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NFTs Explained - The BIG Problem.

Feb 03, 2022
Did you know that thanks to NFTS people have managed to sell a recording of them farting for over $400, a photo of Homer Simpson combined with Pepe the Frog for $320,000, and even a simple five-word tweet for $2.9 million? in my 11 years of life? making youtube videos i haven't seen a single trend in the way

nfts

is working right now so this is all the fuss about why

nfts

is a phenomenal invention and it becomes a

problem

and then the right way to reverse in nfts i am even going to unbox one myself so start with this the way our economy has always worked is we make money and then use that money to buy products but the more time we spend on digital apps like instagram and the more time we spend on digital games like fortnite the more our purchases move away from physical goods and more towards digital goods but that poses a

problem

digital goods are harder to monetize like lets say i do a beautiful physical painting and deal to sell it to people in a market now, even if someone tries to copy my painting or even if they happen to take a photo and then make a print of my design, actually ad doesn't affect me too much because you'll be able to tell by the brush strokes that I have the original, but if I were a digital artist who painted that same piece on my ipad, for example, the moment I post that art publicly as a jpeg image , I would lose almost all control. on top of that asset can be copied with something as simple as a right click and those copies will look 100% identical to my original, so my art will no longer be a scarce resource and therefore drastically reduced in value.
nfts explained   the big problem
This is what nfts is trying to change. the word itself means non-fungible token if something is fungible it means it's interchangeable like cash where your ten dollar bill is fully interchangeable with my ten dollar bill and therefore if something is non fungible it means no can nfts be traded they are using ain block technology to be able to indisputably verify who has the original of a digital good there is a one of a kind ownership token that has a value and so when people buy and sell nfts they what they are really doing is buying and selling their virtual ownership of something and to be honest these tokens have five distinct advantages for example if you are a designer you have a new way of earning and for the fans of your art they have a new way to support you, instead of just transferring a donation to you via Paypal, they are actually getting a piece of your history in exchange for nfts, ended contracts boring and very long, replacing them with smart contracts which, in a really simplified way, define the rules by which the nft works, for example, a designer can set a rule so that every time his item is bought or sold, he gets a 20nft cutoff is a dream for many collectors.
nfts explained   the big problem

More Interesting Facts About,

nfts explained the big problem...

