51: What Are NFTs?

NFTs are all the rage. What are they, and why are they selling for such large amounts of money? This episode is a discussion on what they are, how they gained their fame, and why people find them valuable as well as whether or not NFTs really have value. We demystify the topic using real world comparisons to illustrate the concept.

 

Check out Keegan's Newsletter post titled WTF are NFTs where he breaks down NFTs and gives his opinion on the value proposition of them.

 

(00:00) - Introduction

(01:20) - What is fungibility, and what are NFTs?

(04:49) - Using the Mona Lisa as an example to talk about fungibility

(09:40) - Blockchain as a database to track ownership

(12:43) - Reliance on the Ethereum platform to maintain chain of custody

(17:02) - Do NFTs actually have value?

(26:01) - A few different use cases for NFTs

(29:51) - Closing Thoughts

 

Edited and Mixed by Kaushik Sethunath.

Visit the Go Full Crypto website at: https://www.gofullcrypto.com