I'm a self taught digital and traditional artist myself and been doing art for years. I just found out about NFT's last week. Glad I seen this video just to have some food for thought. Art takes a lot of time and how the hype was (over the simpler art) made things sound to good to be true. Thanks for the heads up.
Hey there, thanks for the input. I just made a new video that covers a little more as an "NFT Reality Check" here: th-cam.com/video/0wxDcTK3qiU/w-d-xo.html
Man, I really appreciate modesty in a podcast or TH-cam video. Not claiming bullet proof expertise but actually asserting that he does not completely understand a complex subject is refreshing and, in fact, confidence building. This is excellent.
Rich becoming richer doesn’t slow the poor from getting richer , its just the opposite . There isn’t a limit on how much cash can be earned in the world . I’m not saying this to take a dig at you I just know how politicians want us to think that the rich are evil and making all the money before we can, leaving us SOL . That is The scam . Not wealthy people becoming wealthier.
This video is misrepresenting the situation; as crypto only uses about 3% of the energy in the finance sector; and it is mostly renewable. Art uses energy to produce computers, art media, etc. Compared to other industries, NFT uses very little; and most of the energy used is renewable.
After ETH launch expect #LUNATICSTOKEN NFT round 3, so if you hold smart chain (BNB) NFTs from LUNATICS expect to receive airdrop on the ETH side to the holding wallet #ETH #Binance #LUNC #BNBChain
@@kvartz When it moves the soul. When a culture lives in a scarcity, the best they can do is create clever art. But when it moves the viewer, that's great art. Ask yourself when you see new art, "Does it move me?"
Thank you for this, my teenage daughter is a digital artist and is gaining in popularity through TH-cam and I.g. and such. We have had several people tell us she should get into nfts. But a lot of what you mentioned was a concern of ours before we even knew much about it, it’s always good to look at cons and not just the hype around something.
Thanks for commenting. I never wanted to trample dreams or scare people with this video. In reality there is not an enormous risk in trying it out, making an NFT and seeing if someone will buy it. Just be realistic with expectations. Best of luck to your daughter!
I'd strongly recommend avoiding the scene for the time being. The "hype" right now is very much a bubble and the average artist is making a lot less than what big names are making. Be mindful of who is hyping things up and what they're promising.
As an artist thinking about NFTs, I REALLY, REALLY enjoyed and was well informed from beginning to end through your video. Great BIG THANKS for showing the other side of the NFT craze!
I just joined OpenSea & created some NFTs of my abstract stuff & then realized there's no tags. I'm like how the hell do people find my stuff? And the utter amount of copyrighted stuff is insane and enraging to say the least. As well as the utter amount of garbage on there. At least if you're going to try & sell NFTs make your shit look like you tried to put some effort into it.
@@marlinatelena4579 honestly the way I see it, it’s just a way for people to store their money, it’s not really about the art. An NFT is really just a container that holds breadcrumbs about where it’s been and what it has been valued. In this manner you might make a name for yourself if your NFT that you sold for a low price winds up being traded as a high bidding “transaction key”. So… I mean, it’s just a route through which you can sell your art, and it’s not illegitimate. If people see the item you sold for a low price now sell for a ridiculous amount, they might trace the artwork back to your name and start bidding higher on the new items you are now selling yourself…
I appreciate this. I'm a photographer and I've made selling prints a big part of my business, so of course I've been looking into NFTs. This video just made it real for me. Thanks.
After ETH launch expect #LUNATICSTOKEN NFT round 3, so if you hold smart chain (BNB) NFTs from LUNATICS expect to receive airdrop on the ETH side to the holding wallet #ETH #Binance #LUNC #BNBChain
We live in a world where money is (for politicians) more important than our future/environment (lobby). Now even small artists and consumers who apparently don't see a problem in ruining the environment for something that we don't necessarily need to live. I don't have much money too (I'm an artist myself) but money shouldn't be more important than our future.
You didn't actually cover the issue of owning the NFT artwork, and actual Copyright. In reality, if someone buys an NFT piece of artwork, the Artist/Creator will still have Copyright on that piece or work....unless there's also a transfer of those rights. For example, let's say CryptoPunk sells an NFT artwork for $100,000. In theory the Copyright remains with the Artist, so the Artist could, for example, start pasting that same image onto t-shirts, mugs, etc..... That's how it works in the real world....unless there's a signed agreement to transfer Copyright to the purchaser upon buying the artwork. 🤷🏼♂️
Smart contracts on physical products so you can get a piece of the sell. Is that what your saying? That's actually a good question. How would that be resolved?
@@sammychaparro2198 you wouldn’t own the IP rights, so you wouldn’t be entitled to any royalties from merchandise. If the IP rights ARE given with the NFT, then the artists doesn’t have the right to use those images on merch without compensating you as the owner of the rights with the NFT. In the event that the artist sells the NFT, without the IP, and builds out a merch line with the artwork, then the value of your NFT increases because it came first, and because the artist’s efforts to build out the brand is good for you as an owner of an early piece of art for the brand. I plan on selling NFTs of my art, with physical prints, and a couple of airdrops sent to those who buy the NFTs, then build out a merch line that supports and builds the brand to help increase the value of the NFT’d pieces bought from me. The objective is to sell the very limited print run as NFTs, and then do what I can to support those collector’s trust in me by building the brand and brand awareness.
I am grateful for this video. You gave me food for thought when it comes to selling crypto art. I am an artist and have plenty of art work to display. I will continue to go for what I know , and that is to continue get traffic on social media for now. But I am interested in displaying my art work on a platform that can potentially recognize it as one of a kind and bring me more money than I can imagine.
After ETH launch expect #LUNATICSTOKEN NFT round 3, so if you hold smart chain (BNB) NFTs from LUNATICS expect to receive airdrop on the ETH side to the holding wallet #ETH #Binance #LUNC #BNBChain
Just what I was suspecting... Thank you for a well thought out presentation instead of just rambling like many TH-camrs ‘who would rather listen to the sound of their voice rather than get to the point’ do.
Millions on emojis and pikachu characters that my kids can draw? I'd rather blow a hundred bucks on fartnight. I bought into rarible and render and playdapp. Sold them all, their performance seemed artificial, injecting their own scam money to make it look like something is happening, then pulling the rug.
I have no fight in this but nothing is permanent except change, sometimes for the worse or the better. Always look at both sides and sometimes things take time before they mature. And as always in anything in life, proceed with caution.
I thought minting an NFT would democratize digital art. Nope! I paid over $60 in gas fees to mint one NFT, but after I paid, I found out nobody will likely see my work. I had 9 more works in queue, but I'm not going to pay $600 for my work to be hiding on the blockchain! The NFT craze is NOT for small-time, unknown artists like myself.
It is just a bubble, they make people crazy about it and the most naive jump it this scheme thinking they become quickly rich... As a collector, I wouldn't even buy 2% of what is offered. A lot of garbage. And for the remaining 2%, silly prices are requested or offered. Ridiculous as it is now. The only winners are the system (gas). For the rest as Brandon wrote, compare it to the music industry. As a concert promoter, I sign only well-known artists, but there are tons of good or even very good musicians here on YT that don't make a penny. Or take 20 years to become famous. Maybe...A lot of people will burn their fingers as I write (April 23rd, 2021) crypto is going strongly down. Another dream going up in smoke...
When the digital copy can not be distinguished from the original then what is the value of the original? My favorite movie is the "Godfather"...I don't own the original digital copy but I can view and share the digital copy which can not be distinguished from the original. What value does the original really have?
As I see it, it will be an useful thing for already established artists (Or anyone who has a following, doesn't have to be an artist). It's like selling a batch of autographed photos or guitars. Yeah, you can get the same photo anyhere, but only THAT one has the authentication that the sign gives. This is kind of the same. Rarity, even for digital assets, has value. Just look at games with marketplaces like CSGO or Eve Online.
I spent few days to try to selling my photography on the Tezos blockchain and you right .Even tezos seems cleaner and waaaay cheaper than ethereum there is no place for unknown artist . People who can sell are people already with a big name or someone else who get sponsorized by those. It's a community of YES man that try to push and be kind to everyone so hard when the reality is hopeless...
Great Video . I’m a professional illustrator and selling Nft’s for 2months. I haven’t sold anything yet. My work is decent in the market above average level I should say but hardly to get a collectors attention. I have decent social media following ,regardless still hard for me to make it one art to sell.
