- `Title:` [[+ 2021-04-01 What are NFTs]] - `Type:` [[+]] - `Tags:` [[Crypto Currency]] - [[Crypto]] - [[NFT]] - [[Blockchain]] - [[Etherium]] - `URL:` https://www.youtube.com/watch?v=S7AZN0PX434 - `Channel/Host:` - `Reference:` - `Publish Date:` 2021-03-31 - `Reviewed Date:` [[2021-04-01]] --- <center> <iframe width="560" height="315" src="https://www.youtube.com/embed/S7AZN0PX434" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe> </center> --- - [1:42](https://youtu.be/S7AZN0PX434?t=102) - [[NFT]] = "Non Fungible Token" i.e. not replaceable - [2:03](https://youtu.be/S7AZN0PX434?t=123) - A bitcoin can be exchanged for another bitcoin but the mona lisa is unique, there is no other like it - [2:43](https://youtu.be/S7AZN0PX434?t=163) - Because there's only 1 original, the artists can place the original for sale as an NFT on the block chain which will show the transaction history and be able to trace the original back to the creator. It's a great way of showing authenticity of a digital creators output. - [3:18](https://youtu.be/S7AZN0PX434?t=198) - You can sell your own NFT's online in an auction for [[Etherium]] [[Crypto Currency]] - [4:05](https://youtu.be/S7AZN0PX434?t=245) - NFT's are potentially valid hype because people like to collect things and through this process its a way to show valid ownership of a digital asset through the authenticity of a public blockchain - [5:55](https://youtu.be/S7AZN0PX434?t=355) - Digital creators who sell their work as NFT's can continue to make money after initial sale by getting additional revenue off of secondary sale of their NFT's allowing them to have passive income - [8:38](https://youtu.be/S7AZN0PX434?t=518) - NFT's however are incredible bad for the environment through electricity usage and CO₂ release