Hey Colin and Samir, loving the videos but you’ve gotta talk about the societal or ecological costs of NFTs or other crypto systems. They inherently take huge amounts of energy to produce (“mint”), are are not sustainable as a value system. Seth Godin on the topic: seths.blog/2021/03/nfts-are-a-dangerous-trap/
well they don't make it out of thin air they make it out of their fame and minting them is like the US banks minting bills because they aren't backed by anything anymore
My original thought about NFTs was “Wow, this is really stupid” I watched the video, and... still think the exact same thing!!! Interesting thought about creator stocks at the end though
Yes, I still think the same after watching this well explained video. In digital it's so easy to copy something, and there are so many contents. But there seems a lot of potential in this concept may be for other domains.
@@soumyaripan5131 here's a question that might help. What makes a genuine CD more valuable than a fake CD with the same contents with onto it? Remember we're still talking about digital contents here
I think Gary V said it well, "Nft as a whole is amazing and many amazing things and projects will happen .. there’s just going to be trillions of them .. just like influencers .. many do soooo well, some do well ... many don’t"
Con men as sales ppl recommending EFT's that are the same as any copy/paste. I'm eager to see stupid rich ppl waste their money on EFT's.
3 года назад+2
no NFTs doesn't make sense but synthetic assets - stocks or EFTs tokenized on BTC or ETH do. the porblem with "tokenized" art pieces like drawings, is "securing the uniqueness" - human element still involved. But digital autographs - that's BS, like "I have a Jordan's jeresy signed by him digitally" :D :D
@@mr.commenter7953 Not possible lol, you get a certificate of authenticity when you buy one and all transactions are visible publicly, so you wont go far with it.
I've consumed a lot of nft content the past 3 weeks. This is the first time I've seen it being posed as a value to access, and not just resale value. I really enjoyed the interviews and conversion. Thanks
I really liked your point about the experience Samir, the Mona Lisa analogy makes sense but holding the physical painting is very different from a photo in the crowd with reflections from the case it's in, yet the experience of watching say a video is no better whether your own it or not (except maybe it makes you feel better, but practically its the same, full screen viewing etc). Plus, the fact that in many cases you are not also buying the ownership or distribution rights makes them less appealing too. Having said that, I was really impressed with the idea of building in perpetual sales splits or agreements and contracts that have trackable and self-fulfilling consequences, through the Ethereum blockchain in particular. I also really like the idea that owning an NFT could almost be equity with patrons holding a sort of shareholder role, with a stake in the creator. However, two questions, firstly from a creators perspective, although you could raise a tonne of money in the short term, it doesn't create any consistent income or regular income like on say Patreon or buymeacoffee, so if from now on you are beholden to a small group who invested in you years ago that doesn't allow for the potentially exponential income growth (for roughly the same work input) which is a really cool advantage of the creator business. Thus this somewhat creates a minimum price, which is likely very high, in order to make it worthwhile for the creator to give this exclusivity or 'membership' to the buyers somewhat perpetually. Secondly, with this in mind, does having an exclusive and highest-bidder model just create a massive access and wealth gap, whereby those who can afford access get it and those who can't can't, even if they would still support you in smaller amounts regularly or add a lot of value to your community in other ways, or buy a t-shirt every year etc. And because the scarcity of the NFTs are what makes them valuable, like shares, by creating more in the future to raise money you would be somewhat diluting your OG fans NFTs, and unlike physical assets it is much easier to just create more digital tokens, even if they are all provably unique, you can just churn out more or similar ones. Also because this isn't actually shares, there isn't really the same consequences to doing things like that, just leaves the audience sour. Lastly, I pictured myself in the shoes of an NFT buyer, of a small creator, who now has access to some sort of 'club', if the creator grows and my NFT is suddenly worth more there becomes this paradox where you don't want to sell it because if you do you'll loose access to the club, but yet you want to 'cash in' on your investment, in this way if you still really enjoy that creators stuff it is almost impossible to actually cash in on such 'gained' value - so the value has been created mutually but is unattainable... does that make sense? or am I missing something? haha. Just food for thought... (great video though guys, thank you!)
to point two: everything that is limited will get value that can rise to an unlimited amount. They are like if stock and Patreon made a baby. you could own/make new ones that are given away/ can be won. Like floatplane with ltt you get early access to the videos yes it costs money but you could just wait if it isn't worth to you
Yes. What's currently putting me off is the same people who were social media expert three years ago; dropshippers, fortnite, mining last year. Yaaawning.
it's a complete scam but people are fine with it, makes you really wonder how stupid rich people are, they aren't paying for a mona lisa, they are paying for "owning" something everyone can look at in the same way as they can for free.
@@theprophet2444 you just simply don't get the concept and that is ok. I suggest you do some good research on the subject before commenting. NFT's are the future for many reasons while we shift everything to the digital world. Mona Lisa or physical collectibles mean nothing to me cause I spend my time online. Can't showcase and verify physical Mona Lisa painting in digital realm. AR and VR are the future. Collecting has to evolve as well. Owning NFT means that you own the real artist's artifact. It represents the hard work, the creativity that has went to creating the art piece. It is the official badge that you support the artist and the art piece. physical is outdated. printing on cardboard or some other shit. imagine paying for cardboard trash lmao.
This is very helpful as I’ve been hearing all about. Not to mention this was at the top of my RUclips feed and I never watched you guys but you’re using my song as your instrumental intro from the dream junkies project. Thanks so much 🙏
An nft is basically like a painting or a bar of gold. It’s rare hard to find hard to own but not hard to get by copying. The value is within the so called share owner/ share holder. When you own gold it increases in value over time the same with specific paintings. You can buy a nft today as a high risk speculative investment that can yield annually
The stock part is the only part that makes any sense. Having an NBA clip NFT is not the same as having a photo of a cardboard player card, because the photo is a photo of a card; and screen recording of an NFT is exactly what the NFT is.
NFT is basically an autograph masquerading as a token... that u can sell.. but a certain portion of the money you get goes back to the original owner. nice
@@kikin310 well yea if you buy ut for the sake of buying and not appreciating the perks that come with it.. then kinda scam ?... a scam for the only ones that can afford it
Yeah you own a string of letters, nice autograph brah want me to sell you a string of letters for 10000 dollars? You will be the only person who owns it
I've been watching you guys for years, and it still amazes me that you do not have a bigger following. Your content is just so good and well put together every time. I hope it changes soon because you all deserve so much more recognition than you have.