No free lunch. I had a fine art photography business for several years. My work was good enough to get me invites to some of the top art fairs in the United States. Still, the business was a net money loser because producing and selling fine art prints is very expensive, labor intensive, and time consuming. So is marketing your work, and if you don't market it, no one is going to buy it. NFT's have the potential to greatly reduce the amount of fiscal and labor overhead associated with selling fine art, but you are still going to have to produce and MARKET your work. The process of tokenizing your art is trivial - it's similar to the process of listing something on Ebay or Craig's list. Now you have to SELL it, and when you sell something, you are in BUSINESS, and being in business is a HEADACHE. Trust me on that, and make sure you keep track of your income and expenses, work with an accountant, and pay your taxes, or you WILL get screwed. It's just a matter of time, and this is where most artists get in BIG trouble.
Can i ask what happened to your business? What would you recommend a fresh graphic designer/ photographer/ videographer in 2021 do? Shadow/ get hired as an associate of a bigger company?
But doesn't it feel like NFT is just for a single collector.. compared to if you're selling hundreds of physical art prints - those will be enjoyed by more than one person and be put on walls? (not that I'm saying digital art is less enjoyable than physical art, I'd be as proud of someone using my art as their digital wallpaper. But with NFT it seems mostly only one collector, and less regular people, will enjoy the art)
@@BenRangel thats true, but people like Beeple send a physically 'mountable' version too. A digital photo-frame in his case. But then, the biggest problem is, the second seller may not pass this on. he may sell the NFT only. Im still looking on how to solve this mirage of problems.
about your bonus problem .... i think real artist should sell the NFT (include it ) with the art sale of the original art. In this case people do not feel that they buy a piece and the artist is reselling it . In which case every time the NFT is sold you are getting a commission .
Not all blockchains consume massive amounts of energy, and when Ethereum converts to Ethereum 2.0 the footprint will be a miniscule fraction of what it is now.
@Terra Nova this comparison fails at every level, from scope (taking into account every step to making a physical artwork vs taking into account the single act of minting an nft) if you wanted to really use that scope then you should take into account the power comsumption of the pc used to make the artwork, the whole industry to make that pc, the whole industry to make the software, the internet network and the whole industry used to power that infraestructue, and etc. to the energy consumption: Minting an nft in ethereum (wich is the biggest problem for this "bad for enviroment argument", and after two years of promising to change the system, they havent done it yet) also involves the process of selling it afterwards, so the compsuntion made by a single minted nft accounts to (in average) almost a month of power comsumption of a person in the eu, this is the problem, for a single nft you could account to the whole art store for a few weeks (if you wanted to keep comparing it to selling physical art) to the "conspiracy theory", because you dont even have defined the "bad companies" (art stores, art materials, high art auction houses?) and to think that because nfts exists people will stop buying physical paintings is extremely weird, but at the end a conspiracy dont have to make sence, it just needs to make a compelling idea to others that the real problem are the "evil ones" and you are not responsible of anything, and that especially that you should NOT TRUST IN BIG PAINTING!
@Terra Nova you're right on the conventional art market not being eco friendly either, but NFTs and blockcahin in general is actually worse. and even if it wasn't , it is still bad for the environment, being less bad doesn't mean not being bad
WoW! This video really cleared up a lot of confusion I had about the whole NFT world. Im an artist and new on Instagram and have been approached twice already by people claiming to want to buy my art for NFTs. Offering me outrageous $. I have smelled a rat in the whole thing and will steer clear till the NFT phenomena is more sophisticated and transparent. Thank You!!
It's exactly what I am facing right now. Even I am new to instagram and people offering for NFT. I dont know weather I can trust them or not. Am still confused 😕
@@mahalakshmi396 this is happening to me too! I don’t know if it’s a scam or how it works really so I’m doing some research. Please let me know if you find out lol
@@Evelyn55515 yes be careful. I finally found them that they are scammer. Luckily I found them and please check the Instagram about the profile to the person you got the offer . So you can check how genuine they are.
Thanks for this video. My family is currently riding on the NFT hype train, and are constantly urging me to go out and create NFTs to sell. You've listed all the main reasons why I'm hesitant to do so, and continue to be on the fence of trying it out. I think my biggest concern has to be the possible backlash I'd get from advertising myself as an NFT artist. A lot of my mutual followers are 100% against NFTs, and I would hate to lose the followers I worked so hard to get. I am a bit disappointed with how low quality so many NFTs are out there, but I guess that's the same with any artistic medium. I have recently made the switch from traditional artist to digital artist, and this feels like a very exciting time to create digital art. I just hope many of the environmental issues can be worked out in the very near future. Thanks again for the info!
After ETH launch expect #LUNATICSTOKEN NFT round 3, so if you hold smart chain (BNB) NFTs from LUNATICS expect to receive airdrop on the ETH side to the holding wallet #ETH #Binance #LUNC #BNBChain
I like the NFT concept as gives opens a whole new door for us artists to actually make money by simply selling our work (without having to do whether the client asks for), but the copyright thief is my biggest concerns. I simply worried about posting any of my work on the Internet now.
After ETH launch expect #LUNATICSTOKEN NFT round 3, so if you hold smart chain (BNB) NFTs from LUNATICS expect to receive airdrop on the ETH side to the holding wallet #ETH #Binance #LUNC #BNBChain
Thank you for this information. As a digital artist for 20 years, my problem was how to sell it. Let alone show it online in virtual exhibitions. I just surrendered to the Copy&PASTE BANDITS. So w/the invention of NFT I now feel blessed & protected that there is a way to sell and authenticate that purchase w/digitized signature for the buyer. That's what NFT has gifted us digital artists with.
Yeap, I'm in the same boat. I've been an Analog and Digital Artist and Educator and NFT's are total game changer. It's definitely a flooded market, but that's nothing new in the art world.
When I was new to the NFT space and I was hearing that people were making some decent money off of it, I knew that there must be some cons surrounding the NFT marketplace. Thank you sir for this video for opening my eyes to reality.
I have a hard drive full of digital art and music I've made for fun. I never knew what to do with it but its totally NFT worthy. They're memes transformed into classical forms of art which people will love and some awesome DJ mixes. I've honestly forgotten about much of this.
I've been reading and studying the knowledge surrounding NTF's and although it's a great idea for one individual to finally cut out the middle man like E-Bay, Amazon, Christie's, etc. who want up to 25 % of the money made in the transaction, it's still going to take a good business mind to be successful. All the "get-rich " minded people will stop using it and the wealthy individuals using the system to speculate and make millions of dollars for a couple of years will find something new and exciting after getting bored with it. This will leave the hard working individuals to use the system to make a living with. This is very similar with those businessmen using E-Bay and Amazon, etc. who work hard to build up a good business with employees doing all the work for them. There really isn't anything out their for lazy people to grow wealth just by pushing a few keys unless you're a politician with a very convincing lies.
Go to an art auction to see the crap that sells for millions. First, go see if they let you in. The ignorant are those who stick to traditional ideas, betting on novelty is betting on the future of our race, technology is imposed, and solutions to guarantee the health of the planet are on the way. Limiting development is confining ourselves to failure as a species.
A little vague on specifics, but the caveats are pretty universal. MLMs work GREAT as business models IF you have a large social network and some kind of notoriety. Mila Kunis made a fortune from ACN, a telecom MLM. But someone who only has a network of friends and family is going to struggle a great deal trying to turn their business into any kind of significant income. Similarly, someone's art isn't going to suddenly make a fortune just because it's in NFT form. If you're already an artist with followers/supporters, this is just another way to create income. I really don't see anyone losing a significant amount of support just for using this type of platform. For some, it really can be life-changing.
Just like to say I appreciate this video very much, I'm interested in the digital art world and am just trying to learn things, good and bad about it. I really love how your video wasn't trying to sway me one way or the other, and how you made it known that you were just sharing what you knew about these problems. That's super awesome and very helpful, I wish more people would create content like that.
Name one other place where I can sell art for $20, the buyer can flip it for $20000, and I receive 10% of that $20000 automatically every single time the piece of art is flipped in perpetuity. You all are missing the forest for the trees.
What has ever increased 1000x in value in a short amount of time? Based on those increases, it seems that the only thing that's propping all of this up is speculation, which means that it'll collapse in time if there is no use case. Don't be the last person holding the bag.
@@computron5824 How are guaranteed royalties not a use case? And that’s just one item, if you are not seeing all the massive massive use cases here, you are still missing the forest.
Thanks for your honesty around this. I decided I won't even waste my time. NFTs are a rich person's monopoly game. Only famous people benefit off of it really, hence why someone like Logan Paul, who's not even an artist, can jump right in it and starting banking big, while other real actual unknown artists make nothing for months and months, and probably never. I think the whole NFT and crypto market just adds to the exposure of how unfair the current system is, and it's only getting worse.
