After I gave up on trying to understand what they are based on countless videos, a 4 minute video explained it in a simple yet technical way I understood. You now got a subscriber
One very important aspect you didn't discuss is the money laundering ability of NFTs. An example: Let's say that there is a drug dealer called Charlie. Charlie has sold many drugs on the darknet and thus has a few thousand dollars in crypto. He can't just send this money to an exchange to cash out, because the IRS would ask him where the money comes from. To get around this, he buys an NFT for a few bucks. He then puts that NFT up for sale for thousands of dollars. With his "tainted" drug money on a second, anonymous address, he then buys this NFT from himself. Now, he can just cash out the money and tell the IRS that it comes from NFT speculation, which he can prove. Thus, he's converted "dirty" into "clean" money. It's one of the main reasons why people use NFTs.
In the video, he spoke about sina estavi, and i tried to found some info on this guy .... but ... damn ... the only info i found are on strange site not very reliable, and it seem he's in jail since 16 may 2021 ...
@@AP-eb8hd well it depends u can keep it or sell it. But I don't understand let say I brought 1 and decide to sell then wht the use of nfts I can't buy anything tht is real from tht can I ? Sorry if I sound dumb I really don't understand this.
@@sahatotti9437 I think if let's say u buy an nft for 2 dollars, then resell it for 3 dollars, u earn one dollar? From my point of view its either for ppl to make money by reselling, for creators to get commission, or to prove ownership?
Humans like to see things as sacred, imbued with special meaning beyond the raw materials they're composed of. NFTs are a way to do this to digital things. Owning a physical piece of art gives us a sense of intimacy with the artist at the time he was painting it. Holding a fossil makes us feel closer to a dinosaur, visiting a grave of someone deceased makes us feel closer to them, in reality none of that is true, but we believe it to be true. It seems like NFTs are just an attempt to give soulless digital data a uniqueness, or in other words a soul.
@@griffinwarner7310 considering that the entire value of proposition of NFTs is the outside perception of the intrinsic value of the piece of art / token in question - it is. Like most things, they are only as valuable as others consider them to be
Our apparatus for perceiving and conceiving is optimised for a standard homosapian lifespan - to live our daily lives we don't need to aware of almost any of the complexity which describes the universe we do that living in. Everything is that deep, we just don't usually notice anything other than that which has obvious usefulness to our meagre individual existence.
@@mikelisteral7863 nope doesn't give you copyright to it at all. It's similar to buying a piece of art or pairing from the shop you own that painting but they still have copyright over it even though you have the painting.
Putting our time and effort in activities and investments that will yield a profitable return in the future is what we should be aiming for. Success depends on the actions or steps you take to achieve it.
Barely watched the video half-way I have already understood the concept of NFT's after series of 1 hour videos and presentations. Thanks a million times.
what are some of the actual use cases of nfts? other than these "bragging rights" for digital pictures, i can't think of anything productive, or something that can be applied in our daily lives.
@@riddick3943 yeah, I'm not convinced by those examples. just to name one, why should we change concert tickets to nfts instead of what we have now, which doesn't have any problem with proving ownership? blockchain can improve current systems, such as validating business contracts, transferring money more securely, and many more, but I don't see any productive use cases for nfts whatsoever.
@@alex-u3k4w I think something interesting with the concert or other tickets, is that normally people can buy them in bulk at the instant the sale starts, and when all tickets are sold out, the first bulk buyers can sell their tickets with a premium in the black market. If an NFT is created from the ticket when you buy it, it can record your identity information on the ticket immutuably, to prevent black market selling. Though I don't know if such things are already done with tickets anyway to prevent black market sales.
Nice video, though NFTs do not need smart contracts, you've explained how NFTs work on Ethereum. There are platforms that mint NFTs without a smart contract (e.g. Cardano).
They kind of use their own equivalent to a smart contract thou (or have limited functionality like no auctions) so I think the video is till pretty decent!
