rights and more power to them.
@@Gh0zT-777 the changes we are seeing today are too sudden and rapid to be attributed to orbital changes. ocean temperatures and CO2 levels have simply increased way faster then ever before in Earth's history. scientists know this because the CO2 molecules released by human activities are literally different from the CO2 molecules released naturally by plants and animals. using carbon dating, they are unable to identify any other period in the Earth's history that has warmed this fast without the presence of human-caused greenhouse gasses
@@avemariella ...except during apocalypses such as the downfall of the dinos.
@@Gh0zT-777 You really believe that don't you? :(
LOL.. what?
Finally someone who is willing to teach us younger guys instead of pushing some bs course on us. Appreciate it #VCORPINVEST
Imagine spending thousands on a picture when you can just screenshot it or take a photo
Im pretty sure nft is gonna be a big part of the metaverse and nft is only 1of1 and you know it’s 100% authentic when buying an nft
@@philsbootleg There's nothing that makes it authentic expect for your own perspective. No one cares if you own a shitty picture, especially when you're harming the environment by doing so.
@@jojothejanitor2134 Yeah, buuuut money.
@@philsbootleg Imma screenshot
@@philsbootleg who the fuck cares about the metaverse go outside bozo
Johnny Harris: This orange jacket has sentimental value to me. I am attached to it
Also Johnny Harris: YEET
lol
lol
lol
Orange jacket: 🗿
I am not Johnny Harris and I approve of this message.
The jacket analogy to explain fungibility was so good. First explanation thats actually got me to understand it lmaoo
Rcc
Nah
@@imbrakingthrough2152 [Verse 4: Dwayne Johnson & Tech N9ne]
It's about drive, it's about power, we stay hungry, we devour
Put in the work, put in the hours and take what's ours
Black and Samoan in my veins, my culture bangin' with Strange
I change the game so what's my motherfuckin' name? (Rock)
What they gonna get though?
Desecration, defamation, if you wanna bring it to the masses
Face to face now we escalatin' when I have to put boots to asses
Mean on ya like a dream when I'm rumblin'
You're gonna scream, "Mama"
So bring drama to the king Brahma (Then what?)
Comin' at ya' with extreme mana (Ahoo, ahoo, ahoo)
@Enthusiastic Aizawa I don't care
Cryptopunks NFT sold for millions of dollars, some people where lucky to get it early for free and later sold it for millions, you too can get access to some exclusive cryptopunks NFT by getting the right information.
This is how schools need to teach children. Johnny makes learning fun
I had a teacher who taught a lot like this in high school and I got as excited to go to his history classes every day as I do when Johnny releases a new video. It really is effective.
Absolutely!
The education system doesn't want teachers like this.
Except this video didn't teach anything and just threw around some buzzwords. I still don't know what the T in NFT means, which is the whole reason I clicked on this video.
@@poika22 token, the proof that you own that digital product basically
I finally understood what NFTs are, and where the environmental impact argument comes from.
Now I see why it's a serious problem.
Thank you for the good explanation.
lol I mean he didn't give much info on it except a simple "they use power so global warming" explanation. You should probably go look up things like Earth cycles and climate cycles before jumping to the conclusion that Humans are creating an issue lol.
@@PTIPPY I'm wondering if the guy in the video worked out how many TWH facebook needs to feed its herd :p
@@Tokinjester ikr lol
@@Tokinjester BINGO!!!!! He must be on one worlder central bank system kinda dude
i can make a nft that says WHATEVER I WANT. it isn't even possible to imagine a world where nfts mean ownership, because you would have to validate every nft's minter, which you need a central database for.
This is by far the most simplest explanation I've come across of what the Blockchain and NFT thingy is. Thanks!
I’m glad you can understand it because I’ve no idea… if you could explain it to me like how you’d tell a child why we drive cars…🤣
@@sugar4522 haha I don't think I can do it any better than what Johnny has done here.
You mean you don’t blockchain?! Urgh 🤮
@@Nige. I can block chain?
@@Nige. blockchain>environment?
Decades later we would profess love to our loved ones not by saying "I love you" but rather by saying "I value your non-fungibility"
Bruh, send this to your crazy blockchain obsessed friend to show them you appreciate them.