When I tagged you guys on my video and realized you were going to be doing one, I was like damn they're going to kill it with breaking this down. ps. Colin and Samir as the spokespeople for NLL NFTs
this just feels like something someone'd bring up in a philosophy class - - the value of art,, owning the actual original picture is more valuable than one of the copies
It's not always the case, some concepts are just hard to digest, either because it's complicated in nature, or it's just so new you can't make sense of it, yet.
Yes and the analogy is false of course I can easily copy any digital art I can't copy the Mona Lisa "but you don't own that art you copied" yeah and neither does the buyer, also what's the point of "owning" something that anyone can copy and have? It's not like I physical object, it's just a certificate. Only the membership is nice but any one can be a member so again what's the point? Oh have an exclusive club of rich entitled kids? Yeah sounds great.
It's the complete opposite. From my understanding, it's more like by you subscribing to a channel, you are allowing others that aren't subscribed to see the video or content the creator has and they see what the channel has and being intrigued to maybe subscribed too. But they can't subscribe to it because you have the subscribe button. But if you sell it, they can have it and the creator gets 5% of your sold cost.
alright get this ..30 years from now, everyone has VR set ups. youre able to take tours through people's museums. the only place youll able to see that dunk is in that one "room". then it will turn into the Monalisa of VR
@@cyril6164 not that easy. As years go by those moments we live and see now will be hard too find by the many new players and new moments made in the league. And then the reproductions of video and quality on RUclips won't be as high as you owning the original
@@bettywhiti2025 I wouldn't have to pay for NFT its its my own baby being born... Why would a stranger be filming it and I would have to buy it from him. Think first lmao. But I get what your saying but that would be more for like a sporting event. Maybe like a final of a sports game and you want to relieve the moment in person.
I am not a creator and do not think I will ever become one, but I love these podcasts as a consumer of creator content. I think it is super valuable to learn about creators and the "power" they may have over the market and consumers in general. Keep it up!!
You two are such a great duo. It is honestly so refreshing to see some intelligent RUclipsrs who are genuinely just trying to learn and help others learn.
Came via CorridorDigital's "Beeple" NFT sales video of which I knew nothing, now I feel so much more informed. This was awesome, You've got my sub, thanks!
I think as a creator the most exciting part of NFT’s is it gives a chance for your fans to support you, while getting something tangible and one of a kind in return. It doesn’t cost the creator a lot of money to make vs for ex. merchandise and gives the buyer/supporter a chance to make money off of it in the future. It’s kind of a win win. Also, I think some artists are doing some really cool work in the NFT space that isn’t talked about. Things that can only be experienced IF AND ONLY you buy into the NFT space. That’s my 2 cents
I feel like the best comparison made was the rookie trading card analogy. I've followed the Philip DeFranco show for over a decade and would have 100% of purchased an NFT associated with one of his early videos to support him and be part of that journey. @Samir, don't overthink the benefit of owning an NFT in the sense the creator has to provide immense feedback, having ownership over a creators early work because you were there and followed them from an early stage, for me anyway, would be gratification enough.
@@mrgreenman2290 exactly stocks have sec looking after the company you are investing into. There are some laws and rules in place. This on the other hand is lawless. What happens when these creators create these nfts with promises to a membership club or providing some type of value and then close their channel. Again just seems very one sided transaction. The creator is taking zero risk.
So in terms of membership to exclusive creator communities, why would creators want to use NFTs v.s something like Patreon? Is it just diff bc the supposed valuation of an NFT (or access to an exclusive community + perks) can go up over time due to there being a limited amount? Is it the fact that fans/superfans can have more of a personable connection/attachment to the creator, and NFTs reward early community members? Isn't it better for creators to have steady MRR from subscription models to communities like Patreon vs a one-time upfront NFT sell and then 10% on resells?
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When Jess Sloss talks he sounds so nervous. There is 2 possibilities why he is so nervous. 1: He is so excited about this event. or 2: Colin and Samir is holding his family hostage to make him talk about NFTs.
I like that idea of using the NFTs as shares in a creator. Mutual benefit for community members and creator. Helps ensure you have an engaged, loyal following
Great breakdown which is not really THE breakdown but still great. I think I had the same aha moment with the membership swing. Still don't understand the NBA clips thing but I also don't collect physical art. Waiting for the Banksy NFT, it'll probably be some pop-up ad that you can't close or something.
One important topic you didn't touch on is just the sher dynamism of an asset that is directlied tied not to a brand or company but a person, because thats what creators fundamentally are and that human connection is were they derive their value from. Thats way more dynamic than a brand image, which in it self is already really dinamic
Is just a illusion of ownership of a token . That will appreciate in price if bought correctly. If u believe in it and make others believe in it . That gives it value.
I just fucking love how you guys came in skeptical and brought us on the journey of the understanding - I will say though, I miss the quick paced, fast editing, breakdown format - but I get the content strat - ya'll rock my socks
Fantastic show. For the first time like in ever, I finally have a grasp, yet somewhat small at the moment, of what NFT's are and why they may be a big thing. Really appreciate the deeper dive into this and even sharing your confusion and skepticism too. Oh and I love this format!
One of the main issues I find is that while you may own the original. Digital copies are exactly the same, you can't tell the difference like you would be able to with a real collectable. If they original digital copy was unique so that only you can view it when you purchase it and there is no other digital copies out there than that makes sense. The only person that would then be able to make copies is the owner of the NFT who would have not benefit in doing that as it would lose it's value. NFT's could be a thing but only if it is behind a paywall where only purchasing the NFT would you be able to see what it is (trailers / pixelated example can be used to sell).
To be honest... I did prefer your breakdown videos on this channel and then (if wanted an extended take on the topic) watching/listening to the podcast elsewhere. It’s now hard to listen to the extended podcast and also watch the visual element of it because they’re edited totally differently. Not a hater, just wanted to share my honest thoughts so that you guys can best tailor to the audience. I tune into all your content (including the Good Time Show on Clubhouse feat. You guys) and I want you to continue doing well!
This helped a lot. I was having FOMO simply from missing out. I myself don't see the value but I'm also someone that would be fine buying a knockoff usually. If there was some actual footage ownership that had a tangible value I would think about it.