I don't usually like or comment at all, maybe this is the first time I did ( okay I like to "save" stuff for later ) but you are the first out of fucking 17 videos I watched to get the grasp behind what the fuck NFT's are. Your video started making more and more sense, and 3 seconds before you said "some say it's just for bragging rights", I called it and finally NOT felt dumb after figuring out what NFT's are for the last 3 hours. Props to you, I'm a random guy, but thank you so much for being able to explain something without leaving relevant information out of it so the entire thing makes sense. Keep it up. Idk what else. Stay safe.
Unbelievable... Someone who knows how to teach! Amazing what things become easy to learn when you find the right teacher. Thanks... I finally get it!😎😂❤
This video should have mentioned more about the utility aspect of NFT's, simply saying you can get royalties isn't enough to nail home the depths that a utility can go. Especially after mentioning that "NFT's are weird" because you dont get copyright or reproduction rights, but the creator of the NFT could make that part of the utility, some of the biggest NFT's currently offer IP rights to its holders, which is crazy if you think about it, an entire community owning the IP rights to various illustrated characters, if any of those holders makes something amazing with a character the rest of the collection is instantly more valuable, and the collaboration potential, damn, the ideas running thru my head thinking about it blow my mind. I just wish Simply Explained detailed the critical information of utility better so those without knowledge of whats being done by creators can get a better grasp of the concept.
Buddy, you are a real genius and natural born teacher. Thank you for all your movies!! May I ask you for similar videos about Chia (proof-of-space) and Ethereum 2.0 (what's changed?) ?
nft is just a link to something, and anyone can link to that same thing and claim to own it. there are people who are making copies of nft's on other blockchains or standards, and there are people who claim to have created mona lisa and other popular art. nft literally means nothing in content outside blockchain. you own a token. everything else only a specific group of people will agree with you on and others can just as easily disagree what ownership of that token means.
Not sure about the JPEG aspect but the stuff like domain names and tickets seems interesting. Digital assets with utility like game keys and tickets could be traded peer to peer in a trustless manner. Its still early, and the art aspect is the easiest, sorta scammiest way to use this tech. But i think alot of people dismissing this as a whole will be using an NFT in the future and not even realize it.
In respect to buying digital art, in effect you're buying a series of digits, because a JPEG can be copied pixel for pixel, Is that right? Is there more to this?
Still don't understand which issues do NFTs solve here? As long as I can freely download digital picture and use it, I don't care who the fuck is the owner of the pic.
Also so I derived from this that owing an NFT is like owning the original Mona Lisa, you could have a life sized poster that looks exactly the same for 30 bucks (or even free if you downloaded and printed yourself) .... or you can pay a billion dollars to own the original. The difference is the Mona Lisa is very old and revered for centuries... NFTs can disappear if we have a power cut.
Great videos! What software do you use to build your diagrams on video ? I would like to build videos to explain the software architecture in my company
Bitcoin and dollars are nonfungible too - they have serial numbers or transaciton IDs. A perfact example for non fungible item is gold of the same quality and weight.
If anyone can download it, what's the use of buying it? And even after buying it still the actual owner has the right of his product then what's the use of buying? Just for name sake?
I still do not get why people pay for it if the they cannot acquire the unique ownership to that particular item with the NFT. For example, if unless as an owner of the picture's NFT, only I can legally reproduce and sell copies of the picture, what is the point of paying for the NFT? I could create NTF for the Sun and sell it, but the person who purchased the NFT cannot claim that the Sun is his. It reminds me of the story in the Little Prince by Saint Exupery. There was a "businessman" who counted the number of stars he sees, and saved the number in the bank.
it is the same as getting an autograph from a celebrity. It may not make sense to most people but that celebrity's followers value it. If the followers value it, then that's a market for it...
Yes i was thinking it is basically another way to copyright digital art using block chain. This video is short but right to the point, I am glad I did not need to find a video thay goes on and on just to explain wth a nft is.