I understand the fact that they don't really do anything. silly but there are pl a lot of people who are pleased just to find out they have something rare i mean just think about trading cards why did this pokemon charizard card sell for 220k? the fact that you can be the sole owner of the token for a digital piece authenticated through a system that is completely fraud proof, you can see how it could give collectors a similar thrill and then four, it's not just the creators , anyone can make money with nfts because it can be traded, every nft has a market value and we have seen many cases like this crypto punk face here originally bought for less than 30 and recently sold for 11.75 million and I guess the most important thing is that the nft market is considered a fairly accessible place to invest, it's not like the stock market which can be intimidating for many people, and it's not like the real estate market where you might need hundreds of thousands of dollars to start and ultimately nfts give people a sense of belonging i think a big part of why people buy them is to feel like they are in u n club for example there is a collection of nfts called board ape Yacht Club 10 000 unique ape pictures for which the cheapest actually costs over 200 000 right now but the point is you will regularly find that people who own these nfts they will use these photos everywhere as a symbol of pride that they are a part of this exclusive group and on top of that the makers of this board monkey yacht club even host physical meetups for people who own board monkey nfts , although this is the exception rather than the rule, but this brings me to the problem: extremely troublesome problem and, hey, if you find this useful, then it would be fun to subscribe to the channel.
nfts explained   the big problem
I totally believe in the core technologies and potential benefits of the vanities, but the more I learn about how they are actually being used. the more i'm really scared of what's to come so to begin with nfts are not what a lot of people think they are if you own the nft of a job while you own the property you're still not the owner who has an nft of something doesn't give you rights to that design, it doesn't mean you can start printing t-shirts with it and selling them, all it does is just prove it's your property, but only through a specific way of measuring what counts as your property usually for a bit more than bragging rights so this is pretty much what you can expect your nft unboxing experience to look like you have a nice shiny box and nothing and while nfts may have started out being all about respect artists from now on, most of them are not made by the lone creator who pours his heart and soul into his work, they are actually being made by opportunistic entrepreneurs who just see them as fo rma very quick to earn money. as just as an example take lazy lions another collection of 10 000 insanely expensive unique avatars as ugly as apes but now in lion form and if you look closely at this collection you will start to notice that certain facial features keep reappearing and that's because it's lazy lions are not the work of a passionate individual who is actually trying to design creatures with real character its mass produced computer generated cash wins someone has noticed that nft apes are selling like crazy so i just chose another animal drawn 50 or more individual pieces and then i used a simple code that says make me 10 000 unique avatars using a combination of these pieces there is no soul here at all it's just how we take advantage of this trend to make loads of cash u another example one of the most ridiculous concepts I've seen people talk about recently is the idea of ​​buying r digital lands.
nfts explained   the big problem
There is an actual site you can go to called Next Earth which has mapped the entire planet and for the right price will let you buy any area of ​​land you want and no kidding hundreds of thousands of people have invaded this platform on the simple logic that physical earth is worth a lot now and if the world is moving digitally then digital earth will be worth a lot but they are forgetting a very simple fact physical earth has a purpose you might want to live there you might want to establish a factory or a server what exactly am i going to do with my digital land goes camping online doesnt make any sense and i mean these next land people who own the land is it really in their power to sell the other peoples plots of land no one can set up one of these platforms as in fact there are plenty of them already so if you are buying let's say the taj mahal on the next land which by the way would cost me about twenty thousand dollars, that does not mean that you are the owner of the taj mahal, it is not. it doesn't mean that you even virtually own the taj mahal al What it means is that you have a token that proves you own it on one of these unlimited platforms.
It's the literal equivalent of paying an entire year's savings to buy land in a video game, except it's not even a game and things get a lot worse when you see the way some celebrities have used and been used. by nfts twitter is full of thousands of famous people throwing nfts left right and center offering incentives to fans who buy the super expensive ones like getting to know them for example and that may sound good but you can tell it comes from a place of only trying to cash in on almost all of these celebrity nfts are little more than reused photographs from the past and the perks that come with them are really things that should be worth hundreds but through the current nfts hype they are trying to get the fans to pay tens of thousands but this is nothing compared to what i saw the other week so stan lee the now late creator of marvel a apparently came back from the dead p to promote a collection of NFTs and at this point it's sad that this guy died in 2018.