"I want a human that looks at me like anonymous millionaires look at NFTs"
Previously, a relationship was real if it said so on your facebook profile. In the future, it'll only be real if both you and your partner say so on the blockchain.
Send this dude Johnny to the moon! World class content, no click bait crap, authentic, and so informative.
@Johnny Harris what is this strange code?
@@samsawesomeminecraft it's a fake bot account
@@ekramhasan1907 plz help report them as spam
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I always just saw NFTS through memes, but now that I know what they are and what they do, this is actually really flippin scary
He always manages to scratch that particular itch in your brain that you didn't know existed. Half an hour later you find yourself down the rabbit hole.
U wrong
@@anasalattar7591 I think he's right why do you think he's wrong
Exactly!!!
Exaclty, I'm still reading about ice cream machines hahahaha
@@SandyQuintans hahaha
Good explanation.
Petition to blow up the Ethereum wharehouse
@@bucherwurm5344 is nft still alive or dead
@@courtjester6408 I dont know, but i hope its the latter one
ruclips.net/video/TjHk9XTsG7k/видео.html
I think another point worth mentioning is the impact NFTs are already having on independent artists. People can anonymously tokenize artwork that simply does not belong to them, and sell the "ownership" to someone else, often making far more money than the original artist could've ever charged for the artwork, effectively stealing their intellectual property with no repercussions.
This same issue occurs on any media posted to the internet though.
It isn't strictly an NFT issue.
It is a media issue.
How many people use a jpg of a copyrighted image or screenshot from a movie as their google account icon, for example?
@@anthrosaurian Wow, I didn't know Google monetizes their fucking profile icons. /s
😒
Thankfully, copyright laws ignore NFTs completely.
@Mee Acownt because anyone can make NFTs, not just the copyright holder.
@@anthrosaurian the issue with that example is that no one is selling those jpegs meaning the artist doesn't lose anything, however in the example that the og comment provided the artist is losing out on a whole bunch of money tht is now going to someone who didn't put any work into the art at all.
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To me, the main difference between NFTs and other non fungible things is an NFT have no real added value.
You can look Mona Lisa on the internet. It's fungible, therefore it has very little value (in this case, none). Or you can pay a ticket to go see it an experience the real thing. Added value = more expensive. Or you coud buy it (if it was for sale), and then you could experience it every day. More added value = way more expensive.
It's a pretty basic economic principle that people buying NFTs are forgetting. If it's more expensive, it's because it has more value. Sure, for a lot of things, it's 1) subjective and 2) there is a part of perceived value. But only a part. There is some real added value to possessing or experiencing the thing.
Possessing Nyan Cat's NFT brings no more value than just watching it on the internet for free.
That being said, people do whatever they want with their money. To me it's just foolish but hey 🤷♂️
People don't buy valuable things like the Monalisa to experience it everyday. Even if they did, they'd have to spend more to secure it and make sure it's not stolen or damaged. They buy it for perceived value.
NFTs have value because it's secure and verified. You can own an item for it's perceived value and not worry about someone stealing it.
The part I'm unsure about is, these memes are floating. You don't know if people will care about Nyan cat in 20 years. Monalisa held value for 100s of years, we don't know what people will care about in 20 years.
Its the exact same as art, has no actual value apart from how it makes us feel. Same with wallpaper and buying designer gear.
I screen shot jack doeseys tweet. Same fucking thing lol
I can look at the Mona Lisa online for free everyday. What is the difference?
@@vibez2806 Not much difference in terms of experiencing art. But you buy it for 100M and sell it 120M in a few years, show off to your friends while you have it.
Your explanation of the blockchain is phenomenal. Extremely straightforward, no tech fuzz that nobody understands. amazing
Send a direct MSG right now 👆💬💬👍📥..
Teach you morę.
Thank you for the video. I’m a traditional artist and I get asked if my art can be purchased using NFT and it sounds so shady. I didn’t understand the concept until now. Thanks 🙏🏽
What did you end up doing?
I also found it shady to give me 3 eth for some doodles 1eth =1700usd)
I refused because that was too shady...
Johnny Harris is THE definition of high quality and quantity for content
The amount of work must be INSANE!