But how does or do u make money on the NFT? And if u make no money on the NFT what is the point of buying it🤷🏼♂️ maybe I missed something or I’m not completely understanding
@@simplyexplained He actually has a good point. This is what happens in auction rigging and inflating stocks. With NFTs, it would be difficult to detect. Maybe impossible.
1:03 What prevents any person to create a new NFT for the same underlying file? So not exchange the existing "Token EV90 created by user X", but simply create a new "Token EV90 created by user Y".
So it's actually digital bragging rights not part of the copyright. If I could buy a share of the original and get dividends from subsequent sales that would be cool
will you kindly launch a block chain course focusing on concepts but not on coding. every course/video focus on coding rather then clearing concepts like token, and other staffs. kindly consider this.
Taylor swift can record a song, decide she wants to distribute 10,000 recordings of that song. She can charge her own price and now doesn't need Spotify or apple music to give her a small cut. As the owner of the NFT, it can become valuable bc it's a taylor swift song and you can sell it for more than you bought it for. The new buyer knows it's a legit taylor song bc of the NFT details
I have a question: What if I load that picture into photoshop and change brightness a bit and re-save it... The metadata would be lost and the output file would be a new unique file with new metadata wouldn't that allow me to mint a unique file digitally into the blockchain... And isn't the NFT not reliable here?
That is my question too! I could simply flip 1 bit in a single pixel and.... (Same goes for audio, literature and more or less any digital file.) How do NFT's guard against this?
@@zod3854 Thanks. I have watched it in the past and understand how they work. Unfortunately, that doesn't answer the question both Bass Poett and I have. Let's say you create a piece of art at a resolution of 640 x 480. You create an NFT for it (which is basically a hash of the binary file) and store that hash on the blockchain so you can prove ownership at a later date. OK, so I somehow get the file (buy it from you maybe) and simply flip the least significant bit of the red value of the bottom-left pixel. This is now a different file, which would generate a different hash (that's the point of a hash) so I could mint a new NFT from this new file and claim ownership. Furthermore, there is nothing unique about that pixel or the color red. With that resolution, I have a choice of over 900,000 single bit-flips I could make creating nearly a million copies that differ from the original by a single bit. If I allow multiple bit-flips (still least significant bits only) I get 2^900,000 possible copies, all of which would be virtually indistinguishable from the original to the naked eye. I could perform other manipulations too. What if I replace the outermost pixels with black to create a border? What about outermost 2 pixels? Of course, eventually I could change the file enough for it to be considered to be unique, For example, if I took "The Scream" and altered enough pixels, it would become "Mona Lisa", so the question becomes "How different do two files need to be before they are considered distinct?" A similar technique could be used for virtually any digital file. So, I once again ask, how do NFTs protect against this kind of forgery?
@@paulsimpson6290 It doesn't. You answered your own question. Changing one element of this digital image makes it a new NFT. The downside to you would be who would buy it from you? The original NFT is popular because it is what it is, and every NFT-head knows who the owner is (NFTs are more for bragging rights) so here you come along and make a edited version and NFT it; Everyone will know you're a poser and will most likely be e-shamed.
After I gave up on trying to understand what they are based on countless videos, a 4 minute video explained it in a simple yet technical way I understood. You now got a subscriber
I SECOND THIS!!!! I was so confused until i got here. Thank you!!
Same. I hate how thst many people/sited throw technobabble at you, and when you look up the terms you dont know you get more terms you dont knoe
Most of the videos I saw were people trying to sell the idea of NFT as a money making scheme rather than explaining the actual technology.
there's lot to know about NFTs than this short video
@@ragjnmusic8765 yet nobody cares
One very important aspect you didn't discuss is the money laundering ability of NFTs.
