[ Applause] at this point you’ve probably heard about nfts[ Music] and if you haven’t you’ve been living under a rock-and-roll in the past year alone they’ve become a artistic phenomenon and i want to give one to everyone in the audience everyone gets a name yes some people hate them others think they’re going to be the future of everything but no matter where you fall on this divide there’s a lot to unpack here including a booming 13 billion dollar marketplace that’s trying to become the amazon of nfts but first let’s get on the same page about what an nft actually is essentially an nft is a one-of-a-kind digital file like these hear accepted apes but it could also be a photo or a song chiefly they are digital documents collected somewhere on the internet mitchell clark is a news writer at the rim and he wrote the verge’s nft explainer he helped me who until a few weeks ago knew little to nothing about nfts grasped the subject a little bit better most of what people think of as an nft or actually the digital documents not what the nft actually is so the nft is the record on the blockchain that supermarkets the information about that digital folder who composed it who linked it to the blockchain and then who bought it and who has owned it throughout its history and that is what the actual nft is those transactions are noted on the blockchain which is essentially a public digital record that records events on the decentralized entanglement the facts of the case that all the changes are made publicly and there are so many computers working on validating them all at once meets it really difficult to hack or chisel the system talk to me a little bit just about like some of the most ridiculous entities that you’ve seen during your reporting there’s so many i think the first one that i thought was uh logan paul did trading posters of nfts you’ll meet only things that look like they were done in paint by a child which generally people don’t buy those like let’s let’s be clear precisely because you made an nft up for sale doesn’t mean that people are going to buy it and then there’s been the ones that are just downright offensive like they’re capitalizing on civil rights icons or creators who are now passed away it’s just like i don’t like that very much at all i make on the flip side have there been any that you’ve seen and you’re like that that’s actually like if i had a hundred thousand dollars to devote i might actually buy that i don’t think that there are any of the artwork ones that i’ve been particularly interested in but i have kind of enjoyed some of the programmatic ones this includes nfts that actually get you something a bit more tangible than time an entry on a blockchain such as video games or even be made available to elite representatives simply clubs and there are even more nostalgic nfts there’s also various kinds of a heartwarming narrative of these two cryptocurrency exchange employees who got married and they had an nfp wed ring like their bridal ring was written to the blockchain i thought that was cute this is all well and good but how exactly do you hand person 69 million dollars for a jpeg on the blockchain while there are many marketplaces for nfts including wearable or foot there is one that is now valued at over 13 million dollars open c open c’s catchphrase for it is they want to be the amazon of nfts russell brandom is policy writer at the rim he stepped me through how open c became the de facto nft marketplace and some of the growing soreness that came with such huge rise the difference between open sea and the other ones and i think part of what’s made it so successful done a lot of the others kind of have this art gallery model where the government has particular nfts that they like and you go there because you want this particular type and so it’s very curated it’s very self-restrained whereas openc it’s basically this is a representation of what’s out there this is everything on the blockchain and if it’s on openc you can use these special ordering tools so everything various kinds of eventually moves there and the facts of the case that something’s on there doesn’t really planned nothing about it doesn’t have like the open c stamp of approval it’s just the easiest place to buy and sell this is really the the plead thing about it is you know maybe maybe investing in nfts themselves is kind of like making this speculative stake but they’re the casino they’re the place where all these bets are happening and the fact that there are a lot of gamblings happening right now stirs that’s just a very good position to be in yeah and of course the house ever prevails right right yeah but with open seas growth came some protrusions since its inception there have been a lot of issues ranging from defence mistakes to scams to users allegedly purchasing their own nfts to artificially increase their quality it’s hard to introduced the danger on openc specifically but you get a lot of these situations where it’s a entirely unregulated mart like there are lots of new things that people are finding out how to do i don’t know if that’s a safety problems precisely but it’s like a calmnes topic in this very tumultuous mart that because openc is various kinds of the dealer of record they end up at the center of it germinating aches aside investors are potting on openc moving beyond hyped up pictures of endured apes although russell isn’t too sure positioned it this behavior i think for any specific use case the event for nfts is pretty weak for me like i’m not convinced that it’ll take off in this particular area but then there’s this other like will it take off for something will we find some rationalization or something that this stuff is useful for i’m sort of a little bit more credulous on that where it’s like okay all these beings that are looking for something that this will be good for and there’s one tonne of publicity and a ton of energy so hopefully they got something at some station which i don’t know if i want to bet on that but it’s at least reasonable to me but irrespective of what nfts could actually be good for in the future we might continue to see beings splurging on digital goods for months or years to come do you think it had anything to do with the pandemic and parties merely being persist at home and you know time not spend their money on normal other things that they naturally would have been spending it on it’s very possible um another kind of angle to it is that they were being sloped and sometimes thrown by some people as major investments and everyone had a rough 2020 and we’re all trying to like get to a better place and if there’s some possible route that we can do that using this nft like we buy an nft and we can flip it in four months for so much money like what if we could sell a million dollar empty that would be life-changing for almost everyone so it’s a little bit of it might be a little bit of wow this is an interesting thing coming along that’s kind of hard to understand technically so you can get caught up in the sales pitch of it and then likewise various kinds of the gamble perspective of this thing could soon be worth millions of dollars if you’re lucky and for some people it has worked out that course which exclusively hurls more oil on the volley with you russell i assume the answer is going to be no uh but are there any nfts that you’ve seen where you’ve actually said yeah this could actually be like kind of fun to own no no[ Music]
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