How Jeffree Star and Bhad Bhabie are destroying the earth (NFTs)

hi and welcome back to me talking about whatever i want you're just in time we were just about to talk about the world of nfts and why they're everywhere even though nobody wants them there's a debate going on with nfts artists and certain uh cryptocurrency enthusiasts are claiming that this is the future of the art world and you have to embrace it or you're gonna get left behind other people claim that nfts are bad for the environment so each new artist that announces they're dropping an nft is just getting met with so much backlash it makes me wonder why they're still doing it but we're gonna look at all that right now but first today's video is sponsored by raycon so i'm not sure if you know this but every now and then the world just gets kind of um loud whether that's just commotion outside or the bustling of your neighbors or just the clinking of swords and shields as you desperately find your nation off against incredibly ancient evil there's just a lot of times where sometimes you want to drown things out and that's where raycon's premium wireless earbuds come in even though they don't charge you an arm and a leg they still give you all the quality they don't just sound good they look good too you can find one to match any mood of course i'm thinking of going with blue for this next one the company was founded by the musician ray j and raycon earbuds are loved by fellow musicians such as snoop dogg and brandy just to name a few even with all this quality good looks and bing for your bucks they still have a 45 day free return policy with seamless bluetooth pairing up to six hours of playtime noise isolation and a comfortable and compact fit it's easier than ever to just pop them in and forget that you're in the middle of an ancient war go to byracon.com wallace to get 15 off of your purchase today or just click the link down in the description so first things first literally what's an nft i'm so tired of saying it stands for non-fungible token this wall street journal video very succinctly explains in five minutes what nnft actually is this is nian cat he's part cat part pop-tart the gif of a rainbow casting feline was a viral meme back in 2011. fast forward to february 2021 the original gift was sold at an online auction for 300 ether this is the thing that gets me if people talk about ether or ethereum or whatever that's the currency that these nfts are being sold in so i was like 300 doesn't sound like that much right but then this is what they go on to explain that was equivalent to nearly six hundred thousand dollars at the time that is obscene you're probably thinking they own the rights to it right if they paid six hundred thousand dollars no this is what kills me about nfts you may be asking how someone can own the original copy of a gift jinx that was pervasive around the internet it's because it was sold as an nft or non-fungible token i hate the word fungible which acts like a digital certificate of authenticity what he just said is true it's just a certificate i really want to stress this for you it's a receipt it's not the copyright to the image the person who made six hundred thousand dollars doesn't own niantic climbing to a market cap of at least 338 million from about 41 million in 2018. but skeptics are asking whether these assets are really worth the value assigned to them no a simple example of a fungible asset is currency say you have five one dollar bills in your wallet you may not want to carry around so much change so you exchange them for a single five dollar bill the value of your money is still five dollars regardless of the fact it's now in a different form non-fungible assets are the opposite each one is unique and can't be easily substituted for something similar okay think of the mona lisa it's an original piece of art it couldn't be swapped out for say a mona lisa poster from the louvre gift shop i mean it could when i enter my museum robbery era louvre heist live stream how many of you would watch it look if we get enough viewers on that we might actually be able to secure a sponsorship that's all i'm saying this information is also encrypted ensuring the nft's authenticity and scarcity in doing so they fix a difficult problem for digital creators on the internet how to make your creation scarce and therefore more valuable so with nfts you wind up having the scarcity because they are non-fungible and because of that there's only one of these tokens that can exist it can't be traded for anything similar because there is nothing similar that exists um you know not to be that guy but like it's on my pc now this is now something i technically am in possession of what was achieved by spending six hundred thousand dollars you don't have anything that no one else has and that's what gets me about nfts the scarcity aspect does not make sense to me nfts have been applied to video games digital art and sport okay okay one example is nba top shot which allows users to procure a collection of digital basketball highlights like a video clip of these are trading cards they literally said what if we made trading cards but instead of making them cards nothing was printed or done and people only gave us money i don't understand why people are purchasing these shout out the small artists who are making money off of them nba top shot had clocked 538 million dollars in sales since it went live in october 2020. 