I could see musicians selling music that included some sort of NFT with something personalized from the artist. It would be like a signed copy of a music CD. Additionally, if the buyer decides to sell for a profit in the future, it would ensure the original musician receives a pre determined sale profit as well. The same could apply for movie sales. I see a future with moniters on our walls displaying art as opposed to physical art as we do now.
I definitely your onto something regarding the music industry. As whole, it's been an industry influx since Napster and it has left independent musicians without a large revenue stream. In addition, regarding the wider social dynamics caused by the pandemic, NFT's could unlock a new gateway for community and media sharing.
I think I got it when Jess started to talk about how it is nice that this brings more people into crypto. As I now understand it NFTs are crypto like coins but each "coin" is attached to something exsisting in the digital space. NFT has only precieved value but if perks or such are built behind owning a certain type of NFT that can give it more value as that brings owning the NFT closer to "real world value".
We're able to see which address mints the token, which allows us to verify each piece. If you look on platforms like opensea you'll see they verify items at a platform level too. Definitely something to be aware of, but its all built into the system.
great informative video , as a creator, I would love to turn my videos into NFT's and hope to sell / market them to investors. I am also a crypto trader so I am all set in the crypto part. Thanks
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This was such an interesting episode. Though the idea of passing any level of content control off to a select group that could eventually be accessed purely by those who can afford it is worrying (especially as its value would increase over time). Obviously I am speaking as someone completely new to this but it feels like a gateway to taking away the independence and consequent trust that makes RUclips and its creators so watchable and trustworthy at the moment.
I’ve been talking about “Creator Stocks” for a while, I really like the idea of buying a small percentage of a Creator’s value (say 5%) and getting dividends from that. This would be especially benefiting for small Creators as a way to seek early funding based on if you think a certain Creator might see exponential growth in the near future. The Creator can always buy his/her stock back and free themselves; although at a higher price once they “make it”. Very interesting topic, still not sure about the NBA clip or collectible cards.. Those are tied to a certain event in the past and are not physical.. How does such a thing go up in value at all once people forget about these events?...
That Supreme example was conversely helpful for me. If their products sell at higher rates in the future, this increases demand for their brand. It’s not important that they get money for the actual resale. They get the halo effect. As does an artist.
First-time viewer and you guys are great, sad I've been missing out! But the membership club is when it really made sense to me, I knew somewhat about NFTs but that conversation made it clear.
I think it is good for player/user amount restricted services (like a minecraft/discord server) you buy in super cheap or even get it for free at the beginning meaning you show believe and support the founders and hoping they grow big so you can sell of your extra tokens to people to get in
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It’s a combination of being locked down too long and the crypto bubble. Similar to the Tulipmania phenomenon in Holland in the 1620s, search it up it was a crazy time
Woaahh! What was this video! Brilliant content Colin and Samir! 🙇🏻♂️❤ One of the most practical videos I watched about NFTs and their role in the creator space!
@@bamboor each NFT takes the same amount of electricity to send as it does to power a average house in a day. And that is for a simple NFT transaction. Some more complex transactions with smart contracts can use the same amount as power as a house for a whole month!
This is the most enlightening talk about NFTs because I felt like you did about the NBA clip. It's EXACTLY the same. But the membership thing, yes. Back stage pass type thing. I don't care about that stuff, but I know a lot of people who do. Great video!
@@HenryPaulThe3rd who cares about showing off man, it's an investment for smart ones anyways, go get an investment grade watch if u want to show off lol
@@NAIRxtc My definition of an investment must be different. I was under the impression that NFTs are for clout, if no one is showing it off what is the value in it? Do you just sit in your room at home and stare and it while whispering to yourself “my precioussss” while rubbing the screen?
@@HenryPaulThe3rd idk man, after the reddit wallstreet thingy happened , everybody is just going crazy with whatever can be classified as an investment, lol. Be it cryptos or nfts, i feel people are just buying nfts in a hope that it takes off just like btc did, who knows maybe nfts are what bitcoin was in 2015, nobody believed in it, but now they say its too late
There are two benefits of holding an NFT: 1st: It's the feeling you get when owning a rare commodity, that collectible feeling. The value of the collection isn't monetary, it's emotional that is developed whether it's with your creator. This is best exemplified by what Justin Kan is doing; as he grows to eventually 1 million, the owner of that original non-fungible token can express their pride on they own a digital asset that is extremely rare. How they had it since the start of the channel. You cant take a picture of the Mona Lisa and have that pride. In addition, the shareholder meetings make the owners feel additionally involved within that community. 2nd: As an investment. Simple. Best exemplified with the basketball virtual cards. You buy, you resell it. The basketball card is more of an investment I see, maybe a few may have an emotional connection with the scarcity and the basketball player, but it's more of an investment.
I knew y'all would be talking about this! Just listened to the full episode this morning, love the interviews. I posted a video about it yesterday and talk a bit more about the future use of NFTs if AR technology gets good and takes off (Apple Glasses that let you see people's NFT art "in the real world"?). Can you see digital assets becoming more of a mainstream thing if AR becomes standard (like your matrix idea)?
Breakthrough, when Samer mentions NFT Stock. if it pays a dividend or not, with token trading events, is genius, If the token is required to be traded to gain access, the trade amount represents the value of the creator content. Then the creator can take a percentage of the trade value. It would be cool to have token comments that could also add to the trade value. Allowing the buyer to leave a unique mark on the creator token, every traded token would be unique and that could be displayed.
I started to understand it with Jessie's interview. And I get it now from an equity/shareholder point of view, of investing into a creator for the value that they can exclusively give you and its more about the relationship between the creator and the owner, rather than the physical token itself. Like anyone can screenshot the trading card, but the value you gain from being an owner can give you an insight into the creators world and feel like you're apart of something, just how shareholders are apart of a company. Creators are a company in someway or another, so it makes sense that there is now platform to buy into their company. Like why not have a digital space for this to happen? This is my take on it, I'm only half way through the video but given that I didn't know what the heck an NFT was when I started this video, you guys did a great job at providing information and excellent interviews that helped give an understanding. Now im super interested in learning more, but I dont know if I'd ever invest into an NFT myself. But curious to see where this goes.
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I understood the technology behind NFT's, but this whole thing you explained about memberships really seems the real deal here. Btw just discovered this channel... great find!
I've been listening to a lot of content around this subject under the last month and this kind of format is so clear and easy to follow. Great content, I remember to comment in the moment you asked about that, so as you mentioned, remembering to the audience really makes an effect haha.
