How NFTs Have Become a Gateway Into the Metaverse
ฝัง
- เผยแพร่เมื่อ 27 ก.ย. 2024
- NFTs (non-fungible tokens) burst on the scene with a $69 million sale of Beeple’s digital art. Now players behind the so-called metaverse are betting "digital scarcity" will create a whole new ecosystem of play and commerce.
#NFT #OutOfStock #BloombergQuicktake
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Would you buy an NFT?
NFT is something what brings blockchain to mass adoption
F no. And furthermore, I think our tax code needs to be looked at if rich people are buying imaginary snake oil.
NFT's for speculation seems like more luck and lottery vs buying coins or staking in DEFI
If you bought a top 100 coin last summer there's a 50% chance you are up 800% YTD those odds sound better then praying 1 day some guy will overpaying for my unique NFT.
@@michaelstollairetbarceo3287 you can say the same about the market of Persian rugs and other luxury products. It’s not matter of what is better it’s a ratio of risk / reward
@svenm sandity That comment was edited? It has no punctuation and still reads like a fever dream. What did you change lol?
I like how the art journalists basically admits that the modern art Market is basically worthless and just a huge bubble of some ultra rich guy trying to avoid taxes
i mean, to be honest we all knew it was like that for a very long time now
@Draylilth robbed? You know that you benefit greatly from taxis don't you? I mean the infrastructure alone is worth it in western countries
lol spot on. digital art is never the same as real art by leonardo da vinci who spent years to draw its masterpiece. The time it took it create digital art is so little basically it cheapens it
@@laupeter4594 what are u on about ? The digital art these days look better da vincis art. He couldnt ever dream to create something at the lvl we’re at now soon digital art will cost more than Salvatore Mundi $450 m + bought by Crypto billionaires
Film 🎞 stock was used by all filmmakers
Now it’s digital video 🎥 cameras and the old time directors are still trying to say it’s “higher” quality but it’s not and everyone knows that that’s why film stock is dying out quickly.
Bloomberg didn’t explain NFTs correctly. The NFT is not the file itself. You can still duplicate the original art file indefinitely. The NFT is just a token of ownership, completely separate from the file itself. IE, it’s basically a certificate of authenticity that’s technically unattached to the file itself.
Hello, I am quite new to this world. So, from what I understood from what you have just said, NFT is an ownership certificate of something everybody can use. Correct?
@@yohanmalet2372 Yes. The actual art file (music, image, etc) is independent of the NFT token itself and can be duplicated and shared just like any digital file. The NFT is only a token on the blockchain that shows the transaction ("X owns a file that was purchased from Y, and this token is proof").
@@prospectnyc so wheres the value in nft when I can just copy n paste the art somewhere else with nobody to police it?
@@sevenhenson3926 In the "token", which is basically a certificate of ownership. As long as people are willing to pay for the token, it will have some sort of value.
@@prospectnyc it's basically dumb to pay for certificate since it's not worth it to sue if it's not worth millions
Just because a particular NFT distributor claims you own the NFT asset does not mean anything outside of that circle. A different person can own the same exact asset hosted by a different NFT provider. Every digital asset you own only exists in the context that specific NFT provider which makes the entire system pointless.
Thanks for that clarification.
And this means you 'own' nothing. On the other hand, maybe it also shows that you can't own it anyway.
Might as well just change it to a centralized database lol
Just because you make a duplicate it doesn’t make it as valuable as the original. A duplicate will never be worth as much as the original. Try hosting a Beeple art piece on a different NFT provider and see how much you can sell it for.
The point is that the asset has variable providence from the original creator to the owner. Any copies are just that.
what you are failing to understand is the power of the context
How can you set royalties for art in the realworld with NFT it's a breeze that's the game changer. An artist gets paid for life. 1500yrs revolution right there.
This is madness.
It’s actually not. I was a traditional investor and have been in the NFT world for the past few months. Certain projects have amazing utility. Moreover, smart contracts will be a game changer. It is a way for you and I to exit the matrix, truly. Don’t believe the institutions.
No, this is Wendy's.
@@yopavan Here in the real world, I rather own/build properties. POWER to the MATRIX!!
THIS IS SPARTA!!!
