January 8, 2025 • 29 mins
Dive into the fascinating world of NFTs, where art, gaming, fashion, and digital ownership collide. Learn about the mechanics, risks, and opportunities of this explosive market, featuring expert insights, real-world applications, and a glimpse into the metaverse. Whether you're a curious beginner or a seasoned enthusiast, this podcast unpacks the complexities of NFTs, their transformative potential, and their impact on industries worldwide. Get ready to reshape your understanding of digital assets!
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
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[Music]
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[Music]
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Alright, so get this, an artist named DotPigin just made over a million
euros, selling wait for it, digital pigeons, it's the wild world of NFT that
we are diving into today and I know, we've got a lot to come, we've got
academic papers, how-to guides, we've even got, oh it been passionate, passionate
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YouTubers, even some comparisons to like historical art movements and it's
that's amazing. Yeah, a real mix to help sort of wrap your head around this
whole digital explosion, so. A digital explosion? Yeah, by the end you'll not
only get like the mechanics of NFTs but also how they might reshape art,
gaming, you know, even our idea of digital ownership. It's a fascinating time
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to be looking at this, isn't it? They seem to be everywhere. They are. And everyone's got an opinion.
That is true. About them. Yeah, so before we get lost in all the hype, right? Why are
NFTs causing such a stir? Like what makes them different from just any other
digital file? Well, it's all about ownership and scarcity. Oh, okay. So let's just
say you buy a limited edition concert poster online. Okay. Could be thousands of
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copies, right? Yeah. But with an NFT, you get provable ownership of unique
digital asset. Okay. It's kind of like owning the original Mona Lisa versus a print.
Ah, so you're bringing the concept of original to the digital world? Precisely. And
that's where blockchain comes in. Okay. So imagine like a giant transparent
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digital ledger tracking every NFT transaction. And this verifies
authenticity and ownership. Right. It makes each one irreplaceable and unlike say a
dollar bill or even a Bitcoin. Okay. That makes sense. But I'm already seeing
these headlines about these million dollar JPEGs. Right. So are we really just
talking about like digital art here? That's how they first grab the attention. But
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there's so much more than that. Okay. What's really exciting is their potential in
gaming, music, even fashion. Okay. Now I'm intrigued. Tell me more about these
other applications. So think about owning in-game items or characters or even
virtual land. All is NFTs. Imagine you buy a super powerful sword in a game. And
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it's actually yours. Whoa. Trade, sell or even use in another you know, compatible
game. Wow. It changes the whole gaming experience. So it's like owning a piece of the game itself.
The game world itself. Yeah. That's that's a huge shift. It is. And musicians can use
NFTs to sell limited edition albums, concert tickets or share royalties with fans
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directly. Really? Cuts out the middleman. Wow. Create a whole new connection between
the artists and their audience. Yeah. I can see how that would be a game changer, especially
for independent artists. Yeah. Absolutely. What about what about industries like fashion?
Oh, well, high-end brands. They're already using NFTs to create digital clothing and accessories
for online avatars. And you know, for the metaverses. For the metaverses.
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Dolce and Gabana. They're Genesee collection, which blended physical and digital hawk
a couture, fetch millions, millions, millions. Wow. That's a serious commitment. It is proof
that even the luxury fashion world is taking this seriously. Yeah. It sounds like it's really
blurring the lines between like the physical and the digital. Yes. In ways we've never
seen before. Yeah. But what about for, you know, for the average person? Right. Can you
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actually make money with these things? Well, you know, NFTs are a volatile market just
like the early days of Bitcoin. Right. There's potential for big gains, but also big
risks. Okay. We've seen artists like Dot Pigeon making a fortune. Yeah. But there are also plenty
of stories of people losing money. So it's not a guaranteed get rich, quick scheme?
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Definitely not. Okay. It's essential to understand market trends, the concept of what we call
floor price and you know, things like fractional trading if you're thinking about investing.
Okay. Tools like rarity tools can help analyze an NFT's potential value. So there's a lot to learn.
There is. And you mentioned risks. Yeah. Are there other downsides to this NFT craze that we need
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to be aware of? Absolutely. While there's a lot of excitement. Right. It's crucial to look at the
potential downsides too. What would you say is the biggest concern people have? One major criticism
is the environmental impact. Okay. So the energy needed to power those blockchain transactions
is significant. Right. And some people argue that NFTs are contributing to climate change.
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That's that's a serious issue. It is. Are there are there any solutions being explored?
Well, there are efforts to develop more sustainable blockchain solutions. Okay.
But it's definitely a challenge the NFT community needs to tackle head on. What about the art itself?
Yeah. How do we know that the artists work isn't being like coppular stolen in the NFT space?
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Yeah. That's another valid concern. There have been cases of copyright infringement. Right.