338 million dollars for video clips for video clips why am i streaming look if y'all are clipping my stream you better hold on to those mp4s if you're downloading them don't let those go away because in 50 years who knows where i'll be but those might be worth something that being said i do appreciate nft's ability to finally get artists digital artists paid the big bucks i appreciate that people can now make millions of dollars off of digital artwork that's about it as a digital artist someone who has actually spent hours upon hours on paintings i have oft had the thought darn i sure wish this was physical so people would feel more compelled to give me money for it that being said there's a ton of ways you can monetize your digital art you definitely don't need nfts to do it along with all the hype around nfts experts have raised some concerns one issue is that not all nfts verify the person selling a digital art piece is actually the original creator this is difficult particularly in online marketplaces one of the concerns is that anyone can essentially go on a lot of these marketplaces and say i am the person who created this token and it can be really hard to verify that especially if you don't know who they actually are or they're saying someone that they're not people are stealing artwork stealing people's art and then selling it as nfts does does it never end like how down bad are y'all that's it nft my summary in case you didn't get it it's just a receipt that is absolutely the best way i can explain it an nft is just a digital proof of purchase that you spend money on something it doesn't mean you own it the nft itself does not have a real value i don't understand why people are spending hundreds of millions of dollars on them but they clearly are seeing as people was able to sell a collage of his digital art pieces for 69 million dollars unironically it's not like it was speculated or estimated to be worth that one individual spent 70 million dollars on an nft which was literally a collage it's not even just memes or images but people are selling the ideas of memes as nfts this is bad baby okay according to billboard catching me outside bad baby selling the iconic meme as nft on her 18th birthday she's literally selling a moment in time oh they have a trailer how about that catch me aside how about that all of a sudden it's gigantic they catch me outside yeah they catch me outside how about that the greatest meme of 2017 already outside okay how about that catch me outside it's time to throw society away humanity it slapped we did some crazy things we invented music we invented art you know we came together and we drove ourselves apart but i think we've done it all i think jeffree star had the nft as well actually what is this jeffrey's collection of nfts appear to be various files of a photo shoot featuring jeffrey as a robot in a package like a doll and a gif of a robot eating so you don't get the doll you literally just get this image we have literally figured out a way to sell nothing now i want to get into the bad what's the problem with nfts well it turns out that they're terrible for the environment as we briefly mentioned in the beginning the currency that they're using to trade these nfts ethereum has to be mined the reason bitcoin has value in the first place you can't just make your own bitcoin bitcoins are mined literally like in minecraft it's a bunch of people with computers hacking away at code and trying to find bitcoins right that's a real thing that's not a scam etc ethereum is a cryptocurrency as well it's not bitcoin but it's the same thing so the mining of ethereum that it takes the blockchain process of it all uses an obscene amount of electricity so let me just pull up numbers for exactly how much these nfts are using two years ago jonilla mercier a french artist known for his perception bending light sculptures took on a new role as a climate activist he vowed to reduce his energy usage by 10 percent each year then a few months ago in the course of a few minutes his progress was erased long story short they're just saying this dude used the exact same amount of energy that he had cut down over the past few years in a few minutes just by selling an nft the culprit was the mercier's first block train drop the event involved the sale of six so-called nfts which took the form of short videos the works were placed for auction where they sold out in 10 seconds for thousands of dollars the sale also consumed 8.7 megawatt hours of energy that figure was equivalent to two years of energy use in la mercier's studio since then the art has been resold requiring another year's worth of energy the tally was still climbing and unfortunately as much as this dude cared about it it was now outside of his control the electricity usage that goes into the blockchain process behind nfts is not only ridiculous it's just so unnecessary and lastly we're just about to talk about artists who keep announcing