Yes, you can... You just need to cope up with the problems that arise as someone who copy another artist's piece of work and sell it's as your own with "slight alterations".. NFT can be tracked to it source...
Thanks for spelling these out for me, I'm still excited but now I don't have that light headed feeling and you confirmed my potential concerns on how to approach this wave.
I’m an artist that won medals and awards in art around the world... but never got to sell a lot because I’m not good at selling and marketing myself... it only shows me how i should not touch nft... because of covid i turn to back to writing instead of painting and every one that read my books says it’s a piece of art... but selling it come to the same issue of marketing myself ... so thanks for your video...
If this is still a problem for you now I would suggest looking up rapid transformational therapy with marissa peer , I have had the same problem where I get in my own way but I think what I’ve learned from her helps. Best of luck either way!
1. Energy use isn't the problem. Non-renewable energy use is. Crypto is increasingly migrating toward using waste and renewables. Really, the energy argument against crypto is weak enough to be ignored. Especially given what crypto development offers the world as far as efficiency.
There are games that go on in the art world and by extension the NFT world. One of the games that millionaires do in the art world is that they buy a piece of art for a low price like $10,000 and they loan it to Museum to show. It goes on an exhibit tour and the art museum that you loaned it to makes money and they are happy. After it has spent a few years touring the country and is widely known it is appraised by an art appraiser as being worth $50 million or more. The owner that bought this painting can then either have it auctioned off or donate this painting to a charity and take a huge tax write off against profits that their company made. NFT are just a new way of playing this old game but with some new twists. I could Liscense my NFT to be used in games, merchandise, in logos, etc and collect money from it which makes the NFT more valuable. If can also Liscense those rights to different companies to use. Think about Disney, Sonic the Hedgehog, Superman, Spiderman and all the other games as having digital assets. These digital assets are basically NFT that have been branded and copyright by a company for their exclusive use. When Marvel comics were looking at a bankruptcy they decided to start listening their characters out to different companies. Some companies got the right to make movies, other companies got the rights to print on T-shirts, and Marvel retained the rights to produce comic books. George Lucas retained the rights to the Star Wars Franchise and allowed 20th Century Studios to Liscense and market it. 20th Century Studios thought it wouldn't do that great and saw this as a great way to make the original trilogy cheaply and make some quick money. Remember that most sci-fi movies and TV shows up to that point had been low budget B movies. George Lucas saw it as the next great space opera and knew he could make money with merchandising the toys.
Baha. I love how it’s obvious this video is mainly images pulled from the internet. As he’s talking about computers mining he shows XLR cables plugged into audio equipment
Well said Brandon. I really appreciate someone giving the low down on what is really happening in this space. I also appreciate you adding the "bonus" problem. I minted my NFT's on mintbase, which uses the Near Protocol, and pretty much addresses almost all the problems you raise here... But I am still worried about the negative effect on some our fans who have a mental block against the crypto and nft "scam", and whether me going down this route means we will lose their support
I had several people wanting my artwork, claiming that I will make loads of money on NFT. I had never heard of NFT and asked them to explain what NFT was.............. not one satisfied me in regards to a coherent answer. After a little research it was clear.............. NFT's were not for me (I don't have or want a large fanbase) I create artwork mainly for my own enjoyment and have little interest in selling it. In the instant 'Crypto' term is used in a conversation, I put up my defences and totally move on! I suggest you do the same!
This is the beginning of a major permanent change in the art world. It’s going to coincide with other tech advancements like holograms and streaming on smart walls. All tangibles are going away, which I don’t personally like, but that’s the way it’s going. It’s already happened with music except for the brief return of vinyl.
Not all tangibles are going away. Vinyl is here to stay IMO, its popularity and sales have been trending up for well over a decade now. Listening to music on vinyl and having the physical album is a unique experience digital doesn't offer. The only problem with vinyl now is the increasing cost of pvc (vinyl) and limited manufacturing. Unfortunately, when the world went to the soulless compact disc in the 80's, most vinyl manufacturers closed shop.
After ETH launch expect #LUNATICSTOKEN NFT round 3, so if you hold smart chain (BNB) NFTs from LUNATICS expect to receive airdrop on the ETH side to the holding wallet #ETH #Binance #LUNC #BNBChain
The problems with nft’s except the consumption of electricity and the scums is that if i like to buy an art from an artist in a gallery , not digital , i see the art if like i buy and there is a signature that this art is the original from the artist . With nft;s this issue can’t be established because the artist keep the original copy. I believe that the price in nfts art now is very overvalue because of that . There must be changes deeply in socciaty
I also see these NFT sales - especially with "new artists" who just randomly post some quickly digital product for sale as a new technique to laundry money. What do you think? I really liked your video covering those concerns, because I was so surprised that they are not mentioned in most videos that promote NFT creation. But this money laundering aspect seems also pretty important to me. Really would like to know your and your communities opinion on that :)
Thank you for your thoughtful & insightful video - you brought up points of interest I needed to learn more about - and you pointed out some loopholes I hadn’t known about regarding the NFT business including just how bad it can actually be for the environment. There has got to be a different way to confirm validity of a transaction as compared to the way it has been set up initially. I look forward to checking out your other videos - thanks so very much!
Thanks for this! I learned a lot more about the etherium blockchain from watching this and it’s association with deregulated mining fees. What a trip!! Beyond all that, I still love the smell of paint, and get a kick out of street art and galleries. I mean we are already swarmed with smart phones and computers and see thousands upon thousands of images in a day on a screen. It’s nice to have something tangible from an actual artist. That being said, NFTs are a brave new way of buying, selling, and perusing art. If anything an NFT or two could open the window to your social platform where you have your art. Thanks for the informative video!
I am an amateur photographer who does nature photos my pictures have been hung up at some local places mostly business not any art galleries or anything and I have started thinking about selling, was hoping that NFT would be the way to go as I don't want to deal with the "art world" maybe I will still give it a try just lower my expectations a lot.
These are certainly some interesting things to think about before getting into NFTs. I'm thinking of going down the NFT route but I was wondering how do you actually transfer the money back to your bank account once you've sold the NFT? Would love to see you do a video explaining this because I'm still struggling to connect the dots between ethereum-->wallet-->??-->bank-->profit!!!
Once you begin using digital currency, even if you make a quick conversion and transfer to your conventional banking institution, you will be required to file a separate form for your taxes. I believe you have to do this for all transactions pertaining to crypto currency.
@@CuriosityQueue that’s the capital gains tax right? Yh I’m aware of that but I’m not exactly sure how i would transfer ether to my bank account... once the ether is in your wallet, how do you transfer it to your bank account? I’m trying to find out as much as I can about it before getting into NFTs, I don’t wanna do it and find out that my money is trapped in crypto cos Idk how to get it out!
Thank you for mentioning the Ethereum update in July. Miners will get rekt, and mining will be disincentivized. The whole NFTs are bad for the environment can get old really soon
Okay, I really doubted the thumbnail but seeing the video really accredited some of my doubts about the NFT game. Again, these days crazy and meaning less ideas seems to take the lead... I also found a way to make NFTs with 0 Gas fees
Thanks for a decent review. Personally, I am waiting for more updates from Monsta Infinite. It has some similarities with Axie and in the game. The essence is very simple with mini game, Tapwar by moving runes on match-3 and with a little investment, you can earn STT by tributing items in the game as well
After ETH launch expect #LUNATICSTOKEN NFT round 3, so if you hold smart chain (BNB) NFTs from LUNATICS expect to receive airdrop on the ETH side to the holding wallet #ETH #Binance #LUNC #BNBChain
The miners won’t stop...but as tens of thousands of people seek (with very minor likelihood of success) to strike it rich, each nft requires additional energy consumption, which compounds the problem. Therefore, it’s not truly the same amount of energy being used.
Miners will make less money mining Eth. Unless they move in to another altcoins, it won't make financial sense for them to mine. They'll probably move on to Doge, Chainlink or something
Even for Posting my artworks on social media I discovered that someone people stolen our art even some gallery make mony without the artist who get the concept but if we don't see them God will never forgive them no matter how the make the money the end of his life and whatever he or she use the money for will never turned to be good results that us the sweat of the artist who has sleepless night to think and put something meaningful on canvas or paper and you let it be inven without gain anything God knows all things
there are more eco friendly platform getting out too (until ETH. 2.0) like NFT showroom, Hive, ghostmarket, and so on But yes built your social media following (or just a following doesn't have to be on social media) before
The Sun has enough energy for the entered world. The problem is that most government dont want to use it resources. New technology need to be implemented. We are the ones who have updated technology. Keep you art safe on a cold storage outside the computer. People that have less $$ invest on affordable NFT and people that have more $$$ spent more on NFT. The most important is to have an audience and target it. Research about the topics platforms for NFT, minting, gass fees, hot wallet and cold storage. All companies combined have enough pictures of all of the people in the world to have already an impact on the planet. One picture holds a lot of pixels.