And artists being exploited. We've seen examples like the NFT Huxters case where artists work was
copied and sold without permission. So while it can empower creators. Yes. It can also create
opportunities for fraud. Unfortunately, yes. And then there's the risk of market manipulation
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and scams. Right. You know, like any investment. Yeah. Caution is key. Makes sense. Do your research.
Yep. Invest only what you can afford to lose. And remember, this is still a very new and evolving
market. So it's about finding that balance, right? It is. Between the incredible potential and the
and the very real risks. Exactly. Okay. That's where informed decision making comes. Right.
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You need to be aware of the challenges. Right. While also staying open to the possibilities.
So what does the future hold for this whole idea of digital ownership?
Where do NFTs fit into that bigger picture? Think about the metaverse, those immersive virtual
world that are exploding in popularity. Yeah. Imagine owning a piece of digital land in
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decentralized. Yeah. Yeah. A thriving virtual world. Okay. That land could be represented by an NFT,
giving you ownership in this whole new reality. So it's not just owning digital art. It's potentially
owning a piece of a digital world. Right. That is mind blowing. It is. And
it goes even further. Oh, imagine NFTs representing your college diploma. Wow. Concert tickets,
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even voting rights. All. So it's it's about trust security and how we interact with the digital
world. It's like we're on the verge of this whole new era of digital ownership. We are. Wow. Okay.
So for for our listener who's now completely hooked on this NFT world. Yeah. What are like some
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practical steps they can take to learn more? Well, I would say you know, start by exploring those
online communities. Okay. So Discord server's dedicated to NFTs are great places to connect with
other enthusiasts. Yeah. Share insights, learn from the more experienced collectors. And what about
finding like reliable information about specific NFT projects? There's so much out there. It's hard
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to know where to begin. Look for established communities, you know, and creators with a proven track
record. Okay. And research is key. Right. Don't just buy into the hype. Dig deeper. Yeah. Look at
a project's history. Yeah. Understand the team behind it. So due diligence is crucial. It is. And
be wary of scams. Right. You know, there are unfortunately people out there looking to exploit
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those who are new to NFTs. So it's like navigating any new online space just proceed with caution. Exactly.
Yeah. Be cautious of anything that sounds too good to be true. Mm-hmm. Double check the source of
any NFT project. Right. Be skeptical of unsolicited offers. Uh-huh. And never give away your wall
it's private key. Okay. So common sense and a healthy dose of skepticism.
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Fabstentials. And don't be afraid to ask questions. Right. The NFT communities generally, you know,
very welcoming. Right. There are tons of resources available from beginner guides to expert analysis.
Right. Yeah. Take your time. Learn the ropes. Uh-huh. You'd be navigating this exciting new world in no time.
Okay. So research, connect with others and stay vigilant. Exactly. And most importantly, you know,
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have fun with it. I love that advice. Yeah. Exploring the world of NFTs should be an adventure,
not a stressful chore. Exactly. Okay. Before we move on, I have one one final thought provoking question
for our listener. Sure. We talked about owning virtual land in the metaverse. Right. But what if,
what if your entire digital identity in these worlds, your avatar, your reputation, was also
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represented by an NFT? That's a fascinating question. Right. Really makes you think about the evolving
nature of identity. Yeah. And a digital age. And what ownership might look like in the future. Yeah.
Okay. Now my mind is officially blown. Yeah. I think we need to take a pause here.
Let our listener process all of this amazing information, but we'll be right back to dive deeper into
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the world of NFTs, including how to actually create and sell them and explore even more of those
mind-bending possibilities. Sounds good. Makes you wonder like where does it all lead? You know,
what is the future hold for NFTs and digital ownership? Yeah. We've covered a lot, but I am curious
about the actual process. Yeah. How does someone actually create an NFT? Is it as simple as just
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uploading a file to the internet? Well, it's a bit more involved in that. Okay. It's called
minting an NFT. And ting. And it basically means you're registering it on the blockchain. Okay.
So you'll need a cryptocurrency wallet. Okay. And some cryptocurrency like Ethereum. Yeah. And this
covers what are called gas fees. Gas fees. Is that like paying for shipping? Not exactly. Think of it
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as like a processing fee. Okay. For the miners who verify and add your NFT to the blockchain.
Okay. So you need a wallet. You need some crypto for fees. Yeah. What else? Then you choose a
platform. Okay. Like a open-sea or rarerable. Okay. Each platform has its own process, but generally
you upload your file. Could be an image, a video, audio, and set the details for your NFT. Give it a name,
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a description. You could even determine things like the royalty percentage. Oh, okay. That you'll
receive on future sales. Wait, royalties. So every time your NFT is resold, you get a cut. Exactly.
That's one of the most revolutionary aspects of the entities. It empowers creators to earn
from their work. Right. In a way that was never possible before in the digital world. That's huge.
