What Are NFTs and How Do They Work?
ฝัง
- เผยแพร่เมื่อ 12 มิ.ย. 2024
- What Are NFTs and How Do They Work?
NFTs are non-fungible tokens that are digital assets that represent tangible and intangible items.
These can range from collectible cards, drawings, music, digital real estate, tweets, and much more.
At a very high level, most NFTs are part of the Ethereum blockchain.
NFTs are essentially designed to give you something that can’t be copied
In this video I explain:
- What are NFTs
- Characteristics of NFTs
- What are NFTs used for
- How NFTs work
- Examples of NFT Art
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⏰ Timestamps ⏰:
0:00 - Introduction
0:30 - What are NFTs and How Do They Work?
2:07 - Key Characteristics of NFTs
3:13 - Why Are NFTs Important?
4:50 - Why do NFTs have value?
5:55 - Digital Economy
7:25 - My Opinion On NFTs
ABOUT ME 👇
My mission is to provide my viewers with actionable content that enables them to create financial wealth. My videos are a reflection of my real-world experience as a real estate investor, stock market investor, student of finance, and entrepreneur.
This channel allows me to share my passion for personal finance, stock market investing, real estate investing, and entrepreneurship. I produce content that I would want to watch, and because of that, I give 100% effort in every video that I make. I also believe in complete transparency and open communication with my audience.
Subscribe if you are interested in:
#NFTArt
#NFTs
DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning, at NO additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact my opinion.
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kEep up hero , digital war
Actually, how does someone go about buying NFTs?
did u buy an nft buddy?
Exactly, I never understood that
@@djsmojo coincap search. Nft
The gamer in me understands.
The digital artist in me wants to understands.
The physical me thinks this is stupid.
Your physical is right.
To me this NFT thing looks like a tax reporting headache. Somehow, somewhere, the IRS is gonna want to tax the profits and how do they know how much to tax and what not to tax.
@@bacchusendo9032 think more broadly....they are an amazing opportunity for money laundering. Art is already used for that and now we have "art" that can be as stupid as a meme image that a token pointing to a link can be worth a fortune. Think of the possibilities. You can generate any piece of shit and use crypto to buy it and then sell it...to yourself if you really want. Boom, your dirty money is now clean. Art is regularly used for money laundering and this removes the requirement to have an actual product with real value....easier. The concept of NFTs for art sale is insane...you aren't buying a product or any real rights...you are buying bragging rights and a link to an image anybody can already get anyways. They are selling vapor. It is hype to drive engagement with crypto marketplaces to drive up speculation and generate brokerage fees. People buying art via NFTs are insane or laundering money. They are paying for literally nothing.
@@aritradhabal it may be stupid...but if you can get rich off it and live a prosperous life...is it realy that stupid?
@@simplybeef8232 may be not , but very rich people can do stupid things
Investing in the stock market is the best option to make a passive income.
Virtually all the markets are crazy, most people pay more attention to the shiniest position on the graph, I’m keeping a diversified portfolio.
The decision to invest is an acknowledgement that it comes with certain risks. Not all investments will do well and some may lose money. However, without risk, there would be no opportunity to potentially earn the higher returns that can help you grow your wealth.
Remember, diversification is an approach to help manage investment risk. It does not eliminate the risk of loss if security prices decline.
Because investing can be complicated, consider working with a financial professional to help guide you on your wealth-building journey.
who would you endorse ? I've been in the shadows for too long
Christine Lynn Saitta, she is an expert who does the heavy lifting for me, she makes research on stocks, and adds my portfolio with stocks for monthly and yearly earnings.
How do I reach her ,you got any possible means of getting more info on her services?