@@ianbrood this fake world you dont want to know is giving people in poor countries a living wage, which their real life counter part jobs wont be able to do.
If The Oasis is gonna become real, I'm gonna become a digital weapon smith
Yet another distraction for the common folks to not interfere with the reality directed by few, where you are already being milked for their benefit. Now, virtual slavery where people will be chasing their virtual carrots in the hope they gonna be rich as were slum inhabiting characters in Ready Player One that were by mistake for someone else blown to pieces by a IED when they were seen as too successful should be a warning to dysfunctional society, not a model we should cherish as a new way to milk people even more while making them even more blind to what's happening around them in the real world...
Companies already got backlash for pay to win virtual items, now they pushing for this monstrosity where they try to fool their customer milk cows by giving them virtual carrots to chase, an illusion that they also can become winners from this shady business...
When its comes to NFT’s, what matters is provenance. The wallet and contract address that created it is the signature for that token. A piece of art from the artist’s official wallet and a unique, bespoke contract is more important that the jpg. Anyone can copy a jpg and mint a new token for it, but if it didn’t come from the original artists wallet, who cares. It’s the same as artist physical prints. An artist sits down to a table with 100 prints, and they are a worthless stack of paper until they sign each one. People hate on NFTs as if they don’t already live in the metaverse. If you’re browsing the web or social media for hours a day, you’re in it. If a blue check mark and follower count matters to you, you’re in it. NFT’s with the right signature are no different that the value we give blue check marks. As for the money laundering comments - these fail to recognize all the newly created crypto millionaires who invested early and have been waiting for something to spend their money on. Yes they could cash out, but speculation and collectables is more fun for them. When you’re that deep in the metaverse already, some NFT’s are viewed as investments.
thanks for the explanation... i'm only starting to learn more about NFTs.
Perfect response. This should be the top comment
People on social media are going after NFTs like crazy and how illogical they are
even tho google say it is your art. schould it still be lic.????
yeah ppl seem to forget about things we already have in place like AirMiles and other "tokens of consumer loyalty", that give benefits to the consumers. Just make it into code and boom NFT use case. Even with the fraud, that's present in all walks of life, If you hate on NFT's you're a salty B or know-almost-nothing-only-reads-titles person
great point
I feel like we are plowing a lot of real time, resources & energy into things which don't clothe people, grow crops, make medicine, build houses, pave streets or anything else particularly useful. I get that there is a lot of money involved, but so much of it seems to be based on speculation and is increasingly removed from real life society. If these systems all went up in air tomorrow, what would we have to show for it all?
In some ways would agree with you - but when I contemplate how much junk is sold at party stores, home deco superstores, and "given away" with every fast food kids meal, the digital trinket looks more appealing.
Someone would have made a lot of money. The money doesn't disappear it's only transferred between hands. This is people's personal money that they can do whatever with.
It seems so primitive to use ntf on jpegs, gifs and videos. It doesnt feel right, those formats are made for infinite sharing.
Even if its made artificially scarce, Its like claiming a piece of air...
Setting up an account to buy a NFT is a process for sure, but so was just trying to use the internet years ago. NFTs are at a starting point
Real ones know this
Wow. This gives me an idea. How many times in one day can I sell the Brooklyn Bridge?
The editing is on point!
If cryptokitties exploded the world of nft imaging what club penguin would have done to it
What kind of title is “General Partner” is that like higher than “Lieutenant Partner” and “Captain Partner”?
This clearly is the future. I definitely wanna pay hundreds of dollars on hashes that are spiritually tied to digital collectibles from a mediocre game I've never heard of.
The digital world was supposed to be the great equalizer, where there isn't a scarcity on anything - it's just pixels on a screen.
And now greedy people have to try to make a buck off it, and make sure that there's a wealth gap even in the "metaverse". Perverse and terrible.
@@jajajinks1569 Interesting way of looking at it.
@@ReddoFreddo I’ve spent a few hundred on Apex Legends a interesting game but I can’t resell the skins I buy unlike if it was NFT integrated
@@jajajinks1569 It's not like you can't enjoy the art I own as an NFT. I get paid, artist gets paid, you can enjoy the art.
In fact, if speculators/investors throng the market, it'll incentivize creation and thus create more art for EVERYONE to enjoy.