We need NFT brokers, then we only need to produce the art and someone else (hopefully with rapidly established credibility) submits it for sale to the proper venue.
As an engineer and mechanic I always appreciate something being more efficient, But claiming NF t's is less efficient than The current Hollywood scam for distributing and promoting art is the most ridiculous thing I've ever heard. It's like claiming that everyone should have horses and buggies because they're more environmentally friendly than cars, forgetting about what it takes to have all those damn horses and buggies........ Just think about all the electricity that will be saved when the criminals at the record label companies and production agencies no longer have a job. Best thing for artists in human history, and damn sure better for the environment.
You really showed me every little thing i was worried about before selling NFTs =) Thx for this, it helped me a lot (and saved me some gasfee ;) ) May be I'll consider selling NFTs when I reach a huge followerbase (so maybe in the far future or more realistically: Never xD )....
I hope I was able to help. I don't want to discourage anyone. Just don't want people to get unrealistic expectations. Hang in there. I'm sure it will get better with time.
I thought the whole point of the blockchain was to keep immutable records, and a string of custody. Shouldn’t part of the blockchain have an image recognition software that flags duplicates, in the case of fraud? What good is blockchain if simple image verification isn’t part of it?
@@Brandon-3D I say we make a crypto coin called PicID. Lol. Now all we need are Blockchain programmers to add that to Ethereum Blockchain as a service.
@@Brandon-3D I spoke to a Blockchain developer who thinks that this is a completely doable idea. He asked me if I had a development budget. I do not. But I’m gonna try to find one somewhere because he agreed that it would be a good idea too. Protecting artwork is something people would absolutely pay for
This idea doesn't solve the problem and highlights the fundamental lack of understanding people have about the value of an NFT. Image recognition could prove something has appeared twice (assuming someone doesn't make minor edits to fool the ID algorithm) but that doesn't tell you that the first NFT was created by the owner or whether it was created by someone who created a bot to scrape the owners Instagram and auto-generate NFTs... But that's really irrelevant. This isn't a real problem, because people don't buy NFTs from random people. NFT sales that aren't fake (it's really easy to fake an NFT sale and drive up your prices) are almost entirely purchased from known sources. In fact provenance is the only thing a nft buyer really gets- the art is already on the public blockchain and free to everyone. They are buying the right to say they bought art from x. So a buyer that doesn't check to see who they are buying from is buying literally nothing at all.
The thing is that miner are located at places that enegy is going to waist if no one use it ? So the waisted energy whas going to be waisted anyway , and waist is not good right?
8:20 "So many people are uploading garbage." Please Don't add to it, if you aren't REALLY an artist! "Make an NFT in 1 hour!" Just Don't. The idea of something "rare" is that you are buying the artist's experience, and time used in creating the work. Another close copy of Punks, Kitties, and other successful IP's isn't going to do anything for you but waste your GAS fees and other people's time.
Again and again, like stock market, rich people, famous people, miners, banks, private equities, take the best and the biggest slice of the cake, poor people and the middle class doesn't have time to figure out something very clear. Great video!
One thing I’ve noticed about all crypto related items is the lack of people explaining how it affects your taxes. A lot of people are going to be in shock when they get audited.
It's a problem, but we need to better wrap our head around what NFT's are and aren't. I try to explain it a little more in my latest video (new channel): th-cam.com/video/0wxDcTK3qiU/w-d-xo.html
Copyright theft is a huge problem for photographers especially on social media. Any idiot can right click + save on any picture and share or sell it as their own. Why? Because the social media doesn't keep all the "burnt into the file" metadata including the copyright information. Hopefully NFT / blockchain or something will one day fix this problem, because it's HUGE.
Very nicely explained. Other cons may be mentioned. A NFT artwork is only image in some web service. Only price, owner and link to the image are written in the blockchain. In fact, the image has no value, only particular blockchain information is valuable. An artist can also sell the image rights by contract and it is almost same as selling throw NFTs. It is not true that NFTs are revolutionizing how to finally make money from digital art. Another disadvantage for an investor is the fact that if he overpaid the NFT art, he has no way to get his money back until he finds another crazy person. Maybe I'm wrong, NFT topic is new for me.
How to be a royal creator on opensea how to create an smart contract in order to get 10% when you sell your nft that was created by you, so you can get 10% everytime someone sell your nft????
I considered to post an NFT and check my luckiness. I was waiting for best moment of self confidence to do this first step - pay starting fees and upload art in opensea.... Now I have much more doubts weather to do it or not. Many thanks for new piece brainstorm)
Watch the 2022 "NFT Reality Check" video just released on my second channel: th-cam.com/video/0wxDcTK3qiU/w-d-xo.html
opensea has entrance fee 0.1 eth, you'll pay it before first selling.
I don't buy art because of a fan base or a previous owner, i buy art because i like the aesthetic of it.
And what do you do with it?
@@RareGem369 I ask questions myself then try to find the answer.
Why are you buying arts?😊
I'm a self taught digital and traditional artist myself and been doing art for years. I just found out about NFT's last week. Glad I seen this video just to have some food for thought. Art takes a lot of time and how the hype was (over the simpler art) made things sound to good to be true. Thanks for the heads up.
your not a real artist, if your art is not like this: th-cam.com/video/rL0x-4h5uro/w-d-xo.html
Hey there, thanks for the input. I just made a new video that covers a little more as an "NFT Reality Check" here: th-cam.com/video/0wxDcTK3qiU/w-d-xo.html
Man, I really appreciate modesty in a podcast or TH-cam video. Not claiming bullet proof expertise but actually asserting that he does not completely understand a complex subject is refreshing and, in fact, confidence building. This is excellent.
Thanks man! Definitely don’t know everything!
Sadly, as time passes, NFTs can only make those already rich in the community richer.
Those small artists, you really really have to hustle.
Rich becoming richer doesn’t slow the poor from getting richer , its just the opposite . There isn’t a limit on how much cash can be earned in the world . I’m not saying this to take a dig at you I just know how politicians want us to think that the rich are evil and making all the money before we can, leaving us SOL . That is The scam . Not wealthy people becoming wealthier.
@@AlexJonesWasRight-oi6hl idc to debate but what you’re saying is literally what politicians want us to believe
@@AlexJonesWasRight-oi6hl In this case, it makes the poor poorer, as they have to pay large gas fees for nothing in return.
I never could have imagined that art could destroy the world little by little but here we are
This video is misrepresenting the situation; as crypto only uses about 3% of the energy in the finance sector; and it is mostly renewable.
Art uses energy to produce computers, art media, etc. Compared to other industries, NFT uses very little; and most of the energy used is renewable.
After ETH launch expect #LUNATICSTOKEN NFT round 3, so if you hold smart chain (BNB) NFTs from LUNATICS expect to receive airdrop on the ETH side to the holding wallet
#ETH
#Binance
#LUNC
#BNBChain
I think it could revolutionize the world of art in a good way but only If users prioritize buying the great art instead of the crappy ones!
Agreed!
But the real question is "what is great art??"
Have you never seen which real life paintings go for the most money? That'll never happen, people value garbage, always have and always will.
@@kvartz it's up to you to decide
@@kvartz When it moves the soul. When a culture lives in a scarcity, the best they can do is create clever art. But when it moves the viewer, that's great art. Ask yourself when you see new art, "Does it move me?"
Thank you for this, my teenage daughter is a digital artist and is gaining in popularity through TH-cam and I.g. and such. We have had several people tell us she should get into nfts. But a lot of what you mentioned was a concern of ours before we even knew much about it, it’s always good to look at cons and not just the hype around something.
Thanks for commenting. I never wanted to trample dreams or scare people with this video. In reality there is not an enormous risk in trying it out, making an NFT and seeing if someone will buy it. Just be realistic with expectations. Best of luck to your daughter!
It will definitely be more efficient. But I’m with you. Might regret not starting soon
U dumb if u don’t make an NFT collection
If your daughter doesnt like money, then go on with the disinformation from the angry anti-nft mob.
I'd strongly recommend avoiding the scene for the time being. The "hype" right now is very much a bubble and the average artist is making a lot less than what big names are making. Be mindful of who is hyping things up and what they're promising.