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Started watching and got immediately gripped. Then looked down at the time left.... 38 mins is too long guys. Can you put this into the breakdown format and shorter time??
The best way to describe NFTS is comparing them as the timesharing of moments. The same way you would own a timeshare of a condo in Haiwai: You “own” a portion of a moment.
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Good vid, as usual. My takeaway is that NFT's are a new twist on an old idea because there are no new ideas. NFT's are basically "brand." All value is perceived and NFT"s are perceived value based on the popularity of a person, place, or thing. If RUclipsrs focus on developing their brand, this will enable them to leverage brand tools like NFT's. If a RUclipsr has a big enough brand...the can simply just ask their followers to do anything they want. Like sent them money. Or whatever. NFT's are just a complicated way of exercising brand power. It's like making a game out of nothing...to make the nothing more fun.
I felt so confused by NFTs before watching this, and had all the same questions you asked Jen! I still don't really understand the attraction of NBA Topshots, particularly when the NBA are so free with people sharing highlights on social media. Why buy a LeBron highlight when it's already all over B/R and ESPN? I now understand the incentive for creators though, particularly graphic designers creating and selling one-off art that people can show-off in their virtual wallet/museum. Thanks for the great podcast guys!
i feel like the NBA should reserve certain highlights for the NFTs and transmit a percentage rights to them to the owners. probably too much of a legal headache but that would make more sense. So you would get a little bit of money when/if its ever used or maybe have authority over its use. probably too complicated to do though
the title for this video is either 200iq or 0iq. i honestly can not decide and i mean that with all due respect. so much great information on NFT's but hidden behind a click bait title that a lot of people who know nothing about NFT's will click on. but then the people who actually are watching it to learn about NFTs will love the video.
![Blox Fruits Dragon Rework Update [Full Stream]](http://i.ytimg.com/vi/EqDAp8udhm0/mqdefault.jpg)
Watch our follow up video: ruclips.net/video/Ptk6P7Lc6rs/видео.html
Hey Colin and Samir, loving the videos but you’ve gotta talk about the societal or ecological costs of NFTs or other crypto systems. They inherently take huge amounts of energy to produce (“mint”), are are not sustainable as a value system. Seth Godin on the topic: seths.blog/2021/03/nfts-are-a-dangerous-trap/
Capitalism: How to make money with money
Capitalism 2.0: How to make money out of thin air
cryptography used to be considered a weapon of mass destruction. i think i understand why now
well they don't make it out of thin air they make it out of their fame
and minting them is like the US banks minting bills because they aren't backed by anything anymore
Have fun staying poor.
What if nobody else wants it? Where can you liquidate it at?
@@VOApprentice That's how all selling works. Stop asking stupid questions.
Wooow this was super informative! It’s an exciting time to be a creator. Well done guys!
No it isn't
Love your content man I’ve been watching you since a long time
Soo if power goes out your broke?
com esse nome és tuga
Ignorant
The MrBeast examples are very interesting...
But totally useless to "normal" people and specially artists
@@bitsmagtv not really..the token can be sold by the buyer for profit
@@bitsmagtv artists have been making shitloads of money from NFT's...
Charging ppl to copy/paste. rofl
I would definitely buy "stock" in MrBeast
I will buy as many shades in Colin and Samir as I am legally allowed to...
*shares?
I want their NFTs
crypto racism? LOL
@@emilhinchliff casting shade bruh check your privilege 🥺
Where can I buy shares
My original thought about NFTs was “Wow, this is really stupid” I watched the video, and... still think the exact same thing!!! Interesting thought about creator stocks at the end though
Bahaha same here man
Same man is just so stupid to waste your money
Yes, I still think the same after watching this well explained video. In digital it's so easy to copy something, and there are so many contents. But there seems a lot of potential in this concept may be for other domains.
For sure this will be a norm in the future digital economy. The Mr Beast example made sense.
@@soumyaripan5131 here's a question that might help.
What makes a genuine CD more valuable than a fake CD with the same contents with onto it?
Remember we're still talking about digital contents here
I think Gary V said it well, "Nft as a whole is amazing and many amazing things and projects will happen .. there’s just going to be trillions of them .. just like influencers .. many do soooo well, some do well ... many don’t"
That’s beautiful
Con men as sales ppl recommending EFT's that are the same as any copy/paste. I'm eager to see stupid rich ppl waste their money on EFT's.
no NFTs doesn't make sense
but synthetic assets - stocks or EFTs tokenized on BTC or ETH do.
the porblem with "tokenized" art pieces like drawings, is "securing the uniqueness" - human element still involved.
But digital autographs - that's BS, like "I have a Jordan's jeresy signed by him digitally" :D :D
@ yeah I'm so excited to own a string of random letters wow
my fav yutubers are watching my fav youtubers, wow
I want to own the "why Mr Beast will be a Billionaire" video NFT
Imma just download it for free and claim it as mine😁
@@mr.commenter7953 ok
Brilliant video! I second this
@@mr.commenter7953 Not possible lol, you get a certificate of authenticity when you buy one and all transactions are visible publicly, so you wont go far with it.
@@CuriousHuman he could make an NFT of his version of the video though, just like those guys that burned the Banksy and created an NFT of it
I've consumed a lot of nft content the past 3 weeks. This is the first time I've seen it being posed as a value to access, and not just resale value. I really enjoyed the interviews and conversion. Thanks
I really liked your point about the experience Samir, the Mona Lisa analogy makes sense but holding the physical painting is very different from a photo in the crowd with reflections from the case it's in, yet the experience of watching say a video is no better whether your own it or not (except maybe it makes you feel better, but practically its the same, full screen viewing etc). Plus, the fact that in many cases you are not also buying the ownership or distribution rights makes them less appealing too.
Having said that, I was really impressed with the idea of building in perpetual sales splits or agreements and contracts that have trackable and self-fulfilling consequences, through the Ethereum blockchain in particular. I also really like the idea that owning an NFT could almost be equity with patrons holding a sort of shareholder role, with a stake in the creator.
However, two questions, firstly from a creators perspective, although you could raise a tonne of money in the short term, it doesn't create any consistent income or regular income like on say Patreon or buymeacoffee, so if from now on you are beholden to a small group who invested in you years ago that doesn't allow for the potentially exponential income growth (for roughly the same work input) which is a really cool advantage of the creator business. Thus this somewhat creates a minimum price, which is likely very high, in order to make it worthwhile for the creator to give this exclusivity or 'membership' to the buyers somewhat perpetually.