BINGO!
shame ethereum gas prices are through the roof and nobody wants to pay a fee higher than the art itself
TLDR: It's useful for digital assets e.g. stuff in games
And for gambling apparently.
Royalties, commission. World isn't ready for it.
So basically, art dealership but online. The idea of artificial scarcity has been around since the art auctions have started.
But yes, at the end of the day, if someone is willing to spend thousands on your artwork no matter what, then there's nothing you can do about it.
The issue of consuming electricity could be covered more deeply. I can see how that might become an obstacle, even if these guys seem to pay no attention to climate change.
Why is the current financial system allowed to use electricity but the new one isn’t? What’s hilarious is the new one actually lets INDIVIDUALS rather than institutions have the power, control, agency, and governance BUT people keep talking about env impact? Especially when the env impact is rapidly being solved and a non issue in a few years, you should be fighting for this new system you can actually have ownership of, rather than propping up legacy systems you are SUBJECT TO.
I'm pretty sure you're thinking of Bitcoin, which is proof of work and a huge energy sink, albeit you could argue it's still a fraction of the current financial system. Pretty much all other cryptocurrencies are on the move to proof of stake which requires a miniscule amount of energy in comparison.
“A Picasso is just oil paint on a canvas”. What a great analogy mate. Ever tried painting?
I think their point was that art is not an item that has a practical use. A car has value because you can use it to get somewhere, a jacket has value because it can protect you from the weather, a bed has value because you can sleep comforteable in it, etc.. These things have at least some intrinsic value because they are usefull. A can opener will always keep some of it's value as long as it can open cans, no matter if there's hype around it or not.
Any art piece, no matter how great, has no objective reason to be valuable. It's value is either dependent on what meaning you interpret into it, if it looks beautiful, it's historical/cultural significance, or if other people ensure it's valuable, like art critics for example. If nobody knew who Picasso was, it could be a random painting for 50$ at a garage sale and it still might not get sold. Art is valuable because we as a society have decided to value it, not because we need it for any practical application. if the hype around an artpiece dies down completely, it can become entirely worthless. Just for the record, nobody is saying that this will happen to Picasso any time soon, but it might happen to NFTs.
this is essentially turning everything into speculative investment, or aka gambling. SEC securities laws and gambling laws need to catch up, this is essentially another form of gambling/pyramid scheme. nice.
Is reselling pokemon cards gambling? Crypto has already been legally defined as property. Just like a car or any other collectable item.
@@whyillustrated5610 Hmm yes, reselling pokemon card is gambling lol?
Dear obliviousts, think through this for a minute: If you are a criminal who has been sitting on millions in crypto for your illicit deeds and you can't move it because the feds are watching all the crypto exchanges ... what do you do? Buy art with crypto and sit on it for 30 years. Someone will buy your art later for cash all laundered and clean.
Exorbitantly priced art in the digital world serves the same primary function it does in the real world - Money Laundering. It isn't so shocking.
HAHA, world for sure is going to look like in a movie "Idiocrasy" preety soon.
Sounds like money laundering/tax evasion to me
How would that work?
For Money laundering you need to fake revenue not expense.
More than money laundering it could be used for tax ""evasion"", but for that there's already normal art
Pretty much the only way to get fiat currency for these things is by sending it back to a centralized exchange these days, and they all adhere to know your customer laws and will happily hand over your info to the government.
Crypto is probably one of the worst ways to launder fiat.
This clearly shows money is an illusion
It's just money laundering.
@@legiran9564 so nft buyers are criminals and not art lovers? smh..
It’s always been an illusion. It’s just mean of exchange that lets us trade all sorts of things.
Money is just as much an illusion as language. A construct created by humans in order to exchange.
and that your a failure
Brilliant coverage on explaining
Theres gonna come day when they will figure out how to merge those digital worlds into one. Thats going to be sick.
Would like to develop Gamification on a token economy that encourages sustainable environmental practices
Okay maybe we can collaborate.
Loves the idea, are u Nigerian
Huuuuuuge fan of yours.🔥🔥👌❤️This would be brilliant
@@wesleywagumba812 that is what’s up! It is destined to be ( ͡° ͜ʖ ͡°)
So your NFT gives you the right to own an object. That object is rare because it has a unique number attached. Yes?
