What the hell are NFT's?
Josh Strife Plays:
What are NFT’s?
Can anyone explain NFT’s?
What can you do with an NFT?
NFT stands for non-fungible token, it is an economic phrase meaning ‘cannot be replaced with an identical’.
In this video I’ll be explaining what they are in very simple terms, how they work, why they exists and why there are so many NFT scams.
Thank you to the supporters on Patreon and Twitch who keep the channel alive.
I was telling myself…so its kinda like a receipt…then you started talking about it…good timing.
this just confused me more, how did seth green lose rights so he couldnt make his whatever then?
This is an utterly brilliant, entertaining instructional video. You should do more of the sort, like everything around bitcoin, or such. 🙂
That was amazing! Thank you very much!
Mr Blockchain sure is doing a lot of work here. Hope he gets regular vacation days.
Thank you Josh.
I'm a german programmer and even I didn't understand what NFTs really are until now.
Thank you, for your easy to understand description.
That nothing is now a phone XD!!!.
On my monitors queue composed of two slots, you are on the second one !
nfts (not nft's – you're not the sharpest tool in the shed) are ownership of hyperlinks
There's nothing to understand. NFT's and blockchain are literally nothings without any kind of legal provenance to back up their value, which is why the whole thing is like trying to sell people the Brooklyn Bridge. It's just a big Ponzi schem.
The actual association of the image to a specific NFT is usually made simply with a URL. That URL points to a server with the actual image. There are many cases where the image server has gone down, the image has been removed on the server or swapped to a different image. Suddenly your NFT isn't associated to a computer generated picture of a monkey anymore, but a 404 error or a picture of Rick Astley. That's a risk you'll have to take if you don't own the server the image is hosted at.
Imagine telling your ancestor that you spent actual hard earned money on an excel cell that's worthless. This has to be new level of human stupidity.
Actually, the explanation is wrong in a few points. For example: if you purchase an artwork in "real life" (so not an NFT), you ALSO do NOT become the owner of the rights to distribute, show publicly etc – because you only own the rights to the "physical art" rights, not the copyrights. But you CAN make a negotiation with the author (like the painter, for example) for him to sell you the copyrights. The same thing happens with NFTs. The seller of the NFTs CAN sell you the copyrights, but, usually, they do not – just like traditional art.
If an image was created by a machine, I'm not sure it has a copyright associated with it anyway. This may be different depending on the country though.
i have watched like. . 2 dozen videos about NFTs and this one is the best explantion of what an NFT is i have watched so far. . .
what makes the queues rare tho?
So basically this is a more crappy version of owning a Website.
Fungible, soft G like j, not fungable
This was the first video I saw of yours, and really really loved your content. …Honestly I forgot you were you cause the same happened with the Diablo Immortal video and rediscovered you exist all over again. Love the content. You're really fun too.
I don't think even Coffeezilla did a better job on this. well done.
Money laundering. The sole reason they exist is to launder money. There is absolutely NO PURPOSE other than transfer of funds. And they still couldn't make it work
There have been NFT for years on various platforms i.e. steam …. their market is basically nft game specfic that actually has a agreement/underlying contract usually for cosmetics…
People need to research tulip bubble as it's the same effect literally…..
Its a bubble that is fueled by people not knowing expecting what they are buying
The art was merely supposed to represent a contract that can be attracted to the nft, but people don't know this thus buy the art ones not knowing they bought a hyperlink not rights
So, like Crypto, it's an unregulated, unpoliced system in which Blockchain charges a fee to help execute a con convincing suckers nothing is worth something all while supporting paedophiles, organised crime and other illegal activities? Oh and, as the con continues, the original conman gets 'royalties'? Hehehe. Yeah, thought so.
I hate nfts and this was too conclusive when legal precedent doesn't exist let alone for each networks implementations.
2/10 but still hate them for <reasons>
I was always wondering why NFT art was always garbage… Thanks for clarifying that.
This reminds me of when I was in elementary school and kids battled each other over who got to be line leader.
Dude i really like you Videos but why do we need to have a text of what your saying in the middle of the screen all the time? It is super annoying,' please get rid of it!
People who buy NFTs mostly likely participate in Pyramid Schemes. Same intelligence level.
But I really want to buy nothing
So they own the space but has no control on what can be put on that space
I still dont ubderstand how mining works…
So, "owning" a funny monkey picture has less functionality then owning a fursona, good to know.
I'm 32, so fairly young, which is probably why I'd never before said or thought to myself in seriousness, "My God, what's the world coming to". That is, until I've seen this video. Today I said it for the first time.
The ultimate fiat currency… with nothing, not even an authority, behind it.
Then why Seth Green suddenly cannot make his NFT show because his NFT monkey was stolen? I thought you said its not related at all to the rights of the image or character.
Thank you for this explanation!
you're a beautiful magnificent bastard for creating this video, Mr Strife! Simply beautiful! Keep on keeping on.
Had to relisten with my phone facing away from me as the Ape Escape footage is too distracting. God I love that game.
Come for the biting critique of NFTs, stay for the Ape Escape gameplay footage
kinda like diamonds