Secondly, with this in mind, does having an exclusive and highest-bidder model just create a massive access and wealth gap, whereby those who can afford access get it and those who can't can't, even if they would still support you in smaller amounts regularly or add a lot of value to your community in other ways, or buy a t-shirt every year etc. And because the scarcity of the NFTs are what makes them valuable, like shares, by creating more in the future to raise money you would be somewhat diluting your OG fans NFTs, and unlike physical assets it is much easier to just create more digital tokens, even if they are all provably unique, you can just churn out more or similar ones.
Also because this isn't actually shares, there isn't really the same consequences to doing things like that, just leaves the audience sour.
Lastly, I pictured myself in the shoes of an NFT buyer, of a small creator, who now has access to some sort of 'club', if the creator grows and my NFT is suddenly worth more there becomes this paradox where you don't want to sell it because if you do you'll loose access to the club, but yet you want to 'cash in' on your investment, in this way if you still really enjoy that creators stuff it is almost impossible to actually cash in on such 'gained' value - so the value has been created mutually but is unattainable... does that make sense? or am I missing something? haha.
Just food for thought... (great video though guys, thank you!)
to point two: everything that is limited will get value that can rise to an unlimited amount. They are like if stock and Patreon made a baby. you could own/make new ones that are given away/ can be won. Like floatplane with ltt you get early access to the videos yes it costs money but you could just wait if it isn't worth to you
The other thing there is only 1 talented man who created Mona Lisa. There can be millions of untalented fellas creating these useless NFTs.
I just want to say I love how clean your guys' production is. Gorgeous shots, crisp audio, subtle transitions and sound design. Really fantastic work.
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Man, who else loves Colin and Samir, they really deserve 1 million subscribers! :)
To be honest yeah they are very underrated
@@muneebelahi7580 yes!! *criminally underrated
I agree. Criminally underrated.
When you add the word "crypto" to something, thousands of people suddenly think it's valuable.
Nonsense.
You lost me at fungible :D
this was great fungible to watch
The only time NFT makes sense to me is if they ESPN pays me everytime they run the clip of Lebron dunking
Yes. What's currently putting me off is the same people who were social media expert three years ago; dropshippers, fortnite, mining last year. Yaaawning.
it's a complete scam but people are fine with it, makes you really wonder how stupid rich people are, they aren't paying for a mona lisa, they are paying for "owning" something everyone can look at in the same way as they can for free.
Since when do things have to make sense to poor people?
@@theprophet2444 Have fun staying poor.
@@theprophet2444 you just simply don't get the concept and that is ok. I suggest you do some good research on the subject before commenting. NFT's are the future for many reasons while we shift everything to the digital world. Mona Lisa or physical collectibles mean nothing to me cause I spend my time online. Can't showcase and verify physical Mona Lisa painting in digital realm. AR and VR are the future. Collecting has to evolve as well. Owning NFT means that you own the real artist's artifact. It represents the hard work, the creativity that has went to creating the art piece. It is the official badge that you support the artist and the art piece. physical is outdated. printing on cardboard or some other shit. imagine paying for cardboard trash lmao.
This is very helpful as I’ve been hearing all about. Not to mention this was at the top of my RUclips feed and I never watched you guys but you’re using my song as your instrumental intro from the dream junkies project. Thanks so much 🙏
Bro from the intro using your song to the “membership” idea...you’re one of the smaller creators who I would bet on being able to use NFTs well
The ideas presented here will surely make your head spin!
An nft is basically like a painting or a bar of gold. It’s rare hard to find hard to own but not hard to get by copying. The value is within the so called share owner/ share holder. When you own gold it increases in value over time the same with specific paintings. You can buy a nft today as a high risk speculative investment that can yield annually
@@Who-cu9eu nfts are not currency.
Where and how do I start buying these digital tulips
The stock part is the only part that makes any sense. Having an NBA clip NFT is not the same as having a photo of a cardboard player card, because the photo is a photo of a card; and screen recording of an NFT is exactly what the NFT is.
NFT is basically an autograph masquerading as a token... that u can sell.. but a certain portion of the money you get goes back to the original owner. nice
nice scam
@@kikin310 well yea if you buy ut for the sake of buying and not appreciating the perks that come with it.. then kinda scam ?... a scam for the only ones that can afford it
Yeah you own a string of letters, nice autograph brah want me to sell you a string of letters for 10000 dollars? You will be the only person who owns it
I love you guys! Just thank you! Keep up the great content!
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Love you smiv!!
I've been watching you guys for years, and it still amazes me that you do not have a bigger following. Your content is just so good and well put together every time. I hope it changes soon because you all deserve so much more recognition than you have.
When I tagged you guys on my video and realized you were going to be doing one, I was like damn they're going to kill it with breaking this down. ps. Colin and Samir as the spokespeople for NLL NFTs
this just feels like something someone'd bring up in a philosophy class - - the value of art,, owning the actual original picture is more valuable than one of the copies
Yeah it's sad that people buy this story
I feel that if you need an analogy to explain something, theres something fishy going on..
It's not always the case, some concepts are just hard to digest, either because it's complicated in nature, or it's just so new you can't make sense of it, yet.
Yes and the analogy is false of course
I can easily copy any digital art
I can't copy the Mona Lisa
"but you don't own that art you copied" yeah and neither does the buyer, also what's the point of "owning" something that anyone can copy and have? It's not like I physical object, it's just a certificate.
Only the membership is nice but any one can be a member so again what's the point? Oh have an exclusive club of rich entitled kids? Yeah sounds great.
The idea of investing in a creator is what hit me, its like buying a stock for a specific youtube channel you like/ want to support.
No its not. Thats not how it works at all.
It's the complete opposite. From my understanding, it's more like by you subscribing to a channel, you are allowing others that aren't subscribed to see the video or content the creator has and they see what the channel has and being intrigued to maybe subscribed too. But they can't subscribe to it because you have the subscribe button. But if you sell it, they can have it and the creator gets 5% of your sold cost.
alright get this ..30 years from now, everyone has VR set ups. youre able to take tours through people's museums. the only place youll able to see that dunk is in that one "room". then it will turn into the Monalisa of VR
Or watch it on RUclips...