His content reminds me the combination of early VOX and Great Big Stories :D
Meh, I wouldn't go that far. He's style works for many people and for others like me it's a bit too "stretched out". I feel he can easily condense this into 5 minutes and still keep his style and format.
Agree
Not for quantity, quantity is perhaps recent, quality no doubt
Wow. I've been looking for someone to explain this in a way that makes sense without trying to sound smart by throwing a bunch of lingo and terminology out there. Bravo! I honestly understand the NFT, blockchain, and crypto world a lot better after this.
This started as an NFT video, then went down the rabbit hole of the ultimate purpose/direction of humans. Once our needs are met, we seem to create imaginary value at the expense of real value. We create psychological excitement at the expense of the planet.
Love how you see the hyped moment critically! All of your videos are so well-produced and interesting!
19 inch VEINY BLACK KOK FORCED into a tight BUTTTWHOLE NFT
Johnny’s content is so diverse. He makes videos on things that are not even related. Keep up the good work!
im trying to figure out how to stake tokens that i just bought, where do i input these words? Hire manage cloth online tilt climb sick fury pave amateur mosquito cliff
Money and riches are temporary, learned skills are permanent. One day your tweet is worth millions and next day the market crash and its worth nothing. But your skills, if valuable enough, will always retain their value.
No one is thinking when the jpeg gets corrupted lol
Amen
Hay is this is a ad segue for brilliant or skill share?
@@davidwarford3087 lol no...! 😂 But yeah they are all over the place and annoying as hell.
It’s not always true. Let’s say that you know how to drive a truck. Right now it’s a valuable skill, but two decades from now it may not be valuable at all. Technology can depreciate the value of your skills. Self-driving truck would eliminate the value of your skill.
I HAVE BEEN MAKING LOSSES TRADING MYSELF...I THOUGHT TRADING ON DEMO ACCOUNT IS JUST LIKE TRADING THE REAL MARKET... CAN ANYONE HELP ME OUT OR AT LEAST ADVICE ME ON WHAT TO DO?
Trading with an expert is the best strategy for newbies and busy investors who have little or no time to monitor trade
I will advice you should stop trading on your own if you keep losing
And start trading with Mrs Cassandra Roberts trading services
@@Calvin_anderson Wow I'm just shock you mentioned and recommended Expert Mrs Cassandra Roberts I thought I'm the only trading with her
The editing is out of this world! Absolutely amazing! I watch a lot of RUclips and I have never seen such unique, refreshing, and satisfying editing...at least not from a non-major-Studio.
I think what is going on is the reaction of the feeling of “always wanting what you can’t have” if someone has something despite you being able to see it else where, because people have brought value to it because it’s an exact version, it creates hype over that one thing
the funny thing is: I actually CAN have the same effin picture for free, same as that dork who wasted 150k on it
@@groovesan Or you have the same effin picture for free as the guy who officially owns the picture worth 150k and is validated for it by his friends as well as the media.
@@ThreeBeeHDb I'm going to right click you
The effort spent on editing these videos. Truly spectacular!
Getting a way to make income without having to leave home isn’t exactly as easy as you all think it is , talk is cheap and it’s sure easier said than done , I have my source , and I would rather stick to that, it pays well, even my stepdad quickly #VCORPINVEST
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2 in a week?! This is a treat.
More like a feast if you ask me
Let us eat some indie journalist chad man content for everyone
I thought the same thing
Sorry dude i had to get this out of 69 likes just because i need this to be the top comment
ICE CREAM NOW THIS? Vox ain’t on shit
Starting early is the best way of getting ahead to build wealth, investing remains a priority. The stock market has plenty of opportunities to earn a decent payouts, with the right skills and proper understanding of how the market works #VCORPINVEST
NFTs aren't an investment. It's a scam!!
this was literally so well explained like I had NO IDEA about this and now I feel like I understand the basics of it
the "basics" are..
this is a money laundering scheme. made to transfer wealth from person to person, from country to country.
it is also a money syphoning con, designed to part money from fools who dont understand that. and think that like Jack Dorsey, they also can "make huge profits" from "investing" in it.
it is also a ponzi scheme.. where the growth in value is coming from more and more fools pumping money into the system. and the moment the flow stops, it WILL collapse.
just like Bitcoin.