"Own" but you don't actually control the thing. in reality you just own a bunch of code that represents the thing and not the actual thing itself
@@peterearl9595 I kind of hate this "bunch of code" nonsense everyone's always tossing around. You don't own code either, the code probably open source.
A blockchain is just a fancy list of who owns what. NFTs are unique ids that represent a thing. When you own an NFT there is an entry in the blockchain that says that you own it.
Since everyone can agree on the state of the blockchain, then everyone can agree that you actually own that thing. And that's it!!!! There's no magical "bunch of code" that is somehow all yours.
Then the internet goes out lol
So would all financial sectors.
I think they are pretty nfty
I'm taking my research on NFTs and Metaverse at the moment too. I just find out that LootMogul's NFTs are now available on different blockchains like Elrond, Digitalbits, Solana, Binance, Polygon.
I am 55 years old with very little set aside for retirement at this point. I have always been curious about the stock market and have witnessed some people who played the game right and retired early because they used the stock market. When I ask them, most said that they invested very little to start with, but their portfolio grew. I do have a significant amount of capital that is required to start up but I have no idea what strategies and direction I need to approach to help me make decent returns.
Buy index funds if you wanna be safe, though you are probably be better off just going to Vanguard or something for that
Even with the right technique and assets some investors would still make more than others, as an investor, you should've known that by now, nothing beats experience and that's final, personally I had to reach out to a market analyst for guidance which is how I was able to grow my account close to a million, withdraw my profit right before the correction and now I'm buying again
@@jaluriaja6294 who is your financial coach, do you mind hooking me up?
@@santiagoagustine3749 "My consultant is *Loretta Wilkinson* I found her on a CNBC interview where she was featured and reached out to her afterwards. She has since provide entry and exit points on the securities I focus on. You can look her up online if you care supervision. I basically follow her trade pattern and haven't regretted doing so"
Wanna know more about ponzinomics 😂
🤫🤫🤫 KEEP THE QUITE PLEASE. 🤐🤐🤐
Everyone knows that art = tax evasion, moving money to a different country, money laundering... Now you can do it online through NFT :)
Ohh really?
Renaissance of art and finance.
Very interesting!🤔
The explanation of NFT's here was spot on!
I was thinking of a game that rewards mBTC to players and is paid for by subscription services and fancy economic models which make breaking even and/or profiting difficult, rewarding, investment heavy, gambler's fallacy heavy, sunk-cost fallacy heavy, and/or cosmetics heavy. Seeing as a lot of modern games use these ploys anyways, just putting money in one seems logical.
Idk about "assets" other than the actual currencies in the next 5-10 years being terribly worthwhile. I'm skeptical because of low user-base.
Always love watching your videos. I was wondering that are you guys familiar with iNFTs. iNFTs are basically intelligent NFTs that are interactive and can talk back. I would love to see a video on this. Thanks.
Wht don't you talk about serious applications like using it for electronic medical records?
how would you compare the energy consumption of the bank system to nfts?
Absolutely.
Zombie world z team working hard, they will release metaverse mode soon. I tested this mode, so amazing, you can find game play in TH-cam. I sure you will wanna play immediately when you see their gameplay.
Metaverse might not be ready for mass nft projects coming. It lessen the value. However if it benefits me, then lets go get it. Right now im rooting for Popcult NFTs. Very diverse and organic arts.
XVG JUST HALVED UPDATED ON LONDON ETHER UPDATE AND IS 99.51 LEFT IN CIRCULATION. ITS FULLY PRIVATE AND PASSING ATH IN 2022 MASSIVE PROFIT GAINS COMING UP 🚀🔥💰💯💲🚀
This did not age well at all. Not that I feel sorry for any of the suckers that sinked money into NFTs, the biggest scam of the decade.
The liquidity issue mentioned will be massively offset by fractions of the art being sold off, it could get to the point where no one is priced out of the market and also increases network effects.
I'm already a NFT billionaire!
Can you give me 1 million dollars
Lol sure you are
Do you have any suggestions for offering NFT"s of historic Internet moments from my show ?
When u take funds from progress & put it in the hands of idiots...that's what tends to happen...