An example: Let's say that there is a drug dealer called Charlie. Charlie has sold many drugs on the darknet and thus has a few thousand dollars in crypto. He can't just send this money to an exchange to cash out, because the IRS would ask him where the money comes from. To get around this, he buys an NFT for a few bucks. He then puts that NFT up for sale for thousands of dollars. With his "tainted" drug money on a second, anonymous address, he then buys this NFT from himself. Now, he can just cash out the money and tell the IRS that it comes from NFT speculation, which he can prove. Thus, he's converted "dirty" into "clean" money.
It's one of the main reasons why people use NFTs.
finally, the first logical explanation on how it can be useful to someone.
Charlie is Hunter.
Thanks :)
In the video, he spoke about sina estavi, and i tried to found some info on this guy .... but ... damn ... the only info i found are on strange site not very reliable, and it seem he's in jail since 16 may 2021 ...
That is not new. Art has been used for this for decades.
Wow, very easy to understand NFT's, and thank you for not using background music. Videos with loud background music are very annoying.
Haha, funny you mention the music. On almost every video, I try to add music but I just don't like the combination. Glad someone agrees with me ;)
@@simplyexplained you're on the right track
This is a way to get ready to be cashless society, but still be able to buy sell drugs, and then tax that money without having shell company's.
This is the best video I've seen on NFTs, I finally understand them.
Seriously... well explained under 4 minutes. I have gone through many videos and was still confused until I landed here.
Can u explain I still don't under let say I brought an art so then what ? Wht can I do with it like Can I buy a car ?? Or anything thts real ?
@@sahatotti9437 imagine if you buy real art? What can you do with it? It all depends on resale,..
@@AP-eb8hd well it depends u can keep it or sell it. But I don't understand let say I brought 1 and decide to sell then wht the use of nfts I can't buy anything tht is real from tht can I ? Sorry if I sound dumb I really don't understand this.
@@sahatotti9437 I think if let's say u buy an nft for 2 dollars, then resell it for 3 dollars, u earn one dollar? From my point of view its either for ppl to make money by reselling, for creators to get commission, or to prove ownership?
Humans like to see things as sacred, imbued with special meaning beyond the raw materials they're composed of. NFTs are a way to do this to digital things. Owning a physical piece of art gives us a sense of intimacy with the artist at the time he was painting it. Holding a fossil makes us feel closer to a dinosaur, visiting a grave of someone deceased makes us feel closer to them, in reality none of that is true, but we believe it to be true. It seems like NFTs are just an attempt to give soulless digital data a uniqueness, or in other words a soul.
It’s not that deep
@@griffinwarner7310 considering that the entire value of proposition of NFTs is the outside perception of the intrinsic value of the piece of art / token in question - it is. Like most things, they are only as valuable as others consider them to be
Our apparatus for perceiving and conceiving is optimised for a standard homosapian lifespan - to live our daily lives we don't need to aware of almost any of the complexity which describes the universe we do that living in. Everything is that deep, we just don't usually notice anything other than that which has obvious usefulness to our meagre individual existence.
99% of the time it's all about making a quick bucks. Atleast, that is what current NFT generally used for.
@@griffinwarner7310 lmfao i was thinking the same.. but i like the explanation though
As far as I can tell, owning an NFT just means that someone was prepared to pay for something he could easily get for free.
NFT is just a digital copyright patent.
@@mikelisteral7863 Is that true??? So inspiring women wonder
@@mikelisteral7863 i didn't think it gives you any ownership over copyright?
@@mikelisteral7863 nope doesn't give you copyright to it at all. It's similar to buying a piece of art or pairing from the shop you own that painting but they still have copyright over it even though you have the painting.
@@thompsoon3 Except you don't even have the painting, you technically own the painting but it's still absolutely in the store
Putting our time and effort in activities and investments that will yield a profitable return in the future is what we should be aiming for. Success depends on the actions or steps you take to achieve it.
Wow!! Impressive Someone here trade with Mrs Stacy Griffin kartner too! I thought people don't know her that well.... She's really awesome.
My advice is always to keep the majority in ETFs that cover multiple sectors. Then have a couple stocks/cryptocurrency, as a small percentage,
18
36
iiiiiiiì
Barely watched the video half-way I have already understood the concept of NFT's after series of 1 hour videos and presentations. Thanks a million times.
