NFTs, or “Non-Fungible Tokens”, are a crypto-asset that allows you to earn, buy and/or sell ownership of unique digital assets, and keep track of who owns them using blockchain technology. Anything digital, including drawings, animated GIFs, music, or even 3D CAD models can be tokenized as an NFT.
NFTs have been making headlines lately, due to some of them selling for millions of dollars, such as Beeple’s JPG NFT which sold at Christie’s for $69M USD. Because most NFTs are minted on the Ethereum blockchain, which currently uses the proof-of-work consensus, a range of mis-information and misconception has cropped up surrounding NFT’s massive electricity consumption and environmental impact, as well as their viability / legitimacy.
All of this has subsequently led to a knee-jerk backlash by gamers who dread video game companies such as Square Enix, Ubisoft, EA, Sega, and Epic exploring the inclusion of NFTs into their games, since mainstream media naturally focuses on the most news-worthy and sensationalist trends; and generally don’t do a good job of explaining the fundamental value of NFTs, how they work, and what they actually are.
00:00 – Splash
00:11 – Intro
01:01 – Backlash Against NFTs
03:04 – Dispelling Common Myths
05:40 – What An NFT Is (and Isn’t)
11:30 – Outro
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