You know what! I still don't understand what I just heard 🤔
Would be better if you invest your Crypto with a trading company
Me too
Word
Same like Wdf
Me tooooo
Ahhhhhhhhh, the money laundering theory makes total sense
I'm not really so sure. Look at the insane amounts of money that people spent on second life back in the day. Crazy amounts of money for digital real estate, and that was _way_ more primitive than anything going on now. Yeah, some of that money that changed hands through Second Life was definitely laundering, but a lot of it wasn't. And look at Star Citizen, a game that's _barely_ in the earliest playable phases of development. They sold space ships in that game for $2,500 a piece, made 200 of them available, and every single one sold before anyone could even play they game. And those 200 were just the top tier of ships that sold for that game. People are becoming more and more willing to drop serious money on digital assets as society becomes more digitized. I wouldn't write all of this off as just criminal activity. People buy stupid, expensive crap that makes absolutely no sense just for the prestige. Sometimes, the stupider it is, the more prestigious it makes people feel to throw away ungodly amounts of money on it, because what they're really saying is, "look at me, I have so much money that I can blow 3/4 of a million dollars on a stupid cat photo and not even notice."
That being said, there is 100% _some_ money laundering going on. Like he said, using "priceless" art to move money around is as old as money itself.
Just like traditional art trade. Remember that dude who had a banana taped on the wall? Then he ate it. Transaction was "legit" and evidence destroyed.
@Bezalel Jaeger 308 possibly something to do with epstein and that maxwell lady? heard she just went on trial..
@Bezalel Jaeger 308 I know right! And nah man, who is it??
Can't wait for the IRS to start charging property tax on every single social media post and TH-cam upload as a 'digital asset.'
Lmao ! Facts 😅😅😅😅
Wow i feel you’re 100% right
That gives me an idea
What coin are you talking about pls
@@emmanuelahenkorah6252 doesnt matter, what coin lol. just get on this before they do. its a race
Selling a screenshot of this video for 50k obo
I'll sell you mine for half off ;)
Selling a screenshot of this comment ^ 25k firm 😂
😂😂😂😂
Someone take a picture of this comment and sell for 20k
@@WhiteBoardFinance 10k final offer 💪🏻
I've always wanted to buy some non tangible digital sneakers.
Gucci just dropped $14 sneakers haha
😂
@@tomj3089 I wast thinking the same thing, but some of these people are profiting very nicely off of these so im thinking is this the real deal?
Finally an option exists.
@@tomj3089 exept it is. You can buy replicas of expensive paintings too.
I can’t figure out if this is the biggest bubble in history or the ground floor of something amazing.
A “bubble” that has lasted 12 years+????? Cryptocurrency is here to stay
@@ELBarbarro he meant nft’s specifically this can just be a bunch of tulips🤷🏽♂️
The Tech Bubble in the 2000s was both.
Bubbles pop.
Methinks these are kids that lucked into some coin and are sitting on a pile... and don't know what to buy. So they trade their pile for a cat picture or a racing track and end up working at McDonalds.
Man I don't know where I fit in this artificial world
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W_H_A_T@app
I know. The artificial world in my opinion is pure 1984 control grid evil by the new world order. It's them attempting to snuff out that which perfect, NATURE, made by God, and allows us freedom.. whereas in crypto, they will tie everything to your social credit score that goes down if u even question govt, taking away freedoms, which then they can turn off your digital currency to not buy food or rent. Its evil.
@@SirRorschachJack actually look into block chains its controlled by no one so how?
It'll take ppl years to understand what blockchain is.
@@SirRorschachJack made by god huh?
That’s cute
I don't know if I am excited anymore about what the future virtually holds.
It only holds what it is.
Well we don’t give af it’s going anyway
This is so unsustainable. It’s Gona all collapse at one point in my opinion.
Right it sounds scammy
Money laundering was the first thing that came to my mind as well. It's a clever way to wash money. I'm beginning to understand the potential utility of NFTs but it's still fuzzy. I do like the idea of leveraging the royalty option within smart contracts though. THAT seems useful.
This is the start of the matrix. No joke
Only thing I know is that is way over my head.
Neo will save us !! 😎
A new one
As an artist myself I am having a hard time understanding the whole NFT game. Some of the art is questionable as far as quality, process, and aesthetic. I try to keep an open mind, and for me the artist that's been involved with this that's made most sense is Beeple. Been following him for years and can see the hustle and story of 13 years of creating a piece everyday. His story might make the most sense to everyone. I'm going to make an attempt at the NFT game but it seems to have become highly saturated with mostly garbage. I'm a fan of digital art and very open minded but a lot of it is junk in my opinion. However, there are a few good artists out there earning and it's well deserved.