But purpose. I think its new form of corruption. And money washing
@@adamfirst3772 didn’t ppl say Bitcoin would collapse years ago😂
@@arjundhaliwal8853
i dont know what bitcoin will do..
i just know its a con. it is ABSOLUTELY worthless and just an IMAGINARY, virtual computer image, even if it hits $100k per pixel, because fools keep pumping money into it.
but once everyone realize this, it might collapse to zero that it deserves.
@@adamfirst3772 kk u can keep thinking that I’m not a Bitcoin or crypto expert. But u clearly don’t know anything about it and while ur so skeptic there’s going to be millions of others making profits while ur sitting at home typing in RUclips comments about how bad it is😂 pls don’t say random ass shit with no proof or knowledge to back it up that’s just ur random ass opinion based off nothing
as a newbie, this is honestly the best explanation of NFTS. i get it now. it has value because its ownership is publically recorded on the blockchain
How do i get it
The issue is that anyone can take anyone shit and make money on it. That's all I see
the part I don't get is how the original transaction happened in the first place. Lebron didn't sell the digital version of that shot.
@@hengineer exactly so who gets to claim ownership it seems its who ever claims it first regardless of who created the source content
@@hengineer the nba did. They own all footage of the nba games
These NFT's will go down in history as one of the most stupid things in history of mankind.
it's the same as pokemon cards or baseball collectables. It's the same thing but in a digital format.
@@Daxmacloi But why do they cost so much?
It's ridiculous
@@kalma8216 Because they have added value. If there's a group of people that believes in the value of something, then that item must be valuable (that's the theory). That's why "the mona lisa" has its value: it's just a painting, but we recognize its value because "it's one of a kind" and it's been sold for a lot of money.
Well, nft happen to be in the same spot. They are something new, a new way to sell digital art, so people grab some nft and sell them so expensive because "it's one of a kind" and because of hype.
@@kalma8216 they generally don't cost this much. Of course, if you are not in this business/not interested in these things, you will hear about cryptopunks and bored apes selling for hundreds of thousands of dollars, but really, most of the goods sold as « NFT's » have just as normal prices as the « real world things »
@@Daxmacloi Except you know they're PHYSICAL and don't require power to continually exist
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I really thought the video was gonna go on for much longer. Kinda felt like just an intro to a documentary.
I watched so many videos on RUclips in order to understand NFT; but you are the only one who could make me understand this very clearly.
Thank You Johnny!
I am also a beginner in NFT, maybe we can exchange some knowledge.
This goes to show how many rich people are out there.
Hi there. Can i buy your comment for 9$? This is a historical moment and in the year 3000 people will look back at this moment and it will be worth $1 million. Nah im just kidding, i don't actually want it. You have a good day 😂
Hi guys. I'd like to get ahead of it all here and just buy this whole comment thread for 1000 crypto-monies? If you two are willing to shell out money for it then that's all I need to know. Value baby! And no, this has nothing to do with money laundering. Why would you even ask that?
Yet... Proof rich people do spend money on BS...
Millions and millions of em. More being created all the time.
There's no shortage of money.
its literally money laundering done in front of you lol
You have become the guy I come looking for when something is boggling my mind. THANK YOU for your content!!
NFTs prove that rich ppl have so much money they will literally buy anything for the clout.
my guillotine finger getting itchy
Maybe but NFTs are not just about rich people flexing. Alot of us who are interested in NFTs want to use the technology to even the field.
Yeah but the problem is the technology, and not the people using it.
It's literally the opposite, it proves that poor people can finally create value from nothin and aren't limited by what rich people deem expensive, for the first time an aspiring artist can create something and sell it on the Internet without having to sell a kidney to have it auctioned off at Sotheby's! This is liberation from the capitalist machine that has placed value on paper and disconnected the world from gold which in itself is an NFT ! Think about that for a second!
@@Glebean laundering & inflation at it finest.
First the McDonalds video being adjacent to right to repair by Louis Rossmann, now NFT being adjacent to Benn Jordan and NFT in the music industry. Seriously love these deep dives and explanations into niche things, they help me explain it to others in a more reasonable way!