@@cyril6164 imagine watching your babies birth on a flat-screen versus being in the delivery room. not the same!
@@cyril6164 not that easy. As years go by those moments we live and see now will be hard too find by the many new players and new moments made in the league.
And then the reproductions of video and quality on RUclips won't be as high as you owning the original
@@bettywhiti2025 I wouldn't have to pay for NFT its its my own baby being born... Why would a stranger be filming it and I would have to buy it from him. Think first lmao.
But I get what your saying but that would be more for like a sporting event. Maybe like a final of a sports game and you want to relieve the moment in person.
I am not a creator and do not think I will ever become one, but I love these podcasts as a consumer of creator content. I think it is super valuable to learn about creators and the "power" they may have over the market and consumers in general. Keep it up!!
You two are such a great duo. It is honestly so refreshing to see some intelligent RUclipsrs who are genuinely just trying to learn and help others learn.
Came via CorridorDigital's "Beeple" NFT sales video of which I knew nothing, now I feel so much more informed. This was awesome, You've got my sub, thanks!
Isn't it basicly like "buying" a star? Having the ownership/certificate of a star?
yes but its just as dumb
Also you can see stars at night for free. Or you can get a telescope to get a closer look!
dont forget with no legal ownership at least for now
I think as a creator the most exciting part of NFT’s is it gives a chance for your fans to support you, while getting something tangible and one of a kind in return. It doesn’t cost the creator a lot of money to make vs for ex. merchandise and gives the buyer/supporter a chance to make money off of it in the future. It’s kind of a win win. Also, I think some artists are doing some really cool work in the NFT space that isn’t talked about. Things that can only be experienced IF AND ONLY you buy into the NFT space. That’s my 2 cents
This is the first podcast I’ve watched from you guys & I have to say I already love you both!! ❤️
I feel like the best comparison made was the rookie trading card analogy. I've followed the Philip DeFranco show for over a decade and would have 100% of purchased an NFT associated with one of his early videos to support him and be part of that journey. @Samir, don't overthink the benefit of owning an NFT in the sense the creator has to provide immense feedback, having ownership over a creators early work because you were there and followed them from an early stage, for me anyway, would be gratification enough.
I literally just asked about this on Twitter. 🙌🏼
Lads! Great work --- I was scratching my head for the last 3 days about NFT's and this video has cracked it for me! Cheers Gents 🙏
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I mean i get that, but its just not worth as much as they go for. Imagine a creator getting into some drama and the value drops instantly
The way I see it is what you're saying is literally the same as a company seeing sudden downfall and the value of the stocks drops
@@muneebelahi7580 yes but which is more likely to happen, a youtuber drama or a company doing something that would cause the stocks to fall
@@mrgreenman2290 exactly stocks have sec looking after the company you are investing into. There are some laws and rules in place. This on the other hand is lawless. What happens when these creators create these nfts with promises to a membership club or providing some type of value and then close their channel. Again just seems very one sided transaction. The creator is taking zero risk.
So in terms of membership to exclusive creator communities, why would creators want to use NFTs v.s something like Patreon? Is it just diff bc the supposed valuation of an NFT (or access to an exclusive community + perks) can go up over time due to there being a limited amount? Is it the fact that fans/superfans can have more of a personable connection/attachment to the creator, and NFTs reward early community members? Isn't it better for creators to have steady MRR from subscription models to communities like Patreon vs a one-time upfront NFT sell and then 10% on resells?
nft digital real estate would've been cool in cyberpunk 2077, if they actually implemented the whole real estate idea
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he's excellent at what he does, tell him I referred you to him. He's passionate and his strategies are top notch. 🇺🇸🇺🇸
Saving this in my “videos that explain NFTs but I still don’t understand what they are” playlist
When Jess Sloss talks he sounds so nervous.
There is 2 possibilities why he is so nervous.
1:
He is so excited about this event.
or
2:
Colin and Samir is holding his family hostage to make him talk about NFTs.
I like that idea of using the NFTs as shares in a creator. Mutual benefit for community members and creator. Helps ensure you have an engaged, loyal following
Great breakdown which is not really THE breakdown but still great. I think I had the same aha moment with the membership swing. Still don't understand the NBA clips thing but I also don't collect physical art. Waiting for the Banksy NFT, it'll probably be some pop-up ad that you can't close or something.
that example of Mr Beast passing away and those games getting released for token-holders reminds me of the storyline of Ready Player One!!!
22:30 i finally understood the benefit of buying and resale value
This video is exactly how I like to learn about a new subject I'm interested. Congrats and thank you!
One important topic you didn't touch on is just the sher dynamism of an asset that is directlied tied not to a brand or company but a person, because thats what creators fundamentally are and that human connection is were they derive their value from. Thats way more dynamic than a brand image, which in it self is already really dinamic
Is just a illusion of ownership of a token . That will appreciate in price if bought correctly. If u believe in it and make others believe in it . That gives it value.
well if it gives you access to a service hit has a value
@@maximiliandeisz2961 true then its turns into a token that has a utility.
@@erronmartins4398 you also could do a stock model(ie all tokens together give you 50 percent of the earnings of the creator)
@@maximiliandeisz2961 you mean royalties to the creator . That will reduce the your profits. Cause the creator gets a cut. Resale value.
@@maximiliandeisz2961 nft give interest? In what bases? Tell me more
Random person: "hey, I dont understand how this is valuable"
NFT enthusiast: "THINK OF THE MONALISA"
Every. Single. Time
As a digital artist, NFTs literally changed my life
Is it really?
Do you have any NFTs up right now?
buy my ass pictures nft collection, need to Ponzi a few millions out of etards
I just fucking love how you guys came in skeptical and brought us on the journey of the understanding - I will say though, I miss the quick paced, fast editing, breakdown format - but I get the content strat - ya'll rock my socks
investment is the tiny line that keeps deferentiating the poor from the rich.
You're right
But don't know why people still remains poor out of ignorance
@@binibest6069 is not about ignorance but unprofessional broker in the market
I will introduce you to my broker Mrs Catherine woods she is from USA and her method working for me at the moment
wow I'm just shock someone mentioned and recommended expert Mrs Catherine woods
Fantastic show. For the first time like in ever, I finally have a grasp, yet somewhat small at the moment, of what NFT's are and why they may be a big thing. Really appreciate the deeper dive into this and even sharing your confusion and skepticism too. Oh and I love this format!