Tax avoidance
I mean art is subjective am i right lol
@@pneumonoultramicroscopicsi4065 absolutely
Did you have any luck with those? :)
@@petramatkovic4122 nah, I became too busy with my business and couldn't make the time to pursue it. The only NFT I posted on Rarible didnt get much traction, and Im not entirely sure how to make it go.. I mainly focused on investing in a couple of good cryptos and Tesla 😅
No matter how much I try to learn about NFTs, I still don't understand how they work. Anyone else?
Thank you for watching, endeavor to write as soon for more enlightenment or tips w_h_a_t_s_a_p_p
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Confused af
You aren't supposed to understand the Matrix
It sounds very confusing
Same. We must be boomers.
$761,000? This is getting out of control 😅
69million for an nft today
@re e by looking at these comments, I think it’s a way for evil people to buy things without directly buying it. Since Wikileaks exposed Obama, Hillary ect.
I never thought about the money laundering aspect but it makes sense.
Am I the only one who still doesn’t get the value of NFT???
the value/ price of an nft is solely determined by the expected future price of the nft/return. And by nothing else
the put eth in it and over time eth prices go up value goes up
All these explications I still don’t get the “VALUE” of it. The value is has is what exactly ??? To make art no one else can make again? I can make a thousands of art images for free. Lol seems like people are really paying for the price of Egos. “To say I have somthing no one else has???” Idk I still don’t get it.
@@ourtruth216 The only value they have is the expected return you can hope to make from idiots, so by definition it is a bubble, digital images were literally created to be shared, so the point of nft is questionable, on top of that many nft exchanges are under investigation for insider trading and for breaking money laundering legislation
Digital art
Brilliant video, really liked your gut feeling outcome👌 That makes so much sense bro, thanks very well edited 👍
This world would be a much better place with more people like you. You are truly an asset. Thank you.
thank you William!
Absolutely agree!
I can’t share your videos enough, I wish more people I know would take me seriously when I say how informative you are. Oh well, their loss! You do a great job!
Quality advice from my old man when I'd show him how much the Beckett magazine valued my baseball cards: it's only worth what someone will give you
Thanks for your wonderful comments and ratings. I really appreciate ❤️.
I'll advise you to invest in stocks like I do and make good profits as it's currently the most, profitable investment
Water is the real valuable asset
@@matthewjames1203 can we just report this scammer guy pretending to be marko?
@@penderyn8794 and clean air watch in the future will HV to b paying for clean air to breath just like wifi
I found the Banana Table hilarious! - I love it. Great simple illustration. Thank you for this video.
Shoot! Your idea is actually really sensible!
I'd agree with the money laundering hypothesis, there was a similar issue that happened on Steam with Steam Trading cards; It's not exactly the same thing mechanically but otherwise is very similar.
My favorite financial channel. Keep up the good content!
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W_H_A_T@app....
Where do you store it? On your computer or in a safe deposit box?
These continue to baffle me. Thanks for the video Marko!
Rick from Pawn Stars will no longer be calling "his guy" to authenticate 😂
Very good video, learned alot thank you
This is My favorite financial channel, I do like the idea of leveraging the royalty option within smart contracts though. THAT seems useful, and makes sense
Thank you. Very informative.
whoever invented this is a genius
mf figured out how to sell pictures of collectible stuff 😭
and then it evolved into selling pictures 💀
great video Marko, very informative
So excited for the future with these!
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W_H_A_T@app
I am using the service of a snr trade expert sir Benjamin Humphrey as my fiduciary for minting and selling NFTs generating good profits, this month I've made £ 7k so far
Great, some just purchase NFTs and don't know how golden it is others are just waiting to see if it's real. LoL
I am investing in nft and the metaverse that's me 10 years ahead of my peers
How do I find your fiduciary, I will like to set up mine under his tutelage
BenjaminRavies (a gmai lcomm to send a mail to him okay
That's his mail address above
The most fundamental form of human stupidity is forgetting what we were trying to do in the first place.” Never forget that this is the bottom line, to make money. Yet many do, mostly as fear, doubt, and greed interfere with rational thinking.