The year is 2050
“Duuuudeee you have to get out of bed! You’ve got to go to work to earn 20 magic NFT’s so you can trade them for food this week”
VECHAIN Look it up. It’s already in the process
@@edgardmartinez6026 Try to understand what my comment is actually saying.
What is great is that if we are having food insecurities issues then it would be more economical from both a monetary and resource standpoint to just use a bartering system or go back to our current local currencies. The resource and energy overhead for NFT's is only culturally viable because we don't care about burning readily accessible fossil fuels.
That's literally Doge coin already
LOL!
Finally after a year of trying to find understanding of what NFT'S are. Thank you for explaining thoroughly.
legends gonna make money now
How is your health
You should clarify that the "public record" doesn't actually have people's personal information on it.
It has the account name which is generally something like a string of 24 random letters and numbers.
Yep, great point
Honestly I think that will be less and less anonymizing going forwards in the same way that ip adresses have been replaced by urls. Its just easier to use with domain name services.
I think that's why he put "(encrypted)" next to each name/entry on the public record section. Maybe it could've been clearer?
Best explanation of NFT's ever. You should sell this as an NFT.
I'll buy this for 0.5bnb.
What makes this even more crazy is game industries we know and loved are getting into NFTs which is ridiculous. Absolutely ridiculous. A good example is Ubisoft started a thing called Ubisoft Quartz, mostly about selling NFTs. Luckily though, they failed miserably.
Edit 1/2/22: Square Enix gave us a middle finger for the new year. I loved them because they make good games like Tomb Raiders and Nier. It’s so sad now. At this point, I’m making a switch to indie games.
Edit 2 1/7/22: I have a bad feeling Rockstar is getting into NFTs…
Oh no. Already, they are trying To?
@@brok56 Actually no. They already did.
GameStop is creating a NFT marketplace which will revolutionize the entire gaming industry
@@immortaltecneek how will it do that
I cannot fathom how this shite came about.....
Art is SO MUCH MORE then just a number of people deciding that something is valuable. No one "decided" that Mozart, Miles Davis or Beatles were great -- rather there music SPOKE to people and their genius radiated through their work. Similarly, no one DECIDED that da Vinci, Monet and Picasso were great -- rather their art SPOKE to people and their genius radiated through their work.
I remember years ago walking through a museum in Italy. It had all sorts of artists that I had never heard of as well as some famous ones. Lots and lots of paintings. I decided after a while that I was only going to look at the artist's name of a work if it spoke to me. I walked past dozens of paintings and finally found one that really struck me. I took a look at the name -- it was painted by a certain Leonardo da Vinci.
Johnny: ‘i have an emotional attachment to this jacket’
also Johnny: 9:56
Imagine someone doing that but with a dog lol
@@owentill oh no
Johny : This jacket means so much to me
Also johny: Throws jacket on the floor
serious tom scott vibes here
Whatever Happened to Tom's Hoodie?: Tom Scott at Thinking Digital 2013
@@doctergoogle yeah thats a good video
Basically "copyright" but the trust isn't held by a government, but rather by millions of computers.
Thanks dude I knew something fishy was going on with these NFT Craze. I can actually see the flaws that this can be used as a way to do illegal things and without a human being trying to do a check in balance on this giant ledger my fear is that this NFT craze would lead to another financial crisis.
imagine money laundering
@@hengineer my first thought
My marriage of 7yrs is about to crash. I am so much depressed right now and wish I never used the money I and my husband have been saving to buy our first family home. I used the money to trade in the Crypto and NFTs and everything is gone. Now he wants to divorce me. I love my husband so much and I don't want him to leave me. I feel like killing myself right now😭😭😭😭
Yes Beatrice is right. Julia Mac has been trading for me since last year. I even use some of the profit I made through Julia Mac to open a company worth $85k. That woman is perfect when it comes to trading
@dennis Gilbert you will get scammed again. Those Instagram traders are all scam. They take your hard earned money out of your pocket
Pretty sure he is one of the sock puppets in on the scam. Every reply to this post before yours was.