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Yeah. Okay. So once an NFT is minted, where is it actually stored? That's where it gets a
bit technical. Oh. The NFT itself, that unique identifier, it's stored on the blockchain. Okay. But
the actual file, the image, the video, whatever is usually stored off-chain, meaning somewhere
else on the internet. So it's not all in one place. Right. Decentralized storage is key to this whole
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idea of blockchain. Okay. That's where things like IPFS or the interplanetary file system come in.
Okay. Think of it as a peer-to-peer network for storing and accessing files. Okay. So I'm starting
to see how complex this whole ecosystem really is. It does have its layers. Yeah. And this brings
up another important point, security. So just like you wouldn't want to lose your physical artwork,
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you need to ensure the digital file associated with your NFT is safe and accessible. Right. Okay.
So let's say I've got my NFT minted, securely stored. Right. What's the next step? How do people
actually buy and sell these things? Well, NFT marketplaces, like OpenC, they act as platforms for
buying, selling, even auctioning NFTs. Interesting. Think of it like eBay. Okay. But for digital assets.
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So I could set a price for my NFT or even let people bid on it? Exactly. And remember those
market dynamics we talked about. Yeah. Understanding things like floor price and rarity is crucial when
deciding how to price your NFT. Sounds like I need to brush up on my NFT vocabulary. There's definitely
a learning curve. Yeah. But the NFT community is generally very welcoming and helpful.
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And there are tons of resources available to help you understand the ins and outs of the market.
Speaking of help for someone just starting out, what are some like common pitfalls to avoid?
Well, first and foremost, be wary of scams. Okay.
Unfortunately, the NFT space attracts its fair share of shady characters. Right.
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Always double check the source of an NFT project. Right. Look for established communities.
And never click on suspicious links or give away your wallet's private key.
So it's like navigating any new online space, proceed with caution.
Exactly. Yeah. And watch out for FOMO. Oh, yeah. You know, fear of missing out.
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The fear of missing out. Yeah. Yeah. It's easy to get caught up in the hype and make those
impulsive decisions. Yeah. Especially when you see those headlines. I can imagine about
NFT selling for millions. Yeah. Remember every investment carries risk. Right.
Do your due diligence? Invest only what you can afford to lose. Okay.
And be prepared for market volatility. So slow and steady wins the race.
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That's a good approach. Okay. And remember, don't be afraid to ask questions. Right.
The NFT community is full of people who are willing to share their knowledge
Yeah. And help newcomers find their footing. That's encouraging for those who might feel a bit
intimidated by the the technical side of it all. Yeah. Now I want to I want to circle back to gaming.
Yeah. You mentioned owning like in-game items. But what about those play to earn games? Yeah.
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How do NFTs fit into that model? That's where things get really interesting. Okay.
Play to earn games, allow players to earn cryptocurrency or NFTs just by playing. Oh wow.
Games like Axi and Finity have become hugely popular. Okay. Players can breed,
battle and trade digital creatures all while earning crypto. So you can potentially earn real money
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just by playing a video game. That's the idea is revolutionizing the way people think about gaming
and how we value our time and skills in these virtual worlds. It's blurring the lines between work
and play. Yeah, it is in a way we've never seen before. Wow. And it goes beyond earning money too.
Okay. NFTs are also changing how we interact with games. Imagine owning your in-game items. Yeah.
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As NFTs, you can trade them freely or even use them in other compatible games.
Like they have real world value. They do. And it's still early days. Wow. We're only just beginning to see
you know the creative ways that developers are integrating NFTs into games from virtual land ownership
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to player created content that can be bought and sold. Okay. Before we get too carried away with all
the possibilities. Yeah. Are there any downsides to this play to earn model? Of course. Some people worry
that the focus on earning money could take away from the enjoyment of the game. So it's a question of
balance. Right. And then there's the question of sustainability. Okay. Some play-dern games have
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struggled to maintain a stable in-game economy. So just like with any investment. Yeah.
There are risks involved. Absolutely. It's crucial to research the game. Right.
The developers and the overall economy before diving in. Okay. Look for games with a solid track record.
A strong community. Right. And a clear vision for the future. So it's about being discerning
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and choosing your play to earn adventures wisely. Okay. Now we've talked a lot about the excitement
surrounding NFTs. Yeah. But let's be honest. There's also been quite a bit of criticism. Yeah.
Okay. Let's address the elephant in the room. Sure. What are some of the biggest concerns people
have raised about NFTs? Well, we touched on the environmental impact earlier. Yeah. And that's a
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significant one. Right. Another common critique is that NFTs are nothing more than a speculative
bubble. Hmm. Fueled by hype rather than genuine value. Yeah. I can see how that perception arises,
especially with those like, you know, right. Eye-popping headlines. It's true. The NFT market has
seen some wild price swings. Right. But remember, this is a new technology. Yeah. We're still in the
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early stages of figuring things out. So it's like the wild west of finance right now. In some ways,
yes. Yeah. But just like with any emerging market, we can expect to see consolidation and maturation
over time. Right. So the projects with real value and utility are likely to survive while the
purely speculative ones, you know, might fade away. So it's a process of separating the wheat from
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the chaff. Exactly. It's crucial to approach the NFT space with a critical eye. Yeah. Don't just
buy into the hype. Hmm. Do your research ask questions, right? And make informed decisions.