So this is what getting old feels like.
NFTs are a bit confusing but I see a bright future for them!
Great video bro!
That was a really good video. Thank you so much. Me, I would not paid that much on those things.
Now I know that my Farmville is worth something... 😅
Holy moly that's ancient
Don't laugh too much. I might be interested 😉
Another great video! Like and share worthy!
Welcome back Marco! We missed ya!
Thank you for watching, endeavor to write as soon for more enlightenment or tips w_h_a_t_s_a_p_p
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I just finished reading it sometime last year, so your "Ready Player One" comment is EXACTLY what I've been thinking. What a time to be alive.
Sounds like tulips to me. People need to live and enjoy their physical life.
You will be thinking for a good 10 years that’s it’s tulip, meanwhile people will becoming rich and after 10 years you will join too but it will be late for you.
@@asadkhan-ue8bv I’m good with my investments. But good luck!
Our physical life could be in the Digital Matrix soon.
Loved Ready Player One, my favorite book of the past decade. Recently bought Player Two but haven't started it yet.
Thanks for your wonderful comments and ratings. I really appreciate ❤️.
I'll advise you to invest in stocks like I do and make good profits as it's currently the most, profitable investment
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W_H_A_T@app...
@@matthewjames1203 Man the scam bots on finance channels are just out of control lately.
Yup
This is a great video thank you boss...
@marko this was a really nice breakdown. Thanks for that
Ready Player One is still my favorite movie until this day. I'm excited to be apart of this era. People are going to be amazed/ in disbelief like older generations were when electricity was first introduced, but 10X!
How?
Arthur to his knights if they had a time machine: "On 2nd thought, let's not go to the future, 'tis a silly place."
what is this nft iidk it
i-
So when is your first ever white board going for digital auction?
Thank you for watching, endeavor to write as soon for more enlightenment or tips w_h_a_t_s_a_p_p
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The psychology of people is changing as we move to digital world.
You spent literally half or more of the video just reading an article.
I don’t hit a like button but there are few content creators that I do! You one of them! Thank you so much 😊
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W_H_A_T@app
This was a great video.
Nice work 🎆✨🎇
In the past when they need to launder money they had to find more or less real art, now they just create 1s and 0s and put $$$$ value on it.
Always like how you explain it to common laymen (better than Andrei Jikl's). Keep it up.
W_h_a_t_a_p_p
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@@matthewjames1203 BOGUS PHONE NUMBER
Another well explained video about digital assets! Thank you, Marko!
W_h_a_t_a_p_p
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So I see this also being how companies like game stop could move into the future of games
I agree 100% on the money laundering, without it crypto in general would not have nearly any movement.
well crap don't have any of the social media. cool cards though. Oh and good insight of NFTs. Kind of crazy.
So Marko. Should we invest in NFT stocks or not? Do u?
Marko great video! I think you might be the only person on TH-cam who read ready player 1. The movie was great so take a watch and keep up the great content!
Ty!
I find it funny how NFT's need verifiable information, as if digital ways of verification didn't already exist. even with artists, there's a thing called reverse image searching, and literally looking at the user who made the piece.
great content
Really interesting, thanks!
W_h_a_t_a_p_p
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This a godsend to a certain kind of entrepreneur.
In line for Top Shot pack now... ain’t happening today 😝
your mic is so clear
Music NFT too! StrongNode is going to have a project like this in the near future!
So what can one do with that purple cat with a spiky tail? is it part of a video game or do you just pull it up on any screen to look at it from time to time?
@Marko-WhiteBoard Finance now just wha in da hail is that?
@@MikeMurphyinc scammer, report it
NFTs have an estimated CAGR OF 34% this is wayyy more than what internet had between 1992-2008s
Me wanting to know more about NFTs, but reading about them is too complex so I decided to watch a video. Ending up reading a web page inside of the video.. Lmao
You're a genius # new way to do laundry 💡
Soo you make a pic of and ape or something else and sell it or I need to buy the nft I still don’t know how it works?