I highly doubt his last words were please sell this stupidly overpriced set of jpeg images to extort money from my closest fans that people are trying from use nfts to get rich off the fact that he is dead and they are always trying to make it seem like because stan lee loved embracing new technology this is what he would have wanted yeah fun fact stanley loved charity too to the point where he set out to create his own foundation, how about we raise money for that? It would definitely be a better way to preserve his legacy that's for sure, the same thing happened with the painter bob ross, he was known as the guy who inspired the joy of painting with his beautiful sweep. landscape art and you would think his legacy is now being honored with this by the funko figure company and to be honest i think this goes against everything the guy stood for the company claims his legacy was dealt with by investing in paintings no it wasn't that he wanted people to buy paint and make the art he would say outright he didn't want his name used for meaningless profit and yet after his death they are using every bit of good will left to his name to print money effectively and more importantly he was a big fan of nature and the environment and nfts are not helping on that and this is my next move so You may know that there are a ton of different cryptocurrencies that you can use. own there is bitcoin litecoin ethereum well almost all nft transactions are done with ethereum and ethereum is pretty bad for the environment it uses a security mechanism called proof of work which is incredibly comprehensive and is a big part of what it does that nfts is so fraud proof, but the problem is that this type of security requires many computers around the world to contribute their power to this network and that uses a lot of energy; however there is an even more fundamental question surrounding nft as you've seen they are basically just a way of creating artificial scarcity for something to do something that was unlimited and limited before but in the vast majority of cases that's really something well.
I'll give you an example, some few months ago the game company Ubisoft introduced a brand new scheme Ubisoft Quartz they are telling players that in their future titles they will be able to win unique in-game items that are also tradable nfts and you Might say that's great because it gives me something really tangible to aim for while playing and that's awesome i can sell that nft for money because it's a completely unique item that no one else will have but if you think about it here are two possible outcomes . or these nft items are really limited and become valuable at which point you're basically dangling a carrot in front of millions of players to encourage them to play for an unhealthy amount of time just for a chance to win and make games less. in exclusive and fun for people who can't afford it right now the other alternate situation is if there are tons of these nft items to go around and they are all similar just with a single slight change which i think will be the most likely outcome but then the nft aspect misses the point now i understand there is a bragging factor of owning an nft for say a weapon in the game and if this nft made you the owner of that weapon and meant you could carry that weapon from this game to the next game and still keep your ownership that's a legitimate value add but it won't do it no matter how hard companies try to make it seem like owning an nft isn't like owning a physical product if i have an actual hoodie i can wear that hoodie with hoodie at home i can wear that hoodie while playing sports i can wear that hoodie on vacation but the complex nature of different games using different engines and s Physics systems and code bases means there's no way in hell I'd be able to carry my weapon that I earned by playing ten thousand hours of a Call of Duty game, for example, to the next Call of Duty game, its value will live on. and it will die in the game I won it from as if it wasn't It's not an item from nft andit was just a normal one in the game.
The reason it's an nft is just so ubisoft can make more money by taking a percentage every time the nft is bought and sold and it's not just unethical tactics. The nfts are also plagued. right now with illegal activity for every nft you see from a legit artist you'll find 10 from people who have never done a drawing in their entire lives and have basically taken an already copyrighted work and tokenized it, maybe pixelated it its on its way to try to sell it as retro art like i found a marvel collection the other day where you can buy a one of a kind avengers superhero there is only one of each and you can end up paying the equivalent of three million dollars alone for a character except marvel didn't make them these are not officially licensed products so if i actually bought this gif for three million dollars i would not only be out of business right away but i would also be breaking copyright infringement law, all said if you still want to buy nfts but have no idea where to start by the way this is not financial advice but this is the way i look at it i think for many With many nfts right now, most of their perceived value comes from the technology they are based on rather than who they actually are.
I think people are buying these nfts because they are trending right now. and because there's a good chance that the future of the web and the potential metaverse we're moving into will use this technology to be able to prove who owns what digital goods, but in exactly the same way that it's hard to transfer an in- element of gameplay from one game to the next i think there is an extremely slim chance that any nft you own now will still have a use in these theoretical future worlds, there will likely come a point soon where nfts are not in vogue, the people might get bored the Next thing they might be moving on to these nfts of jpeg images that might hit a saturation point due to the sheer number of people creating them right now and assuming that happens at some point, all that value comes from great. factor that the speculative perception of what an nft should be worth just because it's an nft will fall by the wayside and you'll be left with your virtual ownership of a jpeg image, so from now on I'll personally stay away. people make money off of nfts don't get me wrong but the sheer volatility of them makes buying them right now a lot more akin to gambling than investing which most art experts would say is buying an nft if you like a piece of work of art and you specifically want to support that artist, if you're going to buy something, buy something that if the whole market crashed tomorrow, you'd still be happy to have it, since it made you a part of that community and that history, but seriously, I mean a time when you can literally pay. s omeone 20 on fiverr to design any art you want and then the art actually belongs to you instead of paying 20 million just to be able to say you have technical ownership but not even actually own a piece of art which is just One of ten thousand similar pieces, this nft craze definitely feels like a bubble about to burst now, though I don't necessarily think nfts is the right thing to buy right now if you usually find yourself shopping online more and more most recently i just found the perfect tool for you karma this sponsor video for those of you who don't know karma is a free app and browser extension that ensures you will never miss a price drop or coupon code when you shop at i' line in fact i just used it to get this fancy ergonomic keyboard that corrects a little bit of wrist strain.
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