nfts and then getting um i don't want to say in trouble but basically in trouble for them for those of you who don't know the gorillas are a band pretty great but the issue with them releasing nft is they literally have a message bruh they just have songs that are about what we're doing to the earth and why it's not a good thing they announced that it was popping off and twitter started understandably melting down like the polar ice caps [Music] not sorry it's funny because we were talking about the environment anyway twitter started melting down because finally someone announced an nft that was completely at odds with the messaging there someone said i'm seriously so sad and disappointed by the gorillas doing nfts they made an entire album about the environment 10 years ago but now don't hesitate to do something that helps destroy the environment to make money even if they don't know about the environmental impact that just means they're agreeing to something without doing any research remember when jamie said the things they partnered with are always good people that's valid another person who announced that they were doing nfts was the musician arca so she announced that she was dropping an nft of a font now listen listen as much as i adore her i really do i've got to say i've got to say this is trash even as far as nfts go this is bad even for an nft like you cannot sell a font i mean you can i purchased fonts let's not get it twisted but this is just an image you're not even really buying the font you're just buying a digital image of the font it's 28th ether ethereum how much does that convert to 20 eth to usd holy crap so apparently it's 54 000 i don't know if she set the price at 54k or if that's just how high up it got because somebody bit on it basically her fans were like you can't be future forward if you're out here trying to make money off of things that are going to destroy our future so people are first like hey this is kind of a scam and she starts dumping this entire like discord um conversation about how it's actually not that bad in terms of energy costs i understand that she might be in a difficult situation because i'm assuming she signed a contract but just admit that they're not good so i have a b to this part three i didn't want to just talk about artists getting absolutely flamed for announcing nfts part three b is actually artists announcing nfts and then getting so much backlash that they can you unannounce something they take the nfts back look i've seen it happen twice the first one that i really saw was um cairo cara bonito which i'm very glad about because i was not about to stop standing i was not ready okay it was about to drive me up a wall if i had to feel a certain way about kkb for announcing the goddard nft that no one asked for so cairo cara bonito one of my absolute favorite bands had announced that they were putting out the nft however sarah of caracao bonito then went back and put out this statement and also the nfts um we're having it taken down we care about the environment and yeah we did our research and we chose a platform that doesn't rely on crypto for customer transaction like believing that would be like a sustainable option but we're not going any further with that how hard is it another group of artists well this is more so the website itself art station who i'm quite familiar with announced that they were selling a collection of nfts and then they immediately within a few hours had to take it back despite our attempts to validate our approach we clearly made a mistake and admit fault it was our bad it's our hope that at some point in the future we'll be able to find solution that is equitable and ecologically sound it will take time for us to reflect on this and we'll do our best to earn back your trust that apology was kind of awesome like far be it for me to not give credit where credits do i sincerely appreciate this this is an apology that really says we can't go back and not announce it sorry but we were wrong and we're not going to do it again shout out art station shout out carol carobonito you know what i mean i don't think anyone's the devil for trying to really well who knows little nausea hasn't put out an nft yet i don't understand why people keep announcing nfts stop announcing these things they're not great there's other ways to make money i assure you as for my main opinion on this i will never understand anyway if we've learned anything from this it's that i can't wait to unveil my first merch drop actually being in nft instead of honey anyway i'll be here all week folks at 2 p.m central time if it's monday wednesday friday that means i'm uploading a new video here if this is a saturday that means i'm going live on twitch which as you can see from my twitch chat is a lovely experience very relaxing and nobody is actually being held hostage it's all voluntary so i can't wait to see you there mandatory of course i'll see you tomorrow unless of course tomorrow is sunday in which case just watch this video again okay bye you

Channel: D'Angelo Wallace

Views: 915,479

Keywords: dangelno, dangelowallace

Id: mWE7jVEykPc

Length: 17min 28sec (1048 seconds)

Published: Wed May 12 2021