OMG! She's a wonderful woman. I know Julia personally and she's very good when it comes to trading
I terribly sorry this happened to you. My advice would be to wash your hands of nfts and crypto in general and show your husband that you were scammed and that you've learned from your mistakes. Trying to get the money back by trading in more nfts would be the equivalent of a problem gambler who lost everything at the poker table say there going to win it all back by playing more poker. It would just show him you haven't learned anything.
everyone is just excited to be part of the next big thing but no one stops to think about what they are creating
Underrated comment
They were so preoccupied by whether or not they could they didn't stop to think if they should!
@@groundeater6806 HAHAHAHAHA!!!!
Word to the nth
Yep we’re feeding the beast
You know it's Johnny Harris when 2 minutes into a video about NFTs you start to learn about human psychology
One of my favorite phrases is, "something is only worth what some idiot is willing to pay for it".
Make it into a NFT... what do you think it will be worth ?
Serbian here 👋🏻 Just learned how much power we spend 😂
Same!
Takođe 🤣
No you didn't. He gave you a unit of energy. It's like saying "2000 bananas. That's the same as the country of Serbia uses". Like, what? Uses per what time period? Per day, per year? If he'd just given a unit of TW instead of TWh, fine, but in that case 10 TW seems a bit high...
Seeing orange jackets as part of Johnny's monthly transaction makes you notice how he's so serious about that shiii
Johnny: "There are 3 simple letters you need to understand N F T."
Reporter: "What does it mean, Not safe for work or something?"
No fuckn Twerking
@@phink_ LMFAO
It stands for “No Fucking Twats”.
More like Can't Fuckin Spell. Like damn 😁
I'm not going to lie, you're easily one of my favorite youtubers. The style of editing and your narration do a remarkable job of captivating the audience, also the careful research you do for all of your videos is incredibly admirable. Seriously man, you are amazing at what you do. Keep up the wonderful work.
Thank you for not lying.
“There’s some super strange stuff happening online right now.” That’s alright Johnny, you didn’t need to tell me that.
True, few years ago I used to know everything about internet, now it was grown wild, I've lost my grip from Internet and it's wierd new stuffs.
Successful people don't become that way overnight .most people you see as a glance-wealth, a great career, purpose-is the result of hard work and hustle over time. I pray that anyone who reads this will be successful in life #VCORPINVEST
I get the comparison with "art", but let me ask for further explanatiin since I didnt understand 100%.
So if you buy Mona Lisa (the actual painting, not a picture of it) then you will have THE Mona Lisa in your living room, and nobody else in the world has acces to it or can put one in their own house. But why would anyone buy a digital anything (short video, gif, jpeg) since literally anyone else has the same acces to it over the internet as the person who spent actual-real money?
I mean, that guy spent 200k on Lebron scoring a point on that short video. I have acces to the same video, for free. Hell, I can see the whole damn game for free if I want to.
commenting here cuz I also wanna know the answer
People are attacking idiots that are happy parting with their money for things that are useless. It's all going to end up in a big car crash.
@@craigstroud4124 but can we make money before it crashes👀
I wanna know also. Good question
@@Alivelivelylive going to make an NFT of my foot and sell it. Dream of millions. I'll never get that back you know, will only be one of.
I might have some sort of mental disorder, because everything has no value to me with the exception of people, memories and experiences... things have no value other than their utilitary value that is...
Same here.
That view is called wisdom, and it's definately superior. I don't want to participate in a culture that portrays wisdom as a mental disorder anyways.
a lot of people think like that really, but smetimes we attach memories and eperiences to objects, so we want to have them close, so the fond memories are always with us, its not that stupid honestly.
No, not at all material things are ultimatly futile, and can only give temporary bursts of happieness, or sustinance. It is our realationships, and experiences, as you said that are truly important.
The mentality that we need things to be happy is rooted in a model of success based on our possession of a vast amount of lifeless objects.
Now, it's important to have a balance, as it is through these avenues that, people can foster their experices.
Thank you for this video. I admit that I still struggle with NFTs as an asset class. I can't accept that a stoner's scribble of a lion gargling mouthwash is worth more money than I will make in a few decades of honest work. But even more than the total lack of effective or reasonable value assignment to art assets that are shockingly devoid of artistic merit, I can't wrap my tiny brain around the concept of buying and selling "ownership" of the token itself.