Critical thinking is key. Yeah. What other criticisms have you encountered? Well, some argue that,
you know, NFTs are elitist. Okay. And inaccessible. Right. To the average person. Yeah. They point
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to the high cost of entry. Right. And the technical jargon as barriers. I can see that perspective,
especially when you hear about like celebrity spending millions on NFTs. Right. But you know,
the reality is NS user available at a wide range of price points. Okay. And the technology is becoming
more user-friendly all the time. Right. Platforms like OpenC are working to make NFTs accessible
to a brighter audience. Okay. There are plenty of resources available to help people learn the basics.
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So the NFT space is becoming more inclusive? It's definitely moving in that direction. Okay. And,
you know, we're seeing a growing number of projects focused on using NFTs for social good.
From supporting artists to raising awareness for important causes. So there's like a real community
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spirit. Yeah. Emerging around NFTs. It goes beyond just the selling and selling. It's about exploring
the creative possibilities. Yeah. Yeah. Supporting innovation. Right. And finding new ways to connect
with others who share your passions. Okay. So we've covered the potential downsides. Yeah. The
criticisms, the fact that there's still a lot we're figuring out about this technology. Yeah.
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But let's shift years and remind ourselves of the broader possibilities here. Okay. We talked
about art, gaming, fashion, like what other industries are being disrupted by NFTs. The list is
growing every day. Wow. We're seeing NFTs being used in real estate, music, sports, collectibles,
even event ticketing. Wow. That's a lot to unpack. It is. Can you give me some specific examples of
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how they're being used in these industries? Sure. In real estate, for instance. Okay.
NFTs are being used to represent fractional ownership of properties. This makes it easier for people
to invest in real estate without needing massive amounts of capital. So it's like owning a digital
piece of a physical building. Exactly. It's making real estate investment more accessible to a wider
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range of people. That's interesting. And in the music industry, NFTs are empowering artists to connect
with fans in new ways. How so? Well, musicians are releasing limited edition albums as NFTs. Okay.
Offering exclusive behind the scene content and even sharing a percentage of their future royalties
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with fans. Wow. It's cutting out the middleman and putting more power in the hands of the creators.
It is. It's exciting. And it's not just music. We're seeing a similar trend in the world of sports.
How are NFTs changing things up in the sports world? Well, NFTs are being used for everything from
digital trading cards to giving fans access to exclusive content and experiences.
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So instead of assigned baseball, you might get an NFT from your favorite player. Exactly. And it could
be even more valuable than a physical autograph because it's digitally scarce and verifiable on the
blockchain. That's a whole new level of fan engagement. It is. And what about the world of collectibles?
Oh, NFTs are a natural fit for collectibles. Yeah. We're seeing everything from digital art
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in trading cards to virtual sneakers and designer handbags. Being sold as NFTs. It's opening up
this whole new market for digital goods and changing the way people collect and trade.
Okay. So we've got real estate. We've got music, sports, collectibles. Is there anything
NFTs can't do? It seems like every day brings new possibilities. Yeah. We even see NFTs playing a
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role in the development of the metaverse. You mentioned the metaverse earlier, but I'm still not
quite sure I understand what it is. Can you elaborate? Sure. Think of it as a network of interconnected
immersive virtual worlds. Okay. You can interact with others, play games, attend events, even buy and sell
virtual property all within these digital spaces. It sounds like something out of science fiction.
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It does, doesn't it? Yeah. But it's rapidly becoming a reality. Wow. NFTs are playing a key role in shaping
this new virtual landscape. How so? NFTs can represent ownership of virtual land, digital assets,
and even your virtual identity within these metaverse platforms. So I could buy a virtual plot of land
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as an NFT? Yes. And build my dream house in the metaverse. Yeah. And that virtual land would be yours
to use, develop or even sell, just like real estate in the physical world. It's amazing. And a little bit
overwhelming all at the same time. It's a lot to take in. Yeah. But that's what makes this space so
exciting. Right. So much to explore and discover. And it's all happening at lightning speed.
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Okay. I'm definitely feeling that sense of excitement. But I'm also feeling a bit lost in all this
information. Yeah. For a listener who's ready to like, you know, take the plunge. Right. What are some
practical steps they can take to get started in the NFT world? Well, the first step is setting up a
cryptocurrency wallet. Okay. MetaMask is a popular choice and it's relatively easy to use. Okay.
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This will allow you to store your NFTs. Right. And any cryptocurrency you use to buy yourself them.
Okay. So you get a wallet, fund it with some cryptocurrency, and then what? Then you can start
exploring NFT marketplaces like OpenC or Rarerable. Okay. These platforms allow you to, you know,
browse, buy and sell a wide variety of NFTs from digital art and collectibles to virtual real estate
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and more. So it's, it's kind of like eBay or Amazon, but for NFTs. That's a good analogy.
