I saw this what is NFT thing on YouTube and I thought it was interesting. It is not 100% all there but good enough to understand what it is because he tries to explain NFT in non technical terms so that "regular normal" people will be able to understand it.
NFTs, Explained
Word "Fungible" is kind of really hard to understand but he used "Replaceable" instead so it is easier to understand and it makes more sense to normal people.
So NFT is a non replaceable token like art and it is one and only that why it is expensive?
Probably not... I think NFT is expensive and people are paying a lot of money because it is a hype thing.
For example, the nyan cat gif... it is just a gif. It is all over the internet and it is free. If you make that into NFT, all of a sudden, it becomes very expensive... why? because it is a hype thing. People are excited about anything and everything NFT.
But this is not a new thing. Art is the same thing.
It is just paint or whatever that worth nothing, but people are so pumped about it so it becomes very valuable.
It is a fake real thing that worth nothing but worth a lot at the same time.
In this video, he didn't talk about the mechanism and how NFT actually work... I was really interested in how he is going to explain that part but he didn't touch on that part so it was little bit disappointing at the end.
I actually think this NFT mechanism is a game changer and I can understand why Artists and creative people love it.
It is because...
Artists can get bunch of ETH(money) for a gif/image and every time its sold they get more ETH forever... so basically its just like this 👇
Anyway, whatever it is, this is a fun video you should check that out if you are interested. The "real" will survive and the rest will go 💩 imo