TeXtMe DiReCtLy 🤙🥶..,;
Great explanation!
Sidenote: the world has now become so pointless people will pay out the ass for anything.
NFT is just a digital copyright patent.
These past 4 minutes have been much better than the 1000 I've spent on NFT videos!
The most easy and understandable video about nft
what are some of the actual use cases of nfts? other than these "bragging rights" for digital pictures, i can't think of anything productive, or something that can be applied in our daily lives.
2:20
@@riddick3943 yeah, I'm not convinced by those examples. just to name one, why should we change concert tickets to nfts instead of what we have now, which doesn't have any problem with proving ownership? blockchain can improve current systems, such as validating business contracts, transferring money more securely, and many more, but I don't see any productive use cases for nfts whatsoever.
@@alex-u3k4w I think something interesting with the concert or other tickets, is that normally people can buy them in bulk at the instant the sale starts, and when all tickets are sold out, the first bulk buyers can sell their tickets with a premium in the black market. If an NFT is created from the ticket when you buy it, it can record your identity information on the ticket immutuably, to prevent black market selling. Though I don't know if such things are already done with tickets anyway to prevent black market sales.
See it like "art"...what use case has a piccasso picture which is worth millions ...?
@@outlaw6261 Great explanation
Nice video, though NFTs do not need smart contracts, you've explained how NFTs work on Ethereum. There are platforms that mint NFTs without a smart contract (e.g. Cardano).
bitcoin invented nft's a long time ago. ethereum isn't even relevant to nft's.
interesting, how does that work?
They kind of use their own equivalent to a smart contract thou (or have limited functionality like no auctions) so I think the video is till pretty decent!
This video alone truly explained everything in the most simplified way, thankyou alot.
NFT is just a digital copyright patent.
I don't usually like or comment at all, maybe this is the first time I did ( okay I like to "save" stuff for later ) but you are the first out of fucking 17 videos I watched to get the grasp behind what the fuck NFT's are.
Your video started making more and more sense, and 3 seconds before you said "some say it's just for bragging rights", I called it and finally NOT felt dumb after figuring out what NFT's are for the last 3 hours.
Props to you, I'm a random guy, but thank you so much for being able to explain something without leaving relevant information out of it so the entire thing makes sense.
Keep it up. Idk what else. Stay safe.
Unbelievable... Someone who knows how to teach! Amazing what things become easy to learn when you find the right teacher. Thanks... I finally get it!😎😂❤
TeXtMe DiReCtLy 🤙🥶..,
If i buy NFT ownership of this video, can i make you take down the video? Or change it's attributes such as description?
From what I understood, he'd still own the copyright for the video, so no, I don't think you could make him take it down.
No, because you only own the NFT, not the art work attached to it.
This guy is a legend explaining something that can't be explained in 1 hour but done it in 4min
You explained this amazingly. I watched so many videos and they were terrible. Simple yet technical 4 minute video. Thank you!
NFT is just a digital copyright patent.
This video should have mentioned more about the utility aspect of NFT's, simply saying you can get royalties isn't enough to nail home the depths that a utility can go. Especially after mentioning that "NFT's are weird" because you dont get copyright or reproduction rights, but the creator of the NFT could make that part of the utility, some of the biggest NFT's currently offer IP rights to its holders, which is crazy if you think about it, an entire community owning the IP rights to various illustrated characters, if any of those holders makes something amazing with a character the rest of the collection is instantly more valuable, and the collaboration potential, damn, the ideas running thru my head thinking about it blow my mind. I just wish Simply Explained detailed the critical information of utility better so those without knowledge of whats being done by creators can get a better grasp of the concept.
TeXtMe DiReCtLy 🤙🥶.’
Clearest description ever. But c'mon 2.9 million dollars for a tweet What are with humans these days
NFT represents the ownership which is stored in a blockchain. Thanks.