Okay. And if you're feeling creative, you can even try minting your own NFTs using these platforms.
Wow. It's amazing how accessible this technology is becoming. It really is. Yeah. And the NFT
community is full of, you know, helpful resources in support of individual. Don't hesitate to
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reach out to others. Okay. Ask questions. Right. And learn from those who have more experience.
Okay. So choose a wallet. Explore the marketplaces, connect with others. Any other advice for someone
just starting out? Be patient. Be curious and be discerning. Okay. The NFT world is constantly evolving.
Yeah. So be prepared to learn and adapt. Solid advice. It's all about embracing the journey.
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And the possibilities that that NFTs unlock. Exactly. And remember, you know, NFTs are not just about
owning digital stuff. Right. They're about participating in a new era of digital ownership,
creativity and innovation. Yeah. It's like, it's like, we're all pioneers on this digital frontier.
I love that analogy. Who knows what incredible discoveries await us on this journey.
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Okay. Before we wrap up part two, sure. I want to leave our listener with a thought provoking question.
We've talked about NFTs representing ownership of digital assets, but what if they could represent
ownership of experiences, memories or even emotions? That's a fascinating concept. Right. Imagine
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like owning a piece of your personal history. Yeah. Or a moment in time as an NFT. It really makes you
think about the nature of ownership in the digital age. Wow. And what might be possible in the future?
Wow. Mind blown again. Yeah. We need another pause here. Yeah. We do. Let those ideas sink in.
But we'll be back shortly to explore even more mind-bending possibilities and delve into the
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ethical considerations surrounding NFTs. Okay. I'm still processing that last question about
owning experiences as NFTs. Yeah. It's incredible to think about where this technology might lead us.
It really does make you wonder, doesn't it? And that's what's still captivating about this whole NFTs
space. It constantly pushes the boundaries of what we thought was possible. Yeah. Thinking back
(25:37):
on all the sources we explored. It's inspiring to see the passion and the creativity surrounding
NFTs. It is. You know, it feels like we're witnessing like a cultural shift. Absolutely. From artists
pushing creative boundaries to developers building new platforms and games. Yeah. There's
there's a palpable sense of excitement and possibility. I'm particularly struck by how NFTs are
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empowering artists. Yeah. It seems like they're they're leveling the playing field. Yeah.
Giving creators more control, allowing them to connect directly with their audience. Right. It's a
significant shift in power dynamics. Yeah. Suddenly artists who may have struggled to break into those
traditional art markets. Right. They have this new avenue to showcase their work and build their
(26:23):
own communities. It's like it's like the gatekeepers are being bypassed. Yeah. But of course not everyone
is convinced. Right. We talked to a YouTuber who argued that that NFTs are just a passing fat,
a speculative bubble that's bound to burst. How do you address that skepticism? What's it's
healthy to be skeptical, especially with any emerging technology that's generating a lot of hype.
(26:45):
Right. But I believe NFTs are more than just a fat. Okay. You know, the underlying technology,
blockchain, has the potential to revolutionize a wide range of industries. So it's not just about
the hype. It's about the underlying technology and its potential applications. Exactly. And those
applications are constantly expanding. We're seeing NFTs being used to represent real estate,
(27:10):
physical assets, even digital identities in the metaverse. Yeah. The value proposition is
constantly evolving. Okay. I'll admit I'm I'm starting to feel a little bit of FOMO. Yeah. But at the
same time, I'm still a bit overwhelmed by all the information. Sure. Where should someone even
begin if they if they want to explore this world further? Well, my advice would be to start with
(27:32):
what interests you the most? Okay. So if you're passionate about art, dive into those NFTR
platforms and communities. Yeah. If you're a gamer, explore the world of play to earn games. Right.
Find your niche within that NFT ecosystem and start learning from there. So it's about finding
your tribe and exploring at your own pace. Absolutely. And don't be afraid to ask questions. Yeah.
(27:53):
The NFT community is generally very welcoming and helpful. Okay. And there are tons of resources
available from beginners guides to expert analysis. It's reassuring to know that there's support
out there for those who are who are new to this space. Yeah. As we wrap up this deep dive. I want
to leave our listener with one final thought-provoking question. Okay. We've we've talked about
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NFTs as a way to represent ownership of assets. Yeah. But what if what if they could also be used to
represent something more intangible our values? Our beliefs, our contributions to society? That's
an incredibly powerful idea. Right. Imagine if we could use NFTs to showcase our volunteer work.
(28:36):
Yeah. Our charitable donations, our commitment to causes we believe in. It's like a digital badge of
honor. Right. A way to signal our values to the world. And it could even go beyond just
signaling. Imagine if those those NFT badges could unlock access to
to communities. Right. Experiences. Yeah. Or opportunities that align with our values.
