NFTs: the new cash grabs?

hey guys what's up and welcome back to my channel so today we're going to be talking about nfts now you've probably seen quite a bit about it on twitter i knew it blew up more a couple of weeks ago if you don't know what nfts are don't worry we're going to get into explaining those because i think it is a very interesting new development we'll get to my opinions on all of that but before we do that i did want to thank today's sponsor which is nordpass nordpass is powered by nordvpn cybersecurity professionals nordpass is a password manager that allows you to securely store your passwords all you need is a master password in order to access all of your other information we all have moments if not specific websites where we can never remember our password or when we've changed it so many times we can't remember the current one this happens to me all the time with the fedex website because i avoid going on it at all costs and then the few times where i have to sign for something i try to 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nfts are non-fungible tokens which is cryptojargon for a concept just as tortured as it sounds nfts are digital collectibles verified through the blockchain so that's an image song or url or any other piece of data that can be authenticated as original so another article i read likened nfts to collectible cards and i think that's the easiest way to understand it but basically it's the equivalent of yes you can print a picture of the mona lisa and put it on your wall but it's never going to be the original one and that's really the difference here that you're getting the original one so initially i was a little bit confused at this whole concept because it's new and i didn't really know what to make of it to be clear for me personally the only aspect in which nfts really makes sense is for artists it makes sense that they would sell that to make a living because we know the artists are notoriously underpaid so for me that was the one and only real example where i'd be like yes i would buy an nft from an artist because i'm supporting an artist and i support what they're doing but other than that i couldn't really imagine spending money on something that will just stay on my phone and that i can't really do anything with it it doesn't make sense to me however i did want to read a couple pieces from a few articles that share their opinions that i think are actually really valuable in this article it says i have some straight talk the proliferation of nfts will probably not be the world changing revolution that its proponents claim and it's probably not an entirely absurd bubble either as with other emerging technologies there is a good idea in there somewhere if we slow down and resist the hype and i think that's a really smart point because one of the negative sides of nfts in my opinion which is one of the reasons why generally speaking i don't like them except for the artist bubble is that there are going to be people taking advantage of it and granted this is the capitalistic system we live in so of course there are going to be those people there are going to be people who are equivalent to scalpers which is another point that they bring up that i'm going to get to in a second but there are people like logan paul who are selling things like this for millions of dollars which i'm like first of all who's paying that and second of all this is a cash grab this isn't the equivalent of someone's passion and art put onto a digital canvas or even maybe a picture of a real canvas who knows it's not the same because the motive is very different and then there are people also like jeffree star who are selling nfts like this which frankly are terrifying like the moment i saw this i knew this was going to be my next sleeper alice's demon i'm sure he's not going to be selling it for one dollar knowing jeffrey it's probably gonna be expensive for what this which is not something i'd spend money on either and of course this is a personal preference really it depends on what you think is worth spending your money but i think there are some pieces that we can universally agree are just [ __ ] cash grabs and the point that i was bringing up before is that certain people are going to be the equivalent of scalpers because since there is a certain number of originals people will buy those and then sell them again for a crazy price that might even be double triple of the original price and so you see how that already in and of itself becomes flawed then again scalpers i think exist in pretty much any kind of domain at this point so i don't know how avoidable they are but i wanted to read another part because there's one article where the author is shady as hell and it's great the article reads is this good for people certainly now people sold a collage for 69.3 million dollars 69 million dollars for a collage that i've seen for free on the internet see why it seems ridiculous at some points but anyway is this good for people certainly and some others dabbling in crypto conversion too kings of leon this month became the first band to release an album as an nft which is a big boost for a group you hadn't heard much from since sex on fire limped off the charts in the late aughts that was shady as hell against the kings of leon and frankly it made the article so much more fun to read i truly enjoyed this random jab at kings of leon i wanted to show you guys these articles in particular to show you the two sides of this that i see granted there are probably more sides for people who are a lot more versed in cryptocurrency and nfts generally but the basic consensus i've gotten to is that there are certain people that we know for a fact do [ __ ] not because they want to do it or because they're passionate about it but they do it primarily for money as opposed to artists who enjoy what they're doing they care about what they're doing and yes they want to be paid for what they're doing which to me are two very separate groups of people the same way that a lot of youtube musicians like jake paul to me are not the same as musicians who actually do it because they have a passion to do it and are good at it and it matters to them two separate camps in my mind i think this is a great thing for artists of all kinds because i think it really opens up a new avenue for them to make money off of their art which i completely support on that end like that like i said that is the only thing i can really imagine myself buying there's also gucci who had this little gucci ghost i remember seeing it was like just like a little ghost super simple it basically looked like the emoji with the gucci logos on it if i recall correctly it sold for thousands of dollars and i didn't understand what the point of that was oh and then there's also the gucci sneakers virtual sneakers you can't wear but there apparently is like an app where it's pretty much like an instagram filter you can turn your camera on and point it to your feet and then it looks like you're wearing the shoes that you bought for 12 but can't wear anywhere unless you're just posting pictures of it which you can photoshop things on for free i don't know what the point of that is that to me is kind of just gross and boring because really if companies like big companies wanted to get into this like fashion brands you'd think that they'd come up with something more innovative and something more valuable than just a shoe you can put on your foot like a filter that's silly to me for example kings of leon it makes sense to sell an album as an nft because the person directly gets something from it because they can listen to your music over and over that makes sense but some of these brands that are just selling things to sell things it's transparent and it's stupid and i think they're gonna be the reason that a lot of people are gonna be turned off from nfts because realistically the first nfts i saw were like that a company actually approached me to make my own nfts and i'm like of what like if i were an artist sure makes sense but that's not the case here so it's in a way i really think it's a really big cash grab for a lot of people but on the other hand it's a really great opportunity and like the article said it depends on what we do with it but we can't just like get into the hype and buy a bunch of [ __ ] because right now it seems like it's the next big thing anyways guys you can let me know what you think in the comments down below thank you guys so much for watching thank you to my patrons as always let's get right into the fan art you

Channel: READY TO GLARE

Views: 16,248

Rating: 4.9836402 out of 5

Keywords: NFTs, NFT, gucci nft, jeffree star, logan paul, logan paul nft, crypto, crypto news, nft crypto, nft art explained, what are nfts, nft explained

Id: EjacFA_UUUY

Length: 9min 53sec (593 seconds)

Published: Wed Mar 31 2021