As an artist thinking about NFTs, I REALLY, REALLY enjoyed and was well informed from beginning to end through your video. Great BIG THANKS for showing the other side of the NFT craze!
aye lad i wanna know your nft to screenshot it
I just joined OpenSea & created some NFTs of my abstract stuff & then realized there's no tags. I'm like how the hell do people find my stuff? And the utter amount of copyrighted stuff is insane and enraging to say the least. As well as the utter amount of garbage on there. At least if you're going to try & sell NFTs make your shit look like you tried to put some effort into it.
Im looking to sell my art in there would you say is not worth it?
@@marlinatelena4579 honestly the way I see it, it’s just a way for people to store their money, it’s not really about the art. An NFT is really just a container that holds breadcrumbs about where it’s been and what it has been valued. In this manner you might make a name for yourself if your NFT that you sold for a low price winds up being traded as a high bidding “transaction key”. So… I mean, it’s just a route through which you can sell your art, and it’s not illegitimate. If people see the item you sold for a low price now sell for a ridiculous amount, they might trace the artwork back to your name and start bidding higher on the new items you are now selling yourself…
I appreciate this. I'm a photographer and I've made selling prints a big part of my business, so of course I've been looking into NFTs. This video just made it real for me. Thanks.
After ETH launch expect #LUNATICSTOKEN NFT round 3, so if you hold smart chain (BNB) NFTs from LUNATICS expect to receive airdrop on the ETH side to the holding wallet
#ETH
#Binance
#LUNC
#BNBChain
This is the first time I heard the word "Bonus problem" 😅
Sounds "postively problematic" 😂🤣
We live in a world where money is (for politicians) more important than our future/environment (lobby).
Now even small artists and consumers who apparently don't see a problem in ruining the environment for something that we don't necessarily need to live. I don't have much money too (I'm an artist myself) but money shouldn't be more important than our future.
It’s beyond money.
You didn't actually cover the issue of owning the NFT artwork, and actual Copyright.
In reality, if someone buys an NFT piece of artwork, the Artist/Creator will still have Copyright on that piece or work....unless there's also a transfer of those rights.
For example, let's say CryptoPunk sells an NFT artwork for $100,000. In theory the Copyright remains with the Artist, so the Artist could, for example, start pasting that same image onto t-shirts, mugs, etc.....
That's how it works in the real world....unless there's a signed agreement to transfer Copyright to the purchaser upon buying the artwork.
🤷🏼♂️
you just defined smart contracts, which is what Ethereum is. well done, you now understand the power.
Smart contracts on physical products so you can get a piece of the sell. Is that what your saying? That's actually a good question. How would that be resolved?
@@sammychaparro2198 you wouldn’t own the IP rights, so you wouldn’t be entitled to any royalties from merchandise.
If the IP rights ARE given with the NFT, then the artists doesn’t have the right to use those images on merch without compensating you as the owner of the rights with the NFT.
In the event that the artist sells the NFT, without the IP, and builds out a merch line with the artwork, then the value of your NFT increases because it came first, and because the artist’s efforts to build out the brand is good for you as an owner of an early piece of art for the brand.
I plan on selling NFTs of my art, with physical prints, and a couple of airdrops sent to those who buy the NFTs, then build out a merch line that supports and builds the brand to help increase the value of the NFT’d pieces bought from me. The objective is to sell the very limited print run as NFTs, and then do what I can to support those collector’s trust in me by building the brand and brand awareness.
I am grateful for this video. You gave me food for thought when it comes to selling crypto art. I am an artist and have plenty of art work to display. I will continue to go for what I know , and that is to continue get traffic on social media for now. But I am interested in displaying my art work on a platform that can potentially recognize it as one of a kind and bring me more money than I can imagine.
Gloria, what if you were able to outsource aggressive sales and marketing to s third party?
After ETH launch expect #LUNATICSTOKEN NFT round 3, so if you hold smart chain (BNB) NFTs from LUNATICS expect to receive airdrop on the ETH side to the holding wallet
#ETH
#Binance
#LUNC
#BNBChain
Just what I was suspecting... Thank you for a well thought out presentation instead of just rambling like many TH-camrs ‘who would rather listen to the sound of their voice rather than get to the point’ do.
The "Unrealistic Expectations" part is on point.
Thank you!
That's the only valid point, the rest comes with new space development. You want to jump from a tractor to a Tesla in a few months?
Millions on emojis and pikachu characters that my kids can draw? I'd rather blow a hundred bucks on fartnight. I bought into rarible and render and playdapp. Sold them all, their performance seemed artificial, injecting their own scam money to make it look like something is happening, then pulling the rug.
You sound poor
@@FooledbyRandomness2 yes
Every Tom, Dick and Harry is all of a sudden an artist. No wonder their crap don't sell...
Just like those silly looking cryptopunks, who would buy those?
The first issue doesn't have anything to do with NFTs directly. It has to do with how we produce electricity.
yes Thomas but still challenges like localised heat production is discussed, I dont really know how much of a threat it actually is.
Finally an HONEST video dispelling the ignorant nonsense surrounding NFT art. Thank you!
Thank you...glad to hear it was well received...by most at least. :)
I have no fight in this but nothing is permanent except change, sometimes for the worse or the better. Always look at both sides and sometimes things take time before they mature. And as always in anything in life, proceed with caution.
@Christopher Dakari stfu
I thought minting an NFT would democratize digital art. Nope! I paid over $60 in gas fees to mint one NFT, but after I paid, I found out nobody will likely see my work. I had 9 more works in queue, but I'm not going to pay $600 for my work to be hiding on the blockchain! The NFT craze is NOT for small-time, unknown artists like myself.
It is just a bubble, they make people crazy about it and the most naive jump it this scheme thinking they become quickly rich... As a collector, I wouldn't even buy 2% of what is offered. A lot of garbage. And for the remaining 2%, silly prices are requested or offered. Ridiculous as it is now. The only winners are the system (gas). For the rest as Brandon wrote, compare it to the music industry. As a concert promoter, I sign only well-known artists, but there are tons of good or even very good musicians here on YT that don't make a penny. Or take 20 years to become famous. Maybe...A lot of people will burn their fingers as I write (April 23rd, 2021) crypto is going strongly down. Another dream going up in smoke...
Question... how do people typically buy your art? As in, how do they discover it and purchase?
When the digital copy can not be distinguished from the original then what is the value of the original? My favorite movie is the "Godfather"...I don't own the original digital copy but I can view and share the digital copy which can not be distinguished from the original. What value does the original really have?
As I see it, it will be an useful thing for already established artists (Or anyone who has a following, doesn't have to be an artist). It's like selling a batch of autographed photos or guitars. Yeah, you can get the same photo anyhere, but only THAT one has the authentication that the sign gives. This is kind of the same.
Rarity, even for digital assets, has value. Just look at games with marketplaces like CSGO or Eve Online.
I spent few days to try to selling my photography on the Tezos blockchain and you right .Even tezos seems cleaner and waaaay cheaper than ethereum there is no place for unknown artist . People who can sell are people already with a big name or someone else who get sponsorized by those. It's a community of YES man that try to push and be kind to everyone so hard when the reality is hopeless...
Great Video . I’m a professional illustrator and selling Nft’s for 2months. I haven’t sold anything yet. My work is decent in the market above average level I should say but hardly to get a collectors attention. I have decent social media following ,regardless still hard for me to make it one art to sell.
No free lunch. I had a fine art photography business for several years. My work was good enough to get me invites to some of the top art fairs in the United States. Still, the business was a net money loser because producing and selling fine art prints is very expensive, labor intensive, and time consuming. So is marketing your work, and if you don't market it, no one is going to buy it. NFT's have the potential to greatly reduce the amount of fiscal and labor overhead associated with selling fine art, but you are still going to have to produce and MARKET your work. The process of tokenizing your art is trivial - it's similar to the process of listing something on Ebay or Craig's list. Now you have to SELL it, and when you sell something, you are in BUSINESS, and being in business is a HEADACHE. Trust me on that, and make sure you keep track of your income and expenses, work with an accountant, and pay your taxes, or you WILL get screwed. It's just a matter of time, and this is where most artists get in BIG trouble.
Great perspective. Agree 100%. Thank you!
thankyou for voicing this part !
Can i ask what happened to your business? What would you recommend a fresh graphic designer/ photographer/ videographer in 2021 do? Shadow/ get hired as an associate of a bigger company?
But doesn't it feel like NFT is just for a single collector.. compared to if you're selling hundreds of physical art prints - those will be enjoyed by more than one person and be put on walls?
(not that I'm saying digital art is less enjoyable than physical art, I'd be as proud of someone using my art as their digital wallpaper. But with NFT it seems mostly only one collector, and less regular people, will enjoy the art)
@@BenRangel thats true, but people like Beeple send a physically 'mountable' version too. A digital photo-frame in his case.