(28:57):
It's a fascinating concept. Yeah. Makes you wonder about the future of reputation and social
capital in a world where everything can be tokenized. It's it's both exciting and a little bit daunting
to think about the implications. Indeed. NFTs are not just about owning things. Right. They they have the
potential to reshape how we interact with each other and the world around us. Well, we've covered
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a lot of ground in this deep dive from the basic mechanics of NFTs to the mind blowing possibilities
they unlock. Yeah. It's been an incredible journey. That is. And I want to thank you for for sharing
your expertise with us. It's been my pleasure. The NFT space is full of energy and innovation. It is.
And I'm excited to see it the future holds me to. To our listener, we hope this deep dive has sparked
(29:43):
your curiosity and given you a solid foundation for exploring the fascinating world of NFTs. Remember,
the future is being written right now and you have the power to be a part of it. Thanks for joining us.
[Music]
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[Music]
(00:47):
Alright, so get this, an artist named DotPigin just made over a million
euros, selling wait for it, digital pigeons, it's the wild world of NFT that
we are diving into today and I know, we've got a lot to come, we've got
academic papers, how-to guides, we've even got, oh it been passionate, passionate
(01:11):
YouTubers, even some comparisons to like historical art movements and it's
that's amazing. Yeah, a real mix to help sort of wrap your head around this
whole digital explosion, so. A digital explosion? Yeah, by the end you'll not
only get like the mechanics of NFTs but also how they might reshape art,
gaming, you know, even our idea of digital ownership. It's a fascinating time
(01:35):
to be looking at this, isn't it? They seem to be everywhere. They are. And everyone's got an opinion.
That is true. About them. Yeah, so before we get lost in all the hype, right? Why are
NFTs causing such a stir? Like what makes them different from just any other
digital file? Well, it's all about ownership and scarcity. Oh, okay. So let's just
say you buy a limited edition concert poster online. Okay. Could be thousands of
(02:00):
copies, right? Yeah. But with an NFT, you get provable ownership of unique
digital asset. Okay. It's kind of like owning the original Mona Lisa versus a print.
Ah, so you're bringing the concept of original to the digital world? Precisely. And
that's where blockchain comes in. Okay. So imagine like a giant transparent
(02:22):
digital ledger tracking every NFT transaction. And this verifies
authenticity and ownership. Right. It makes each one irreplaceable and unlike say a
dollar bill or even a Bitcoin. Okay. That makes sense. But I'm already seeing
these headlines about these million dollar JPEGs. Right. So are we really just
talking about like digital art here? That's how they first grab the attention. But
(02:45):
there's so much more than that. Okay. What's really exciting is their potential in
gaming, music, even fashion. Okay. Now I'm intrigued. Tell me more about these
other applications. So think about owning in-game items or characters or even
virtual land. All is NFTs. Imagine you buy a super powerful sword in a game. And
(03:07):
it's actually yours. Whoa. Trade, sell or even use in another you know, compatible
game. Wow. It changes the whole gaming experience. So it's like owning a piece of the game itself.
The game world itself. Yeah. That's that's a huge shift. It is. And musicians can use
NFTs to sell limited edition albums, concert tickets or share royalties with fans
(03:29):
directly. Really? Cuts out the middleman. Wow. Create a whole new connection between
the artists and their audience. Yeah. I can see how that would be a game changer, especially
for independent artists. Yeah. Absolutely. What about what about industries like fashion?
Oh, well, high-end brands. They're already using NFTs to create digital clothing and accessories
for online avatars. And you know, for the metaverses. For the metaverses.
(03:53):
Dolce and Gabana. They're Genesee collection, which blended physical and digital hawk
a couture, fetch millions, millions, millions. Wow. That's a serious commitment. It is proof
that even the luxury fashion world is taking this seriously. Yeah. It sounds like it's really
blurring the lines between like the physical and the digital. Yes. In ways we've never
seen before. Yeah. But what about for, you know, for the average person? Right. Can you
(04:17):
actually make money with these things? Well, you know, NFTs are a volatile market just
like the early days of Bitcoin. Right. There's potential for big gains, but also big
risks. Okay. We've seen artists like Dot Pigeon making a fortune. Yeah. But there are also plenty
of stories of people losing money. So it's not a guaranteed get rich, quick scheme?
(04:38):
Definitely not. Okay. It's essential to understand market trends, the concept of what we call
floor price and you know, things like fractional trading if you're thinking about investing.
Okay. Tools like rarity tools can help analyze an NFT's potential value. So there's a lot to learn.
There is. And you mentioned risks. Yeah. Are there other downsides to this NFT craze that we need
(05:01):
to be aware of? Absolutely. While there's a lot of excitement. Right. It's crucial to look at the
potential downsides too. What would you say is the biggest concern people have? One major criticism
is the environmental impact. Okay. So the energy needed to power those blockchain transactions
is significant. Right. And some people argue that NFTs are contributing to climate change.