NO, it does not represent ownership. You only own the NFT... NOT what it represents.
That's the best & simplest video on NFT
Thank you for "dumming it down". Its been drivibg me nuts trying to get an explanation with out tech jargon.
TeXtMe DiReCtLy 🤙🥶
Buddy, you are a real genius and natural born teacher. Thank you for all your movies!! May I ask you for similar videos about Chia (proof-of-space) and Ethereum 2.0 (what's changed?) ?
TeXtMe DiReCtLy 🤙🥶.!;
Seriously... well explained under 4 minutes. I have gone through many videos and was still confused until I landed here
TeXtMe DiReCtLy 🤙🥶..
Thank you for a very clean and lucid explanation to this vague concept; yours is the best I've seen so far; well done 👍
Bro Your Explanation is really simple and technical at the same time..💯💯
TeXtmę DiReCtLy⬆️🤙🏻For profitable investment??
Great video, simple, crisp, perspicuous. Thank you!
Brilliant concept. Thanks for the video.
So well explained in such a compact time. No one can do better!
TeXtMe DiReCtLy 🤙🥶.,;
thanks men, now i understand
nft is just a link to something, and anyone can link to that same thing and claim to own it. there are people who are making copies of nft's on other blockchains or standards, and there are people who claim to have created mona lisa and other popular art. nft literally means nothing in content outside blockchain. you own a token. everything else only a specific group of people will agree with you on and others can just as easily disagree what ownership of that token means.
fr, looks like it has a bunch of holes in it ngl
that's literally how the reality of the social ontology works.
Quick and concise we love to see it
TeXtMe DiReCtLy 🤙🥶.,;;
Not sure about the JPEG aspect but the stuff like domain names and tickets seems interesting. Digital assets with utility like game keys and tickets could be traded peer to peer in a trustless manner. Its still early, and the art aspect is the easiest, sorta scammiest way to use this tech. But i think alot of people dismissing this as a whole will be using an NFT in the future and not even realize it.
The best video for NFTs explaination 🤩🔥
Thanks for the quick and easy-to-understand video 👍
TeXtMe DiReCtLy 🤙🥶
Thanks, this was really helpful. got some few questions thought. what happens when an artist sell 10 nft of the same project? is the ownership split?
NFTS use blockchain technology to trace back the owner. So if he sells copies, blockchain records will show that
ten separate NFT’s are created for each piece sold in that scenario
This reminds me of middle school MySpace days when everyone said “i own!” on people’s pictures. Except now people pay for that. Ok
Great video, please keep up the good work...!
After watching so many TH-cam tutorial videos about trading I was still losing
That's why I perfer NFT crypto token than trading crypto because I NFT crypto token you have 100% sure of your profit earned
TeXtMe DiReCtLy 🤙🥶..:
this is the best explanation ever!
The OJA Coin is a big and outstanding project with Loyallty program. I sincerely believe in the success of OJA project and very professional team.
TeXtMe DiReCtLy 🤙🥶
In respect to buying digital art, in effect you're buying a series of digits, because a JPEG can be copied pixel for pixel, Is that right? Is there more to this?
Thank you for explaining it in 4 minutes.
Great explanation, thank you for posting this video.
Still don't understand which issues do NFTs solve here? As long as I can freely download digital picture and use it, I don't care who the fuck is the owner of the pic.
Also so I derived from this that owing an NFT is like owning the original Mona Lisa, you could have a life sized poster that looks exactly the same for 30 bucks (or even free if you downloaded and printed yourself) .... or you can pay a billion dollars to own the original. The difference is the Mona Lisa is very old and revered for centuries... NFTs can disappear if we have a power cut.
TeXtMe DiReCtLy 🤙🥶
i really like this video. Helpfull and so excited
OJA is a high-speed, and cost-friendly blockchain. It's explicitly built to speed up transactions with almost zero transaction fees.
TeXtMe DiReCtLy 🤙🥶
Good explanation. I finally understand!