But then, the biggest problem is, the second seller may not pass this on. he may sell the NFT only.
Im still looking on how to solve this mirage of problems.
about your bonus problem .... i think real artist should sell the NFT (include it ) with the art sale of the original art. In this case people do not feel that they buy a piece and the artist is reselling it . In which case every time the NFT is sold you are getting a commission .
Every artist should have at least one NFT to leave as a legacy…
I just did mine in opensea 😭😭
TRUE💗
Bruh, I've been trying to tell fellow art grad friends it's a way to invest in yourself if nothing else
uploading pictures is good enough .. the token holds no real world application
Yes! No one knows what's going to happen. The market could flip to favor real artists.
Not all blockchains consume massive amounts of energy, and when Ethereum converts to Ethereum 2.0 the footprint will be a miniscule fraction of what it is now.
Yeah, I started using WAX
do you know when that will happen? i just joined ehtereum and the market place, im new
@Terra Nova this comparison fails at every level, from scope (taking into account every step to making a physical artwork vs taking into account the single act of minting an nft) if you wanted to really use that scope then you should take into account the power comsumption of the pc used to make the artwork, the whole industry to make that pc, the whole industry to make the software, the internet network and the whole industry used to power that infraestructue, and etc.
to the energy consumption: Minting an nft in ethereum (wich is the biggest problem for this "bad for enviroment argument", and after two years of promising to change the system, they havent done it yet) also involves the process of selling it afterwards, so the compsuntion made by a single minted nft accounts to (in average) almost a month of power comsumption of a person in the eu, this is the problem, for a single nft you could account to the whole art store for a few weeks (if you wanted to keep comparing it to selling physical art)
to the "conspiracy theory", because you dont even have defined the "bad companies" (art stores, art materials, high art auction houses?) and to think that because nfts exists people will stop buying physical paintings is extremely weird, but at the end a conspiracy dont have to make sence, it just needs to make a compelling idea to others that the real problem are the "evil ones" and you are not responsible of anything, and that especially that you should NOT TRUST IN BIG PAINTING!
@Terra Nova you're right on the conventional art market not being eco friendly either, but NFTs and blockcahin in general is actually worse. and even if it wasn't , it is still bad for the environment, being less bad doesn't mean not being bad
WoW! This video really cleared up a lot of confusion I had about the whole NFT world. Im an artist and new on Instagram and have been approached twice already by people claiming to want to buy my art for NFTs. Offering me outrageous $. I have smelled a rat in the whole thing and will steer clear till the NFT phenomena is more sophisticated and transparent. Thank You!!
It's exactly what I am facing right now. Even I am new to instagram and people offering for NFT. I dont know weather I can trust them or not. Am still confused 😕
@@mahalakshmi396 this is happening to me too! I don’t know if it’s a scam or how it works really so I’m doing some research. Please let me know if you find out lol
@@Evelyn55515 yes be careful. I finally found them that they are scammer. Luckily I found them and please check the Instagram about the profile to the person you got the offer . So you can check how genuine they are.
"too many crap artists on the market" - Quote from a crappy artist. lol. Mad other people selling shit. Art is worth what people will pay for it.
Thanks for this video. My family is currently riding on the NFT hype train, and are constantly urging me to go out and create NFTs to sell. You've listed all the main reasons why I'm hesitant to do so, and continue to be on the fence of trying it out. I think my biggest concern has to be the possible backlash I'd get from advertising myself as an NFT artist. A lot of my mutual followers are 100% against NFTs, and I would hate to lose the followers I worked so hard to get. I am a bit disappointed with how low quality so many NFTs are out there, but I guess that's the same with any artistic medium. I have recently made the switch from traditional artist to digital artist, and this feels like a very exciting time to create digital art. I just hope many of the environmental issues can be worked out in the very near future. Thanks again for the info!
After ETH launch expect #LUNATICSTOKEN NFT round 3, so if you hold smart chain (BNB) NFTs from LUNATICS expect to receive airdrop on the ETH side to the holding wallet
#ETH
#Binance
#LUNC
#BNBChain
I like the NFT concept as gives opens a whole new door for us artists to actually make money by simply selling our work (without having to do whether the client asks for), but the copyright thief is my biggest concerns. I simply worried about posting any of my work on the Internet now.
Wait till i make a screenshot of it
Agreed, and that's without the many other problems with it, not least the electricity it wastes!
After ETH launch expect #LUNATICSTOKEN NFT round 3, so if you hold smart chain (BNB) NFTs from LUNATICS expect to receive airdrop on the ETH side to the holding wallet
#ETH
#Binance
#LUNC
#BNBChain
Thank you for this information. As a digital artist for 20 years, my problem was how to sell it. Let alone show it online in virtual exhibitions. I just surrendered to the Copy&PASTE BANDITS. So w/the invention of NFT I now feel blessed & protected that there is a way to sell and authenticate that purchase w/digitized signature for the buyer. That's what NFT has gifted us digital artists with.
Yeap, I'm in the same boat. I've been an Analog and Digital Artist and Educator and NFT's are total game changer. It's definitely a flooded market, but that's nothing new in the art world.
When I was new to the NFT space and I was hearing that people were making some decent money off of it, I knew that there must be some cons surrounding the NFT marketplace. Thank you sir for this video for opening my eyes to reality.
That bonus problem (perception) really urks me. Really hinders me from getting into a space i want to explore.
I have a hard drive full of digital art and music I've made for fun. I never knew what to do with it but its totally NFT worthy. They're memes transformed into classical forms of art which people will love and some awesome DJ mixes. I've honestly forgotten about much of this.
This is a great idea
I've been reading and studying the knowledge surrounding NTF's and although it's a great idea for one individual to finally cut out the middle man like E-Bay, Amazon, Christie's, etc. who want up to 25 % of the money made in the transaction, it's still going to take a good business mind to be successful. All the "get-rich " minded people will stop using it and the wealthy individuals using the system to speculate and make millions of dollars for a couple of years will find something new and exciting after getting bored with it. This will leave the hard working individuals to use the system to make a living with. This is very similar with those businessmen using E-Bay and Amazon, etc. who work hard to build up a good business with employees doing all the work for them. There really isn't anything out their for lazy people to grow wealth just by pushing a few keys unless you're a politician with a very convincing lies.
Go to an art auction to see the crap that sells for millions. First, go see if they let you in. The ignorant are those who stick to traditional ideas, betting on novelty is betting on the future of our race, technology is imposed, and solutions to guarantee the health of the planet are on the way. Limiting development is confining ourselves to failure as a species.
A little vague on specifics, but the caveats are pretty universal. MLMs work GREAT as business models IF you have a large social network and some kind of notoriety. Mila Kunis made a fortune from ACN, a telecom MLM. But someone who only has a network of friends and family is going to struggle a great deal trying to turn their business into any kind of significant income.
Similarly, someone's art isn't going to suddenly make a fortune just because it's in NFT form.
If you're already an artist with followers/supporters, this is just another way to create income. I really don't see anyone losing a significant amount of support just for using this type of platform.
For some, it really can be life-changing.
Just like to say I appreciate this video very much, I'm interested in the digital art world and am just trying to learn things, good and bad about it. I really love how your video wasn't trying to sway me one way or the other, and how you made it known that you were just sharing what you knew about these problems. That's super awesome and very helpful, I wish more people would create content like that.
Name one other place where I can sell art for $20, the buyer can flip it for $20000, and I receive 10% of that $20000 automatically every single time the piece of art is flipped in perpetuity. You all are missing the forest for the trees.
What has ever increased 1000x in value in a short amount of time? Based on those increases, it seems that the only thing that's propping all of this up is speculation, which means that it'll collapse in time if there is no use case. Don't be the last person holding the bag.
@@computron5824 How are guaranteed royalties not a use case? And that’s just one item, if you are not seeing all the massive massive use cases here, you are still missing the forest.
@@computron5824 Ford model t, 1920, 1000x. 2 years. Internet 1999, 1000x 2 years. just off the top of my head. please zoom out.
You expressed my every suspicion about NFT. Money ruin everything 😔
Sorry....but ya there are problems. I believe it will be much better long term though.
Thats bro for getting us back on the realistic ground from day dreaming.
Much appreciated.
Love your clear and heavy voice :)
Thanks for your honesty around this. I decided I won't even waste my time. NFTs are a rich person's monopoly game. Only famous people benefit off of it really, hence why someone like Logan Paul, who's not even an artist, can jump right in it and starting banking big, while other real actual unknown artists make nothing for months and months, and probably never. I think the whole NFT and crypto market just adds to the exposure of how unfair the current system is, and it's only getting worse.
