Audio Transcript Auto-generated
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Hello everyone and welcome to our second video.
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In this video, we will discuss the basics of N. F.
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Ds, which is currently a super hot topic. So let's cover the basics together.
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What is N. F. D.
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N. F. D.
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S can really be any digital asset that
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represents real world objects such as drawings,
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music, video or audio files.
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And if these are generally built using the same
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kind of programming as cryptocurrencies like Bitcoin or ethereum
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and F. T. Stands for non fungible token, which basically means that N. F. D.
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Is unique and cannot be replaced with something else.
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For example,
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a Bitcoin is fungible and you can trade one Bitcoin for
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another and at the end you'd have the same thing.
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This can't happen within FDS,
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just like at one of the kind trading card.
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If you trade your N. F. D.
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For a different one, you'll have something completely different.
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And if these have become the new way to buy and sell digital work,
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some people think that it will become the new form of art collecting.
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What is the point of N. F. D. Essentially?
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N FDS are like physical collector's items except that their digital depending
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on whether you're the artist or the buyer and the deal,
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the point of NFS changed a little
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for artists.
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N. F. D.
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Provides a market in which they can sell
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their digital creations that otherwise would have no market
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for artists don't have to rely on galleries
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or auction houses to sell their work additionally.
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And if these have a feature that allows you to program in royalties so that artists
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can receive a percentage of the sales whenever their art is sold to a new owner.
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This is a really cool feature because usually
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when an artist sells his or her artwork,
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they don't get any other earnings from subsequent cells of their peace.
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Even if the value of the art has grown exponentially.
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This ensures that if your work gets super popular
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and balloons and value you'll see some of that benefit
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for collectors.
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One of the obvious benefits of buying art is that
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it allows you to financially support artists buying Fds.
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Also usually get you some basic usage rights like being able to
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post the image online or set it as your profile picture.
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Plus of course there are bragging rights that you own the art with a Blockchain
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entry to back it up for collectors.
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And Fds can work like any other speculative asset where you buy it and hope that
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the value of it goes up one day so you can sell it for a profit.
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What are some popular en Fds today we'll look at five examples,
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starting with number one.
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Every day's the 1st 5000 days by people that sold for $69 million.
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Number two is oceanfront by people which sold for $6 million.
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Number three is the Crypto punk collection
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that sold for 5 to $12 million.
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Next is stay free by Edward Snowden that sold for $5.4 million.
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And lastly at number five is saved thousands of
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lives by nor health that sold for five million.
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So is every N. F. D. Unique. Yes in the boring technical sense that every N. F. D.
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Is a unique token on the Blockchain.
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But while it could be like a van Gogh where there's only one definite actual version,
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it could also be like a trading card where there's
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hundreds of number of copies of the same work.
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How do N. F. D. S work?
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And if these are encoded with the same underlining
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software as cryptocurrencies at a very high level,
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most in FBS are part of the ethereum Blockchain.
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Ethereum is a Cryptocurrency like Bitcoin or dodge coin.
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But it's Blockchain also supports the zen Fds which store extra information,
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which is what makes them work differently from say and ethereum point
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like cryptocurrencies and if these are stored in digital wallets,
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some popular N. F. D. Marketplaces are open sea ray rubble and foundation.
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So should you run and invest all your money into N. Fds?
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Well that is really hard to say because their future is uncertain.
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What should be kept in mind. Is that the N. F. D. S.
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Value is based on what someone is willing to pay for it. Thus demand will drive N. F.
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Ds price up. So this means that the N. F. D.
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You purchase might resell for a lower price than you
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paid for or it may not resell at all.
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If there's no one that's willing to buy it
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with that in mind, you should treat n. F. D.
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S like any other investment and do research before you get into it.
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Thank you for watching this video.
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Don't forget to like comment, share and subscribe to this channel for more content.