Thank you, finally I get it! All these other videos didn't explain S**t and you did it in less than 5 minutes. Yep I just subscribed.
Great videos!
What software do you use to build your diagrams on video ? I would like to build videos to explain the software architecture in my company
i think he uses after effects
Davinci Resolve is free. Best of luck
Bitcoin and dollars are nonfungible too - they have serial numbers or transaciton IDs. A perfact example for non fungible item is gold of the same quality and weight.
or monero
Nice video. Thank you
TeXtMe DiReCtLy 🤙🥶..
this was such a good explanation thanks!
TeXtmę DiReCtLy⬆️🤙🏻For profitable investment??
Thanks for the video. This really describes NFTs! :)
Amazing and smart explanation. KEEP UP UP!
Great video. Now I feel more confident in saying how worthless NFTs are.
TeXtMe DiReCtLy 🤙🥶.;::
Amazing explanation!
Thank you for this video. Alot is clear now 🌟
TeXtMe DiReCtLy 🤙🥶.;:
Very well explained, thank you:)
If anyone can download it, what's the use of buying it? And even after buying it still the actual owner has the right of his product then what's the use of buying? Just for name sake?
its all ab ownership, like the nft code or whatever on the block chain
Thank you for explaining. I still don’t understand why people buy them other than for money laundering or mindless vanity.
Reach up ☝️☝️ to him he will surely put you through and give you more details about it
Excellent video!
Digital bragging rights sounds so cringeworthy. It’s like telling your friends outside the internet that you have a lot of Reddit karma.
Lol
Hallelujah!!
Thank you , I get it
Thunder bolts n lightning 😎you explain Way better cheers
TeXtMe DiReCtLy 🤙🥶..,
I still do not get why people pay for it if the they cannot acquire the unique ownership to that particular item with the NFT. For example, if unless as an owner of the picture's NFT, only I can legally reproduce and sell copies of the picture, what is the point of paying for the NFT? I could create NTF for the Sun and sell it, but the person who purchased the NFT cannot claim that the Sun is his. It reminds me of the story in the Little Prince by Saint Exupery. There was a "businessman" who counted the number of stars he sees, and saved the number in the bank.
It’s so funny, with the first sentence I finally understood nfts
Great Video!! 👍👍😊
That was amazingly simple and precise
I don't understand why punk NFTs are selling for millions 🙄😕
What if people are stupid. Would that explain it?
lets say i have the ownership of an nft like u said , how would it be useful to me irl instead of going for some concert or getting an ingame item
it is the same as getting an autograph from a celebrity. It may not make sense to most people but that celebrity's followers value it.
If the followers value it, then that's a market for it...
Thank you very much for the nice video. Very good video.
TeXtMe DiReCtLy 🤙🥶
Nice, still a bit confused but at least I kind of get what they are.
Yes i was thinking it is basically another way to copyright digital art using block chain.
This video is short but right to the point, I am glad I did not need to find a video thay goes on and on just to explain wth a nft is.
TeXtMe DiReCtLy 🤙🥶.;;
That was helpful.💙💙 Thankyou
But how does or do u make money on the NFT? And if u make no money on the NFT what is the point of buying it🤷🏼♂️ maybe I missed something or I’m not completely understanding
how do you know that the owner is unique, and he's not just transferring ownership of the NFT to himself?
The item is unique, not the owner. The only thing we know about the owner is that there's only a single one. No two people can own the same NFT.
@@simplyexplained So all these NFTs exchanging hands for tens of millions could be the same person moving money from one pocket to the other?
It could be, but that makes little sense. Why would you buy an NFT that you already own for more money? Paying transaction fees every time.
@@simplyexplained headline value. gets more people involved, nothing advertises the asset better than the price itself.
@@simplyexplained He actually has a good point. This is what happens in auction rigging and inflating stocks. With NFTs, it would be difficult to detect. Maybe impossible.
Beautiful! You just got another subscriber.