Perfectly said
You can make money off of trading cryptocurrency if you know what you are doing! Most people don’t even know what they are doing
the rich gets richer, the poor gets poorer
@@SoulGasmProd how do I learn what I’m doing though...?
@@BattleBrotherCasten go learn on TH-cam dude
I am confused by one thing. Why can't a person simply copy an NFT, then edit it very slightly, and then sell it as their own?
Yes, you can...
You just need to cope up with the problems that arise as someone who copy another artist's piece of work and sell it's as your own with "slight alterations"..
NFT can be tracked to it source...
Thanks for spelling these out for me, I'm still excited but now I don't have that light headed feeling and you confirmed my potential concerns on how to approach this wave.
Thanks for the feedback. Hang in there!
I’m an artist that won medals and awards in art around the world... but never got to sell a lot because I’m not good at selling and marketing myself... it only shows me how i should not touch nft... because of covid i turn to back to writing instead of painting and every one that read my books says it’s a piece of art... but selling it come to the same issue of marketing myself ... so thanks for your video...
If this is still a problem for you now I would suggest looking up rapid transformational therapy with marissa peer , I have had the same problem where I get in my own way but I think what I’ve learned from her helps. Best of luck either way!
1. Energy use isn't the problem. Non-renewable energy use is. Crypto is increasingly migrating toward using waste and renewables.
Really, the energy argument against crypto is weak enough to be ignored. Especially given what crypto development offers the world as far as efficiency.
We have finite energy and there are other uses than nft right now
@@bobfearnley5724 the sun sends more energy daily than the entire planet uses in a year. Finite energy? You don’t know what you’re talking about.
@@bobfearnley5724 Sun,wind and water(hydro-power) are real things...
Really good video, but the energy problem seems to be massive overestimated when PoS is used.
There are games that go on in the art world and by extension the NFT world. One of the games that millionaires do in the art world is that they buy a piece of art for a low price like $10,000 and they loan it to Museum to show. It goes on an exhibit tour and the art museum that you loaned it to makes money and they are happy. After it has spent a few years touring the country and is widely known it is appraised by an art appraiser as being worth $50 million or more. The owner that bought this painting can then either have it auctioned off or donate this painting to a charity and take a huge tax write off against profits that their company made. NFT are just a new way of playing this old game but with some new twists. I could Liscense my NFT to be used in games, merchandise, in logos, etc and collect money from it which makes the NFT more valuable. If can also Liscense those rights to different companies to use.
Think about Disney, Sonic the Hedgehog, Superman, Spiderman and all the other games as having digital assets. These digital assets are basically NFT that have been branded and copyright by a company for their exclusive use.
When Marvel comics were looking at a bankruptcy they decided to start listening their characters out to different companies. Some companies got the right to make movies, other companies got the rights to print on T-shirts, and Marvel retained the rights to produce comic books.
George Lucas retained the rights to the Star Wars Franchise and allowed 20th Century Studios to Liscense and market it. 20th Century Studios thought it wouldn't do that great and saw this as a great way to make the original trilogy cheaply and make some quick money. Remember that most sci-fi movies and TV shows up to that point had been low budget B movies. George Lucas saw it as the next great space opera and knew he could make money with merchandising the toys.
Baha. I love how it’s obvious this video is mainly images pulled from the internet. As he’s talking about computers mining he shows XLR cables plugged into audio equipment
Its basically the same grind as b4 if ur an artist. Gotta build your community up and the demand for your work. Be patient. You got this!
Yes this is True.
Well said Brandon. I really appreciate someone giving the low down on what is really happening in this space. I also appreciate you adding the "bonus" problem. I minted my NFT's on mintbase, which uses the Near Protocol, and pretty much addresses almost all the problems you raise here... But I am still worried about the negative effect on some our fans who have a mental block against the crypto and nft "scam", and whether me going down this route means we will lose their support
I had several people wanting my artwork, claiming that I will make loads of money on NFT. I had never heard of NFT and asked them to explain what NFT was.............. not one satisfied me in regards to a coherent answer. After a little research it was clear.............. NFT's were not for me (I don't have or want a large fanbase) I create artwork mainly for my own enjoyment and have little interest in selling it. In the instant 'Crypto' term is used in a conversation, I put up my defences and totally move on! I suggest you do the same!
Thank you Brandon for your insight. You have helped me to decide and not display my paintings as NFT. Many Thanks and good luck to all artists.
Nancy this is where being a Democrat materially harms your life.
@@ToddDunning Being a Republican not only harms your life but everyone around you... so there you go.
This is the beginning of a major permanent change in the art world. It’s going to coincide with other tech advancements like holograms and streaming on smart walls. All tangibles are going away, which I don’t personally like, but that’s the way it’s going. It’s already happened with music except for the brief return of vinyl.
Not all tangibles are going away. Vinyl is here to stay IMO, its popularity and sales have been trending up for well over a decade now. Listening to music on vinyl and having the physical album is a unique experience digital doesn't offer. The only problem with vinyl now is the increasing cost of pvc (vinyl) and limited manufacturing. Unfortunately, when the world went to the soulless compact disc in the 80's, most vinyl manufacturers closed shop.
After ETH launch expect #LUNATICSTOKEN NFT round 3, so if you hold smart chain (BNB) NFTs from LUNATICS expect to receive airdrop on the ETH side to the holding wallet
#ETH
#Binance
#LUNC
#BNBChain
Support, no needed from platforms, it´s now the community
you get a lot of support in the crypto community.
The problems with nft’s except the consumption of electricity and the scums is that if i like to buy an art from an artist in a gallery , not digital , i see the art if like i buy and there is a signature that this art is the original from the artist . With nft;s this issue can’t be established because the artist keep the original copy. I believe that the price in nfts art now is very overvalue because of that . There must be changes deeply in socciaty
I also see these NFT sales - especially with "new artists" who just randomly post some quickly digital product for sale as a new technique to laundry money. What do you think? I really liked your video covering those concerns, because I was so surprised that they are not mentioned in most videos that promote NFT creation. But this money laundering aspect seems also pretty important to me. Really would like to know your and your communities opinion on that :)
It totally could be used for money laundering. Great point!
Thank you for your thoughtful & insightful video - you brought up points of interest I needed to learn more about - and you pointed out some loopholes I hadn’t known about regarding the NFT business including just how bad it can actually be for the environment. There has got to be a different way to confirm validity of a transaction as compared to the way it has been set up initially. I look forward to checking out your other videos - thanks so very much!
Thanks for this! I learned a lot more about the etherium blockchain from watching this and it’s association with deregulated mining fees. What a trip!! Beyond all that, I still love the smell of paint, and get a kick out of street art and galleries. I mean we are already swarmed with smart phones and computers and see thousands upon thousands of images in a day on a screen. It’s nice to have something tangible from an actual artist. That being said, NFTs are a brave new way of buying, selling, and perusing art. If anything an NFT or two could open the window to your social platform where you have your art. Thanks for the informative video!
Great information, but now I am thoroughly depressed. *Walks off into sunset, head down, ...*tear. :(
I’m sorry. No harm in trying. Just be realistic.
I am an amateur photographer who does nature photos my pictures have been hung up at some local places mostly business not any art galleries or anything and I have started thinking about selling, was hoping that NFT would be the way to go as I don't want to deal with the "art world" maybe I will still give it a try just lower my expectations a lot.
So many people on Upwork would take advantage of smaller artists to make them NFT art
These are certainly some interesting things to think about before getting into NFTs. I'm thinking of going down the NFT route but I was wondering how do you actually transfer the money back to your bank account once you've sold the NFT? Would love to see you do a video explaining this because I'm still struggling to connect the dots between ethereum-->wallet-->??-->bank-->profit!!!
You can sell on Binance
Once you begin using digital currency, even if you make a quick conversion and transfer to your conventional banking institution, you will be required to file a separate form for your taxes. I believe you have to do this for all transactions pertaining to crypto currency.
@@CuriosityQueue that’s the capital gains tax right? Yh I’m aware of that but I’m not exactly sure how i would transfer ether to my bank account... once the ether is in your wallet, how do you transfer it to your bank account? I’m trying to find out as much as I can about it before getting into NFTs, I don’t wanna do it and find out that my money is trapped in crypto cos Idk how to get it out!
You can link your bank account to any exchange. Yes you can put your money back into fiat easily.
Thank you for mentioning the Ethereum update in July. Miners will get rekt, and mining will be disincentivized. The whole NFTs are bad for the environment can get old really soon
I hope this is true, papa needs a new GPU.
The Ethereum team moved the update back to 2022. Plus they're working on moving to proof of stake so eventually there will be zero mining of Eth.