Holy shit, onlyfans girls could make a lot of money with this
Is that an NFT, or are you just happy to see me?
Hmmmmmmmm
Nice idea friend
One of the main issues I find is that while you may own the original. Digital copies are exactly the same, you can't tell the difference like you would be able to with a real collectable.
If they original digital copy was unique so that only you can view it when you purchase it and there is no other digital copies out there than that makes sense.
The only person that would then be able to make copies is the owner of the NFT who would have not benefit in doing that as it would lose it's value.
NFT's could be a thing but only if it is behind a paywall where only purchasing the NFT would you be able to see what it is (trailers / pixelated example can be used to sell).
Really Interesting video. Love your channel!
To be honest... I did prefer your breakdown videos on this channel and then (if wanted an extended take on the topic) watching/listening to the podcast elsewhere. It’s now hard to listen to the extended podcast and also watch the visual element of it because they’re edited totally differently.
Not a hater, just wanted to share my honest thoughts so that you guys can best tailor to the audience. I tune into all your content (including the Good Time Show on Clubhouse feat. You guys) and I want you to continue doing well!
This helped a lot. I was having FOMO simply from missing out. I myself don't see the value but I'm also someone that would be fine buying a knockoff usually. If there was some actual footage ownership that had a tangible value I would think about it.
Fomo is real. Not believing enough in Bitcoin 5 years ago when I learned and researched it, is eating at me a little bit more everyday lol
I could see musicians selling music that included some sort of NFT with something personalized from the artist. It would be like a signed copy of a music CD. Additionally, if the buyer decides to sell for a profit in the future, it would ensure the original musician receives a pre determined sale profit as well. The same could apply for movie sales. I see a future with moniters on our walls displaying art as opposed to physical art as we do now.
As the economy crisis keep rising,one needs to have different stream of income, one needs to have a diversified portfolio in order to survive
Building multiple streams of income exactly what everyone should be pursuing right now
@@stonesjohnnie6907 you're right ✔️
I invested in both stocks and crypto but currently crypto is doing more better 💯
For me stock are just difficult to understand when investing in it.
I actually see cryptocurrency taking over the financial world! It's making waves
I definitely your onto something regarding the music industry. As whole, it's been an industry influx since Napster and it has left independent musicians without a large revenue stream. In addition, regarding the wider social dynamics caused by the pandemic, NFT's could unlock a new gateway for community and media sharing.
3lau just sold over $11 M in NFTs of his music last week. Its huge!
There is absolutely no point in buying NFTs when you can invest in real things. Great video nonetheless
I think I got it when Jess started to talk about how it is nice that this brings more people into crypto. As I now understand it NFTs are crypto like coins but each "coin" is attached to something exsisting in the digital space. NFT has only precieved value but if perks or such are built behind owning a certain type of NFT that can give it more value as that brings owning the NFT closer to "real world value".
I did understand a majority part of it. But the question is how do we prevent ourselves from buying fakes which are being circulated?
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We're able to see which address mints the token, which allows us to verify each piece. If you look on platforms like opensea you'll see they verify items at a platform level too. Definitely something to be aware of, but its all built into the system.
@@JessSloss oh okay thanks for the info!
Totally get it now, ty! Membership, digitally autographed content, exclusive offers! Very cool!
great informative video , as a creator, I would love to turn my videos into NFT's and hope to sell / market them to investors. I am also a crypto trader so I am all set in the crypto part. Thanks
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he's excellent at what he does, tell him I referred you to him. He's passionate and his strategies are top notch. 🇺🇸
Con men preying on ppl wanting to pay to make EFT's, which are the same as any copy/paste in the hands of con men.
Cryptos and nfts are not the same. Nfts are not currency and cryptos are. They both use the same block chain. Nfts are just a scam
You do real I can just screenshot.
I remember when Pet Rocks sold like crazy. They were literally a rock in a box that said pet rock on it. Many investors paid $4.95 for one.
I think I got it, but the NBA clips... 🤔
It's blowing up! We'll see where it all goes.
This was such an interesting episode. Though the idea of passing any level of content control off to a select group that could eventually be accessed purely by those who can afford it is worrying (especially as its value would increase over time). Obviously I am speaking as someone completely new to this but it feels like a gateway to taking away the independence and consequent trust that makes RUclips and its creators so watchable and trustworthy at the moment.
I’ve been talking about “Creator Stocks” for a while, I really like the idea of buying a small percentage of a Creator’s value (say 5%) and getting dividends from that.
This would be especially benefiting for small Creators as a way to seek early funding based on if you think a certain Creator might see exponential growth in the near future. The Creator can always buy his/her stock back and free themselves; although at a higher price once they “make it”.
Very interesting topic, still not sure about the NBA clip or collectible cards.. Those are tied to a certain event in the past and are not physical.. How does such a thing go up in value at all once people forget about these events?...
Sounds like the making of human robot content
That Supreme example was conversely helpful for me. If their products sell at higher rates in the future, this increases demand for their brand. It’s not important that they get money for the actual resale. They get the halo effect. As does an artist.
30:30 I worked at Uber. Incorrect. The first driver is extremely wealthy now and owns two gas stations and more. I met him once.
First-time viewer and you guys are great, sad I've been missing out! But the membership club is when it really made sense to me, I knew somewhat about NFTs but that conversation made it clear.
I heard GaryVee talking about NFTs, so I was like "this'll probably be a big deal"
I think it is good for player/user amount restricted services (like a minecraft/discord server) you buy in super cheap or even get it for free at the beginning
meaning you show believe and support the founders and hoping they grow big so you can sell of your extra tokens to people to get in
Im not sure if this is way over my head or if people are going crazy
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he's excellent at what he does, tell him I referred you to him. He's passionate and his strategies are top notch. 🇺🇸
It’s a combination of being locked down too long and the crypto bubble. Similar to the Tulipmania phenomenon in Holland in the 1620s, search it up it was a crazy time
Woaahh! What was this video! Brilliant content Colin and Samir! 🙇🏻♂️❤ One of the most practical videos I watched about NFTs and their role in the creator space!
When you realize that the NFT’s or actually currently destroying our environment! Oof
They keep saying that, it makes even less sense
@@bamboor each NFT takes the same amount of electricity to send as it does to power a average house in a day. And that is for a simple NFT transaction. Some more complex transactions with smart contracts can use the same amount as power as a house for a whole month!
