( bright serious music) -[ Joanna] This is my four-year-old son. He’s basically van Gogh. -[ Son] I’ve got a piecefor the rainbow, mommy. -[ Joanna] His latest workmight not look like much but it’s one of different kinds. At least, digitally it is. Since, you are well aware, I recently minted it as an NFT on the Ethereumblockchain as one does. Oh, and then I gave it to my momma in an Ethereum wallet. – What is this? – I expect you have no ideawhat any of that meant. And I didn’t either untilI launched on such projects. Now what the hell’s an NFT? – The NFTs.- NFTs. – NFTs. – Yes, NFTs, or non-fungible signs, are the thing right now. You’ve got artists sellingNFTs of their works, some of billions of dollars. You’ve got musiciansselling NFT sungs and audio. You’ve got labels likeBurger King, the NBA and Macy’s determining NFTs. I could go on and on but underlying thatvast and mad potpourrus is the same idea. These are unique, invaluable and verifiable digital things. Okay, but what are you demand one? Hmm. Authenticity, yeah. Web 3.0, which is after Web 2.0. To impress people. It’s a great though hard question. And we’re gonna get there but first, you need tounderstand what an NFT is. And the best way to do that, clear or buy one yourself. Okay, so this is my son’sart or what he announces. – A masterpiece rainbow unicorn. – You wanna call her NFT? – No.- No? – Boring.- He reach it with physical substance and then I instantly turned it digital. I searched it with my iPhone and questioned a peer toanimate some of the divisions.( colt neighing) I purposed up with this basic MP4 video file. Sure, I is able to upload it to the web or some social media scaffold. But there , none knows that this is the real original thing. That it’s not just some digital duplicate. There’s nothing , no digital info that says this is themasterpiece unicorn rainbow NFT made by my lad. That’s what minting it into an NFT does. Yep, minting, which is the first piece of lingo you need to understand. Not these plenties. Minting an NFT is the process of taking a piece ofcontent, a JPEG, an MP4, an MP3, some other file and putting it on a digital registry. In this process, you’re transcription the stampof ownership on a blockchain.Jargon period number two, blockchain. Now, this could be its own vide but here’s the simple interpretation. The blockchain is a software network where computers guide separate copies of the same program. The computers are connected but no one controls the network. It’s called a decentralized network, and it handles transactions. It too restrains a record or database with records of every singletransaction that happens, every assign, every purchase, et cetera. There are many blockchains, includes the one for Bitcoin, the crypto you’veprobably heard all about. Got all that? All right, back to NFT making.I decided to mint thegreat rainbow unicorn using a service called XIP. But to is starting on XIP, I needed to make a crypto wallet. Think of like a real wallet but merely for the cryptocurrencies and NFTs that you own fora specific blockchain. For such projects, I get with the goldstandard for NFTs, Eth. It’s the cryptocurrency associated with the Ethereum blockchain. MetaMask is one of themost popular Eth pouches. Even though I was making an NFT, I needed Ethereum forvarious affiliated fees, which I’ll get to. So I bought some on Coinbase, a crypto exchange whereyou can buy and sell lots of different currencies, and then transmitted that tomy MetaMask Ethereum wallet. Finally, I was ready. I opened the NFT a entitlement and description and then uploaded it to mint. But before it was official, I had to pay what’s called a gas fee. For this one, I wentstraight to Jeff Cluck, the co-founder and CEO of XIP. – On the Ethereum blockchain, gas refers to the cost necessary to conduct a transaction on the Ethereum network. It’s the cost associated with powering the network.There are rewards associatedwith other blockchain structures but frequently, Ethereum is known to have some of the highest gas rewards. – So I paid the gas reward,. 0333 ETH or $145.18, and boom.( screen winking) It’s on the blockchain. I could even confirm it by going to Etherscan.io, which has a record of every transaction on the blockchain. Okay, so now I could do a few things with this NFT masterpiece, including sell it. And oh son, are there a lot of digital art NFTs for sale out there. OpenSea, the biggest NFT marketplace has millions of pieces. And some of them havecrazy high valuations. Look at this Cool Cat # 6133. The highest render was $26,000 as of making this video. Why so much? – Some of these new NFT campaigns, such as the Cool Cats, theseare some of the most in-demand, most exciting NFT projects that are out there right now because of the road thatthey commit their home communities around their project. They have in real life meetups, phenomena, parties connect. – I didn’t sell or roll themasterpiece unicorn rainbow because I’m not in the art business but selling is pretty easy formerly you get to this point.You go to OpenSea, mounted a minimum expenditure and see what happens. Just like eBay. Buying an NFT doesn’t take as many steps as inducing or selling one but most sites, like OpenSea, require you have a crypto wallet. But recollect, you’re gonna pay a gas reward on top of the price of the skill, which manufactures this all very expensive. Instead of selling, I decided to gift my NFT to my mommy. Daughter of the year right here. Her very own MetaMask Ethereum wallet. Yep, in that envelope, I made her brand-new MetaMask wallet information, which contains her brand-new NFT. – What in the world? – This is your crypto wallet, which inside, it has anNFT made by your grandson. – Why would I demand this? – And that’s really thequestion of the year. Why would you miss an NFT? After speaking with lotsof beings for this story, I came up with a few cases intellects. One, this is an elaborate, high-tech, energy-sapping way to make money because well, people andcompanies like money. Then there’s the ideaof owning digital assets in the metaverse.That is the coming virtual world where we work, and shop, and hang out. Then there’s that Cool Cats plan. You buy an NFT to gainaccess to a community. Another popular one is calledthe Bored Ape Yacht Club with members like StephCurry and Jimmy Fallon. And then finally, youlove an master or symbol and you wanna ownsomething unique from them, which I can confidentlysay is exactly how I feel about my favorite NFT artist.NFT. – NFPP. NFT. -[ Joanna] What does it mean? – Boop ..
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