Okay, I really doubted the thumbnail but seeing the video really accredited some of my doubts about the NFT game.
Again, these days crazy and meaning less ideas seems to take the lead...
I also found a way to make NFTs with 0 Gas fees
How to make nfts with out gass fee
Sp what is it
Thanks for a decent review. Personally, I am waiting for more updates from Monsta Infinite. It has some similarities with Axie and in the game. The essence is very simple with mini game, Tapwar by moving runes on match-3 and with a little investment, you can earn STT by tributing items in the game as well
After ETH launch expect #LUNATICSTOKEN NFT round 3, so if you hold smart chain (BNB) NFTs from LUNATICS expect to receive airdrop on the ETH side to the holding wallet
#ETH
#Binance
#LUNC
#BNBChain
Some really awesome points. Regarding the copyright portion - its pretty bad.
Just because someone decides not to sell an NFT doesn't mean the Miners won't stop continuing to run... so they will still use the same electricity.
The miners won’t stop...but as tens of thousands of people seek (with very minor likelihood of success) to strike it rich, each nft requires additional energy consumption, which compounds the problem. Therefore, it’s not truly the same amount of energy being used.
Miners will make less money mining Eth. Unless they move in to another altcoins, it won't make financial sense for them to mine. They'll probably move on to Doge, Chainlink or something
Even for Posting my artworks on social media I discovered that someone people stolen our art even some gallery make mony without the artist who get the concept but if we don't see them God will never forgive them no matter how the make the money the end of his life and whatever he or she use the money for will never turned to be good results that us the sweat of the artist who has sleepless night to think and put something meaningful on canvas or paper and you let it be inven without gain anything God knows all things
there are more eco friendly platform getting out too (until ETH. 2.0) like NFT showroom, Hive, ghostmarket, and so on
But yes built your social media following (or just a following doesn't have to be on social media) before
The Sun has enough energy for the entered world. The problem is that most government dont want to use it resources. New technology need to be implemented. We are the ones who have updated technology. Keep you art safe on a cold storage outside the computer. People that have less $$ invest on affordable NFT and people that have more $$$ spent more on NFT.
The most important is to have an audience and target it. Research about the topics platforms for NFT, minting, gass fees, hot wallet and cold storage. All companies combined have enough pictures of all of the people in the world to have already an impact on the planet. One picture holds a lot of pixels.
We need NFT brokers, then we only need to produce the art and someone else (hopefully with rapidly established credibility) submits it for sale to the proper venue.
@@_I-OvO-I_ Thank you. I have taken a different tactic and already placed NFTs in UAE movers and shakers (actually Sheiks)
As an engineer and mechanic I always appreciate something being more efficient, But claiming NF t's is less efficient than The current Hollywood scam for distributing and promoting art is the most ridiculous thing I've ever heard. It's like claiming that everyone should have horses and buggies because they're more environmentally friendly than cars, forgetting about what it takes to have all those damn horses and buggies........ Just think about all the electricity that will be saved when the criminals at the record label companies and production agencies no longer have a job.
Best thing for artists in human history, and damn sure better for the environment.
You deserve a like. I was just getting into NFT and this helped a lot. Thank you for this amazing content. We appreciate it.
You really showed me every little thing i was worried about before selling NFTs =) Thx for this, it helped me a lot (and saved me some gasfee ;) ) May be I'll consider selling NFTs when I reach a huge followerbase (so maybe in the far future or more realistically: Never xD )....
I hope I was able to help. I don't want to discourage anyone. Just don't want people to get unrealistic expectations. Hang in there. I'm sure it will get better with time.
I thought the whole point of the blockchain was to keep immutable records, and a string of custody. Shouldn’t part of the blockchain have an image recognition software that flags duplicates, in the case of fraud? What good is blockchain if simple image verification isn’t part of it?
Good call. It might come in to play down the road but I guarantee that’s not a part of it now.
@@Brandon-3D I say we make a crypto coin called PicID. Lol. Now all we need are Blockchain programmers to add that to Ethereum Blockchain as a service.
@@IKnowAGuyLLC lol. I’m in!
@@Brandon-3D I spoke to a Blockchain developer who thinks that this is a completely doable idea. He asked me if I had a development budget. I do not. But I’m gonna try to find one somewhere because he agreed that it would be a good idea too. Protecting artwork is something people would absolutely pay for
This idea doesn't solve the problem and highlights the fundamental lack of understanding people have about the value of an NFT.
Image recognition could prove something has appeared twice (assuming someone doesn't make minor edits to fool the ID algorithm) but that doesn't tell you that the first NFT was created by the owner or whether it was created by someone who created a bot to scrape the owners Instagram and auto-generate NFTs...
But that's really irrelevant. This isn't a real problem, because people don't buy NFTs from random people. NFT sales that aren't fake (it's really easy to fake an NFT sale and drive up your prices) are almost entirely purchased from known sources. In fact provenance is the only thing a nft buyer really gets- the art is already on the public blockchain and free to everyone. They are buying the right to say they bought art from x. So a buyer that doesn't check to see who they are buying from is buying literally nothing at all.
The thing is that miner are located at places that enegy is going to waist if no one use it ? So the waisted energy whas going to be waisted anyway , and waist is not good right?
NFT has pros and cons.
8:20 "So many people are uploading garbage." Please Don't add to it, if you aren't REALLY an artist! "Make an NFT in 1 hour!" Just Don't. The idea of something "rare" is that you are buying the artist's experience, and time used in creating the work. Another close copy of Punks, Kitties, and other successful IP's isn't going to do anything for you but waste your GAS fees and other people's time.
@@Carl_McMelvin you must have some more thoughts on this matter, what are they?
Deepest appreciation for things never thought of . With love & gratitude -Ty ...xox
Would be really cool to know if anyone here that is not a «big» artist already sold an NFT, and if the whole process was worth it.
I see a lot of NFTs being sold at Nifty, but usually for 3 Eths or less. Most of them costed almost 1 eth. Keep in mind 1 eth is 4k now.
Again and again, like stock market, rich people, famous people, miners, banks, private equities, take the best and the biggest slice of the cake, poor people and the middle class doesn't have time to figure out something very clear. Great video!
Thanks Fabio for adding to the conversation!
An excellent presentation of information. Thank you.
This video is very helpful. Thank you and keep up the good work!
Thanks, will do!
One thing I’ve noticed about all crypto related items is the lack of people explaining how it affects your taxes. A lot of people are going to be in shock when they get audited.
Negatives mostly but we are here to create a better future
Wonderful video and content, be encouraged and keep producing great work
It's like the greed in the virtual world is as damaging in the virtual world as it is in the physical world!
Excellent reality check thanks. May just stick to brick and mortar gallery
Sounds like a good scam. Most people will pay fees and never sell anything. I'm gonna create game spikes and tilesets instead.
If I create an NFT, would including the source file help its validity? What’s the difference if someone steals my art and just sells the screenshot?
It's a problem, but we need to better wrap our head around what NFT's are and aren't. I try to explain it a little more in my latest video (new channel): th-cam.com/video/0wxDcTK3qiU/w-d-xo.html
Reason I'm watching this video is because of the news I read that someone paid $600k for an nft drawing of A DAMN ROCK!! 😭
Some of it could be just money laundering
Thank you. It really helped
you are right their is lot of crap that has flooded the market in the name of art and NFTs..
Copyright theft is a huge problem for photographers especially on social media. Any idiot can right click + save on any picture and share or sell it as their own. Why? Because the social media doesn't keep all the "burnt into the file" metadata including the copyright information. Hopefully NFT / blockchain or something will one day fix this problem, because it's HUGE.
Very nicely explained. Other cons may be mentioned. A NFT artwork is only image in some web service. Only price, owner and link to the image are written in the blockchain. In fact, the image has no value, only particular blockchain information is valuable. An artist can also sell the image rights by contract and it is almost same as selling throw NFTs. It is not true that NFTs are revolutionizing how to finally make money from digital art. Another disadvantage for an investor is the fact that if he overpaid the NFT art, he has no way to get his money back until he finds another crazy person. Maybe I'm wrong, NFT topic is new for me.
How to be a royal creator on opensea how to create an smart contract in order to get 10% when you sell your nft that was created by you, so you can get 10% everytime someone sell your nft????
Thanks so much for this video, really informative
Everything is relative. Do your own due diligence; research; plan, strategize and promote. Believe in yourself.
Very good video, and timely.
Great to see some common sense about what may
become a viable platform for digital art one day.
I considered to post an NFT and check my luckiness. I was waiting for best moment of self confidence to do this first step - pay starting fees and upload art in opensea.... Now I have much more doubts weather to do it or not. Many thanks for new piece brainstorm)