(05:23):
That's that's a serious issue. It is. Are there are there any solutions being explored?
Well, there are efforts to develop more sustainable blockchain solutions. Okay.
But it's definitely a challenge the NFT community needs to tackle head on. What about the art itself?
Yeah. How do we know that the artists work isn't being like coppular stolen in the NFT space?
(05:44):
Yeah. That's another valid concern. There have been cases of copyright infringement. Right.
And artists being exploited. We've seen examples like the NFT Huxters case where artists work was
copied and sold without permission. So while it can empower creators. Yes. It can also create
opportunities for fraud. Unfortunately, yes. And then there's the risk of market manipulation
(06:07):
and scams. Right. You know, like any investment. Yeah. Caution is key. Makes sense. Do your research.
Yep. Invest only what you can afford to lose. And remember, this is still a very new and evolving
market. So it's about finding that balance, right? It is. Between the incredible potential and the
and the very real risks. Exactly. Okay. That's where informed decision making comes. Right.
(06:31):
You need to be aware of the challenges. Right. While also staying open to the possibilities.
So what does the future hold for this whole idea of digital ownership?
Where do NFTs fit into that bigger picture? Think about the metaverse, those immersive virtual
world that are exploding in popularity. Yeah. Imagine owning a piece of digital land in
(06:52):
decentralized. Yeah. Yeah. A thriving virtual world. Okay. That land could be represented by an NFT,
giving you ownership in this whole new reality. So it's not just owning digital art. It's potentially
owning a piece of a digital world. Right. That is mind blowing. It is. And
it goes even further. Oh, imagine NFTs representing your college diploma. Wow. Concert tickets,
(07:17):
even voting rights. All. So it's it's about trust security and how we interact with the digital
world. It's like we're on the verge of this whole new era of digital ownership. We are. Wow. Okay.
So for for our listener who's now completely hooked on this NFT world. Yeah. What are like some
(07:38):
practical steps they can take to learn more? Well, I would say you know, start by exploring those
online communities. Okay. So Discord server's dedicated to NFTs are great places to connect with
other enthusiasts. Yeah. Share insights, learn from the more experienced collectors. And what about
finding like reliable information about specific NFT projects? There's so much out there. It's hard
(08:01):
to know where to begin. Look for established communities, you know, and creators with a proven track
record. Okay. And research is key. Right. Don't just buy into the hype. Dig deeper. Yeah. Look at
a project's history. Yeah. Understand the team behind it. So due diligence is crucial. It is. And
be wary of scams. Right. You know, there are unfortunately people out there looking to exploit
(08:26):
those who are new to NFTs. So it's like navigating any new online space just proceed with caution. Exactly.
Yeah. Be cautious of anything that sounds too good to be true. Mm-hmm. Double check the source of
any NFT project. Right. Be skeptical of unsolicited offers. Uh-huh. And never give away your wall
it's private key. Okay. So common sense and a healthy dose of skepticism.
(08:50):
Fabstentials. And don't be afraid to ask questions. Right. The NFT communities generally, you know,
very welcoming. Right. There are tons of resources available from beginner guides to expert analysis.
Right. Yeah. Take your time. Learn the ropes. Uh-huh. You'd be navigating this exciting new world in no time.
Okay. So research, connect with others and stay vigilant. Exactly. And most importantly, you know,
(09:14):
have fun with it. I love that advice. Yeah. Exploring the world of NFTs should be an adventure,
not a stressful chore. Exactly. Okay. Before we move on, I have one one final thought provoking question
for our listener. Sure. We talked about owning virtual land in the metaverse. Right. But what if,
what if your entire digital identity in these worlds, your avatar, your reputation, was also
(09:41):
represented by an NFT? That's a fascinating question. Right. Really makes you think about the evolving
nature of identity. Yeah. And a digital age. And what ownership might look like in the future. Yeah.
Okay. Now my mind is officially blown. Yeah. I think we need to take a pause here.
Let our listener process all of this amazing information, but we'll be right back to dive deeper into
(10:02):
the world of NFTs, including how to actually create and sell them and explore even more of those
mind-bending possibilities. Sounds good. Makes you wonder like where does it all lead? You know,
what is the future hold for NFTs and digital ownership? Yeah. We've covered a lot, but I am curious
about the actual process. Yeah. How does someone actually create an NFT? Is it as simple as just
(10:25):
uploading a file to the internet? Well, it's a bit more involved in that. Okay. It's called
minting an NFT. And ting. And it basically means you're registering it on the blockchain. Okay.
So you'll need a cryptocurrency wallet. Okay. And some cryptocurrency like Ethereum. Yeah. And this
covers what are called gas fees. Gas fees. Is that like paying for shipping? Not exactly. Think of it
(10:46):
as like a processing fee. Okay. For the miners who verify and add your NFT to the blockchain.