If I were to buy a car or a house (or even the Mona Lisa), through the blockchain or the traditional collection of banks and dealers/realtors, I would be able to take exclusive possession of the car/house/irreplaceable-artwork-by-a-master-whose like-is-not-in-the-world-today. I would gain the rights to modify and dispose of it as I (within the bounds of the law,) saw fit. If I wanted to I could destroy the property or abandon it, and have every right to do so.
So far as I can tell, that is not the case with NFT "ownership." I don't have sole possession of the NFT. I cannot modify or destroy it, I cannot prevent people from making identical copies, I don't have anything I can actually resell. I've paid for ownership without any of the rights and benefits of actual ownership, and I struggle to accept how anyone could conceive of that kind of asset as having any value whatsoever.
i believe that's where regulation and law will help enforce the ownership from NFT. From what i understand, in the end for that kind of problem, NFT will only replace notary and/or any other certificate as a legal base in enforcing ownership. can't say it would be any better in doing so, though.
is this what the metaverse is? or are the 2 things not related?
This is what I wrote,
12:28 This is the part of the whole NFT argument that is sickeningly untrue.
Its the human expression imbued in the work of art that gives it it's value. Commerce tries to quantify that value with money.
The value is NOT the money, it is the art.
This is why NFT's, as they stand now, is insipid. It's very premise, due to today's infrastructure (one where the actual art is made readily and freely available to everyone), is absolutely stupid. It states that the measure of the art, ergo the money, is what is valuable, and not the art itself, which is an essential disconnect that those obsessed with commerce are deluded into.
@@zumabbar This where why mention infrastructure in my original comment. If this happens, the internet would literally no longer be a free place. We would have robbed ourselves of equal access to information for all, for the sake of commerce. The internet is already not a free place, but this would be the nail on the coffin for sure
@@AubreyLinks a photocopy of a painting is not even remotely close to the original thing. The texture of the brush strokes are not there, the colors are not true, and is still restrained by pixel resolution.
Even a skilled copy of a painting, though it has the copy artists touch and craftsmanship is still far removed from the original.
Even if one today is able to generate a perfect copy, stroke for stroke of the original, it still would not have the physical history present in the art piece.
An NFT is literally data. There is absolutely, positively no difference between one purchased for an absolutely ludicrous price, and one downloaded for free with a right click. It's the same exact pixels.
And worse off, the planet has to pay because of this madness inspired money grubbers.
Bro, I want to sincerely thank you, you literally gave me a new and simplified way to look at things! Saved my life!
Wow another Johnny Harris video already! Thanks for your hard work
This video made me finally understand Bitcoin mining, they pay you in crypto for having your computer verify these transactions and contributing to the blockchain (and contributing to climate change). It makes so much sense now, thanks Johnny!
Do a video on how modern art industry and NfTs are fuelling money laundering.. I'm sure you'll go down an interesting path...
Kudos for the video. XD
Art was ALWAYS a front for money laundering.
@@k_tess true but bitcoin has been the currency of a lot of shady dealings and money laundering for some time as well. I think I this is what they were getting at.
This.
The second I found out how much unknown NFTs were selling for I thought money laundering...I set up a rat hole fake artist. They make an NFT....I buy it for 9 million and bam I washed the money.
@@GTaichou cash has been the currency of a lot of shady dealings too. What's next, Tesla's can crash? Ooh future scary
@@GTaichou Funny because there's been SIGNIFICANTLY more shady dealings and money laundering happening in traditional fiat, for hundreds of years and I don't see anyone complaining that cash is corrupt. It's been reported that all money laundering that may have occurred through cryptocurrency to date is about $1.5B. In the last 20 years alone, and just in the US, banks have been hit with a total of 395 money laundering cases/charges. And the result of those cases resulted in more than $200 billion in fines/penalties.
$200B. And that's not how much has been laundered.. that's the fines banks have had to pay over just the last 20 years for facilitating or enabling the money laundering. Shady things happen everywhere. The changes that will come from this new technological revolution are going to far outweigh the few shady things that can happen as a result.