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omg. lady @30 is built like a disney mom
What’s up with that Thelema Hexagram at 2:37 🤨
I've still been confused what NFT is really since I heard about it first time. Seems like it's about "itemizing" digital assets like ascii arts, pictures made with computer graphics softwares, etc ..., whose value was never fully maintained because of copy/paste, unlike the physical assets' value is always maintained eg; no single pair of shoes of same design can't be gotten without payment or freely copy/pasted. So, if you want 3 copies of digital content, you will pay for each copy same way you would pay for 3 pairs of same shoes. If my understanding is right, justice is being served to digital assets and their creators that have been under-appreciated, taken for granted from the beginning and viewed as garbage on internet, when digital assets require skill, effort and time as much as physical products do.
They did say that the 69mill was a pump and dump for yet another token. This video is only popularising paid version of half-knowledge and perhaps into the pump and dump strategy themselves by finding new suckers for big players.
I tried to sell some, even for 10$, nobody is buying :D guess it's money laundering considering smudges and lines got sold for like 20.000$
Are you sure this is the best conclusion you could've arrived at?There are many variables to why your art may not have sold.
@@wesleywagumba812 Art ? lol
NFTs do not grant any rights or ownership over assets most (if not any) time. It's more like a digital receipt for the asset that a platform provides to you. It basically only allows to be traded. Also if the platform tanks that issues the NFT to you, your token is worthless lol
bro what a great info, thanks for the video
could you analyze NFT's live?
could you take a look at Mononoke Inu? I don't know if it's worth entering, thanks bro
I took a screenshot and used the screen recorder on my iPhone
Beanie babies people. Beanie babies. This will crash.
Sappy seals next
Man the world is becoming so abstract
WHO ARE THESE PEOPLE INSIDE THIS DIGITAL PUDDLE? THEY ARE INFLATING THIS BEYOND REALISM.
This title is clickbait.
Why not turn the wallet address from a string of hexadecimal characters into an NFT that is instantly recognisable then make whole wallets recursive and transferable?
In English please? lol, I'm not the sharpest tool
the era of metaverse is coming, have you prepared the project for yourself? Find out about Zombie World Z, metaverse gamefi, they will release VR version soon, follow it you will profit
uhhhhh.....
GameStop will make the perfect marketplace for the transaction issues explained in this video
14:00 he's so on point here. But also a little ironically not true at all lolz
Value for things that have no use value is entirely the result of perception. A Picasso is just oil paint on canvas. It's worth nothing, it does nothing. It is valuable because we as a society have decided that it's valuable. - Deep but agreed lol
*scamming the digital world
It's not! Its utilities!!
Zero sympathy for idiots who lose their money through NFT schemes.
If mainstream said it’s going down I’m buying cuz they are lying
I think my unborn future child is gonna feel like they missed out on this moment in time
Ridiculous
SCARCity!
It's definitively a bubble
kuwait tover NFT..binance
AYYY THINKNOODLES ALL OVER THIS LUCKY DUDE
Special people are watching this video.
MetaHearts 🔥
I don’t but I still like art pieces on my walls
NFT No fecking Traction.
$69M - fools and their money - easily parted!
Gateway to bankruptcy.
Can I NFT a patent or copyright (or personal State or Federal Trademark)? THAT might be worth something to a lot more investors.
Seems like you can, but unless the law recognises the block chain as legally binding is another issue.
Yes.
Verification of ownership has always been a challenge in the digital realm, NFT changes that.
Also the artist can programme in his royalty on that art forever.
it really doesnt. The loop remains open ended and without regulation. you can absolutely mint a piece of stolen art and the original artist has very little to fight that with. best one i´ve seen so far was a marketplace going (and i paraphrase) "well, why didnt you mint that first yourself? you wouldnt have this problem if you did"
any information loop that permits the user to feed data into without checks and balances is sus by default
Poor kids... They'll grow up with money on their heads
WAGMI!
Imagine a game so bad you get paid to play it.
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wow, that is dark to force scarcity on digital content.
Fortunately my friend Oliver my impresario knows the NFTs but I ????
The 'record' of scarcity does not create scarcity. This is a con.
cool
This stuff is already here/ there trying to stop people with little money to invest
Doh!
¯\_(ツ)_/¯
I found what doge coins can be used for
This is why micro transactions are illegal.