This is the most enlightening talk about NFTs because I felt like you did about the NBA clip. It's EXACTLY the same. But the membership thing, yes. Back stage pass type thing. I don't care about that stuff, but I know a lot of people who do. Great video!
what is stopping someone from recreating an already valuable nft? how would they tell the real from the replica?
Because of the encryption. One is verified by a marketplace the other isn't.
If you’re showing an NFT off to your friends is anyone actually going to ask for proof that it’s original, or even care? That’s the real question
@@HenryPaulThe3rd who cares about showing off man, it's an investment for smart ones anyways, go get an investment grade watch if u want to show off lol
@@NAIRxtc My definition of an investment must be different. I was under the impression that NFTs are for clout, if no one is showing it off what is the value in it? Do you just sit in your room at home and stare and it while whispering to yourself “my precioussss” while rubbing the screen?
@@HenryPaulThe3rd idk man, after the reddit wallstreet thingy happened , everybody is just going crazy with whatever can be classified as an investment, lol. Be it cryptos or nfts, i feel people are just buying nfts in a hope that it takes off just like btc did, who knows maybe nfts are what bitcoin was in 2015, nobody believed in it, but now they say its too late
There are two benefits of holding an NFT:
1st: It's the feeling you get when owning a rare commodity, that collectible feeling. The value of the collection isn't monetary, it's emotional that is developed whether it's with your creator. This is best exemplified by what Justin Kan is doing; as he grows to eventually 1 million, the owner of that original non-fungible token can express their pride on they own a digital asset that is extremely rare. How they had it since the start of the channel. You cant take a picture of the Mona Lisa and have that pride. In addition, the shareholder meetings make the owners feel additionally involved within that community.
2nd: As an investment. Simple. Best exemplified with the basketball virtual cards. You buy, you resell it. The basketball card is more of an investment I see, maybe a few may have an emotional connection with the scarcity and the basketball player, but it's more of an investment.
Why not. This whole thing is about ownership, not art.
I knew y'all would be talking about this! Just listened to the full episode this morning, love the interviews. I posted a video about it yesterday and talk a bit more about the future use of NFTs if AR technology gets good and takes off (Apple Glasses that let you see people's NFT art "in the real world"?). Can you see digital assets becoming more of a mainstream thing if AR becomes standard (like your matrix idea)?
I feel like logan just made stocks for his person the more success he gets the more the nfts goes up in value
No thats not how it works. And Logan will be mostly a forgotten creator in 15 years.
@@jimduggan8962 stfu
@@thecuriouscris5645 no you
@@jimduggan8962 lol nice joke 😂
Breakthrough, when Samer mentions NFT Stock. if it pays a dividend or not, with token trading events, is genius, If the token is required to be traded to gain access, the trade amount represents the value of the creator content. Then the creator can take a percentage of the trade value. It would be cool to have token comments that could also add to the trade value. Allowing the buyer to leave a unique mark on the creator token, every traded token would be unique and that could be displayed.
@@stevesaretsky8673 I'm so reporting this spam
34:14 Yes i am freakin curious about nfts dude, And the Nba thing is absolutely bu*lsh*t
I started to understand it with Jessie's interview. And I get it now from an equity/shareholder point of view, of investing into a creator for the value that they can exclusively give you and its more about the relationship between the creator and the owner, rather than the physical token itself. Like anyone can screenshot the trading card, but the value you gain from being an owner can give you an insight into the creators world and feel like you're apart of something, just how shareholders are apart of a company. Creators are a company in someway or another, so it makes sense that there is now platform to buy into their company. Like why not have a digital space for this to happen?
This is my take on it, I'm only half way through the video but given that I didn't know what the heck an NFT was when I started this video, you guys did a great job at providing information and excellent interviews that helped give an understanding.
Now im super interested in learning more, but I dont know if I'd ever invest into an NFT myself. But curious to see where this goes.
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Mick foley falling from Hell in a Cell GIF is going to be sold by WWE soon
This may be a very very very wild prediction...but Logan can one day may become the President of USA.
I understood the technology behind NFT's, but this whole thing you explained about memberships really seems the real deal here. Btw just discovered this channel... great find!
You know what else is cool? Fungible money, unfortunately we only have 1 (Monero), even Bitcoin is non-fungible.
I've been listening to a lot of content around this subject under the last month and this kind of format is so clear and easy to follow. Great content, I remember to comment in the moment you asked about that, so as you mentioned, remembering to the audience really makes an effect haha.
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he's excellent at what he does, tell him I referred you to him. He's passionate and his strategies are top notch. 🇺🇸
Started watching and got immediately gripped. Then looked down at the time left.... 38 mins is too long guys. Can you put this into the breakdown format and shorter time??
Sure, I may be biased, but I think the guests were extremely entertaining and highly informative. Well worth the watch ;)
The best way to describe NFTS is comparing them as the timesharing of moments. The same way you would own a timeshare of a condo in Haiwai: You “own” a portion of a moment.
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Good vid, as usual. My takeaway is that NFT's are a new twist on an old idea because there are no new ideas. NFT's are basically "brand." All value is perceived and NFT"s are perceived value based on the popularity of a person, place, or thing. If RUclipsrs focus on developing their brand, this will enable them to leverage brand tools like NFT's. If a RUclipsr has a big enough brand...the can simply just ask their followers to do anything they want. Like sent them money. Or whatever. NFT's are just a complicated way of exercising brand power. It's like making a game out of nothing...to make the nothing more fun.
I felt so confused by NFTs before watching this, and had all the same questions you asked Jen! I still don't really understand the attraction of NBA Topshots, particularly when the NBA are so free with people sharing highlights on social media. Why buy a LeBron highlight when it's already all over B/R and ESPN? I now understand the incentive for creators though, particularly graphic designers creating and selling one-off art that people can show-off in their virtual wallet/museum. Thanks for the great podcast guys!
i feel like the NBA should reserve certain highlights for the NFTs and transmit a percentage rights to them to the owners. probably too much of a legal headache but that would make more sense. So you would get a little bit of money when/if its ever used or maybe have authority over its use. probably too complicated to do though
the title for this video is either 200iq or 0iq. i honestly can not decide and i mean that with all due respect.
so much great information on NFT's but hidden behind a click bait title that a lot of people who know nothing about NFT's will click on. but then the people who actually are watching it to learn about NFTs will love the video.
How do you get funged? - You need to NFT that 😂😂😂
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