TeXtMe DiReCtLy 🤙🥶.,:
Nice video -- should discuss 'on-chain' NFT's, aka storing base64 encoding on-chain.
Which app u use for editing??
Final Cut Pro
Thank you for sharing
1:03 What prevents any person to create a new NFT for the same underlying file? So not exchange the existing "Token EV90 created by user X", but simply create a new "Token EV90 created by user Y".
TeXtMe DiReCtLy 🤙🥶.!
Thank you, this was very helpful
TeXtMe DiReCtLy 🤙🥶.,;
Best explanation
thanks alot!
Thanks a lot..finally I got it
So it's actually digital bragging rights not part of the copyright. If I could buy a share of the original and get dividends from subsequent sales that would be cool
finally someone explained this perfectly
will you kindly launch a block chain course focusing on concepts but not on coding. every course/video focus on coding rather then clearing concepts like token, and other staffs. kindly consider this.
TeXtMe DiReCtLy 🤙🥶.!
Nice video.. I really learned a lot from it. You got +1 subscriber with only this video!
TeXtmę DiReCtLy⬆️🤙🏻For profitable investment??
I really don't get the point of them though
Taylor swift can record a song, decide she wants to distribute 10,000 recordings of that song. She can charge her own price and now doesn't need Spotify or apple music to give her a small cut. As the owner of the NFT, it can become valuable bc it's a taylor swift song and you can sell it for more than you bought it for. The new buyer knows it's a legit taylor song bc of the NFT details
excellent video!
This video hits hard, feel free to download
Great video and explanation
TeXtMe DiReCtLy 🤙🥶.,;;
I have a question:
What if I load that picture into photoshop and change brightness a bit and re-save it... The metadata would be lost and the output file would be a new unique file with new metadata
wouldn't that allow me to mint a unique file digitally into the blockchain...
And isn't the NFT not reliable here?
That is my question too! I could simply flip 1 bit in a single pixel and.... (Same goes for audio, literature and more or less any digital file.) How do NFT's guard against this?
@@paulsimpson6290 I suggest you watch his video on blockchain
@@zod3854 Thanks. I have watched it in the past and understand how they work. Unfortunately, that doesn't answer the question both Bass Poett and I have.
Let's say you create a piece of art at a resolution of 640 x 480. You create an NFT for it (which is basically a hash of the binary file) and store that hash on the blockchain so you can prove ownership at a later date.
OK, so I somehow get the file (buy it from you maybe) and simply flip the least significant bit of the red value of the bottom-left pixel. This is now a different file, which would generate a different hash (that's the point of a hash) so I could mint a new NFT from this new file and claim ownership.
Furthermore, there is nothing unique about that pixel or the color red. With that resolution, I have a choice of over 900,000 single bit-flips I could make creating nearly a million copies that differ from the original by a single bit. If I allow multiple bit-flips (still least significant bits only) I get 2^900,000 possible copies, all of which would be virtually indistinguishable from the original to the naked eye.
I could perform other manipulations too. What if I replace the outermost pixels with black to create a border? What about outermost 2 pixels?
Of course, eventually I could change the file enough for it to be considered to be unique, For example, if I took "The Scream" and altered enough pixels, it would become "Mona Lisa", so the question becomes "How different do two files need to be before they are considered distinct?"
A similar technique could be used for virtually any digital file.
So, I once again ask, how do NFTs protect against this kind of forgery?
@@paulsimpson6290 It doesn't. You answered your own question. Changing one element of this digital image makes it a new NFT. The downside to you would be who would buy it from you? The original NFT is popular because it is what it is, and every NFT-head knows who the owner is (NFTs are more for bragging rights) so here you come along and make a edited version and NFT it; Everyone will know you're a poser and will most likely be e-shamed.
@@brownsamurai3070 Don't bragging rights mean that you have something to brag about?
Thanks!
Look, I get the tech behind NFTs. But their current use is stupid. It’s just money laundering at this point.