I agree I’m like who the hell would pay that for a 8bit character. Absolute BS! Let me know when we have exclusive cars/parts we can use to race on a virtual race track
I wanna know who dislikes your videos 🤷♂️ they’re 👌🏻
🤷🏻♂️
I assume it's people with super specific thoughts on various personal finance issues. The TH-cam version of an Oxford comma debate.
Wowwww I totally agree with your opinion. Wow the fact you have the courage to voice your opinion.
I'm so interested in this.
just when I start to think I understand the whole crypto/online currency and stuff I get hit with this.
Why does this confirm my belief that we will soon go back to trading rice for eggs? Or ammunition for a horse 🤦♀️
I would definitely trade a horse for 20 boxes of 9mm at this point.
Where can I buy some of these Non Tokeable Fungi?
Hood video. Thanks man
:)
Why can’t they just screenshot the artwork?
Thank you for watching, endeavor to write as soon for more enlightenment or tips w_h_a_t_s_a_p_p
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Why can't you just scan and duplicate the Mona Lisa? NFT's are just digital writs of ownership. It's not about the tangibility; it's about the exclusivity and ownership.
Facebook's transition to Metaverse makes crazy sense now, geez!
Now THAT makes sense!! (I won't give away the spoiler, but that makes sense why the values are so high for some pieces.)
Create a physical platform to display such NFT like a painting, and does only that, I think it helps.
Amazing that there is an interest by some to pay so much for something of so little value. I can see why there is so much interest from the dark money corner.
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W_H_A_T@app.....
I’m confused. How do you “patent” An nft it to prove you are the original owner/inventor?
The website you upload it to, they use blockchain technology, but you have to pay to upload the NFT. I don’t know how the code will transfer when people right click to save an image or screenshot the NFT 🤷🏻♀️
@@lynninfinite so its validating the NTF ID or the image itself? I think people are caught up with the unique ID aspect. The blockchain is not going to validate an physical image, they are looking for the NFT ID. And a "website" is not a decentralized platform, so no way to validate anything without gatekeepers. What if someone made a Disney logo NFT? Will they own that? No, Disney has a copywrite.
A movie NFT would make far more since though, its a unique ID for a ticket to enter an event. Its basically a QR code on the blockchain. But idk how practical using NFT technology is for disposable movie tickets.
I'm an artist Marko, new to the game but having great success. Out of the blue, someone from Voguex Financial whats to buy my paintings as NFT's? Your vid did help me a little (up to today never heard of NFT's)..but of course the big question is..how much do I sell for? Any advice would be very welcome, thank you, Michael
thanks for reading this article to us
It is such an interesting world we are going into. Crypto I love and am invested in, and definitely understand the use case of them. This NFT stuff is super interesting and weird at the same time.
GARBAGE PAIL KIDS!!! Wow, talk about a throwback lol.
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W_H_A_T@app..
That’s a good comparison to the WOW selling of items and characters. I know someone who sold his high level character for cash when he was done with it. I’m a little worried where this NFT craze might lead as with WOW there were the gold farmers and people were playing WOW for a ridiculous number of hours to get special items and level up to something worth selling.
Thanks for your wonderful comments and ratings. I really appreciate ❤️.
I'll advise you to invest in stocks like I do and make good profits as it's currently the most, profitable investment
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Can you make a video for ECOMI-OMI? Thanks!
Ready Plyer One is a great movie too.
Still can't wrap my head around the draw of these NFTs. Gonna stick to BTC i think. Hey can you do a video on stablecoins since they pay so much more interest that cash. great vid. thanks
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You can reach me via Telegram for assistance
I’m probably a boomer but No Fing Tiny chance ima invest, I just warmed up to Bitcoin n Ether
Well then you remember in school in the 80's NFT stood for "No Friggin' Tiitts " !!!!!!!!!!!!!
Being a boomer has nothing to do with anything, this is fucking stupid
So ... what is the website i can go on and upload some images????
Thank you for watching, endeavor to write as soon for more enlightenment or tips w_h_a_t_s_a_p_p
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This is literally I have a bridge to sell you.. taken to a whole new level lol