Okay. So you need a wallet. You need some crypto for fees. Yeah. What else? Then you choose a
platform. Okay. Like a open-sea or rarerable. Okay. Each platform has its own process, but generally
you upload your file. Could be an image, a video, audio, and set the details for your NFT. Give it a name,
(11:12):
a description. You could even determine things like the royalty percentage. Oh, okay. That you'll
receive on future sales. Wait, royalties. So every time your NFT is resold, you get a cut. Exactly.
That's one of the most revolutionary aspects of the entities. It empowers creators to earn
from their work. Right. In a way that was never possible before in the digital world. That's huge.
(11:35):
Yeah. Okay. So once an NFT is minted, where is it actually stored? That's where it gets a
bit technical. Oh. The NFT itself, that unique identifier, it's stored on the blockchain. Okay. But
the actual file, the image, the video, whatever is usually stored off-chain, meaning somewhere
else on the internet. So it's not all in one place. Right. Decentralized storage is key to this whole
(11:59):
idea of blockchain. Okay. That's where things like IPFS or the interplanetary file system come in.
Okay. Think of it as a peer-to-peer network for storing and accessing files. Okay. So I'm starting
to see how complex this whole ecosystem really is. It does have its layers. Yeah. And this brings
up another important point, security. So just like you wouldn't want to lose your physical artwork,
(12:20):
you need to ensure the digital file associated with your NFT is safe and accessible. Right. Okay.
So let's say I've got my NFT minted, securely stored. Right. What's the next step? How do people
actually buy and sell these things? Well, NFT marketplaces, like OpenC, they act as platforms for
buying, selling, even auctioning NFTs. Interesting. Think of it like eBay. Okay. But for digital assets.
(12:46):
So I could set a price for my NFT or even let people bid on it? Exactly. And remember those
market dynamics we talked about. Yeah. Understanding things like floor price and rarity is crucial when
deciding how to price your NFT. Sounds like I need to brush up on my NFT vocabulary. There's definitely
a learning curve. Yeah. But the NFT community is generally very welcoming and helpful.
(13:09):
And there are tons of resources available to help you understand the ins and outs of the market.
Speaking of help for someone just starting out, what are some like common pitfalls to avoid?
Well, first and foremost, be wary of scams. Okay.
Unfortunately, the NFT space attracts its fair share of shady characters. Right.
(13:29):
Always double check the source of an NFT project. Right. Look for established communities.
And never click on suspicious links or give away your wallet's private key.
So it's like navigating any new online space, proceed with caution.
Exactly. Yeah. And watch out for FOMO. Oh, yeah. You know, fear of missing out.
(13:50):
The fear of missing out. Yeah. Yeah. It's easy to get caught up in the hype and make those
impulsive decisions. Yeah. Especially when you see those headlines. I can imagine about
NFT selling for millions. Yeah. Remember every investment carries risk. Right.
Do your due diligence? Invest only what you can afford to lose. Okay.
And be prepared for market volatility. So slow and steady wins the race.
(14:14):
That's a good approach. Okay. And remember, don't be afraid to ask questions. Right.
The NFT community is full of people who are willing to share their knowledge
Yeah. And help newcomers find their footing. That's encouraging for those who might feel a bit
intimidated by the the technical side of it all. Yeah. Now I want to I want to circle back to gaming.
Yeah. You mentioned owning like in-game items. But what about those play to earn games? Yeah.
(14:37):
How do NFTs fit into that model? That's where things get really interesting. Okay.
Play to earn games, allow players to earn cryptocurrency or NFTs just by playing. Oh wow.
Games like Axi and Finity have become hugely popular. Okay. Players can breed,
battle and trade digital creatures all while earning crypto. So you can potentially earn real money
(15:01):
just by playing a video game. That's the idea is revolutionizing the way people think about gaming
and how we value our time and skills in these virtual worlds. It's blurring the lines between work
and play. Yeah, it is in a way we've never seen before. Wow. And it goes beyond earning money too.
Okay. NFTs are also changing how we interact with games. Imagine owning your in-game items. Yeah.
(15:23):
As NFTs, you can trade them freely or even use them in other compatible games.
Like they have real world value. They do. And it's still early days. Wow. We're only just beginning to see
you know the creative ways that developers are integrating NFTs into games from virtual land ownership
(15:43):
to player created content that can be bought and sold. Okay. Before we get too carried away with all
the possibilities. Yeah. Are there any downsides to this play to earn model? Of course. Some people worry
that the focus on earning money could take away from the enjoyment of the game. So it's a question of
balance. Right. And then there's the question of sustainability. Okay. Some play-dern games have
(16:07):
struggled to maintain a stable in-game economy. So just like with any investment. Yeah.
There are risks involved. Absolutely. It's crucial to research the game. Right.
The developers and the overall economy before diving in. Okay. Look for games with a solid track record.
A strong community. Right. And a clear vision for the future. So it's about being discerning
(16:29):
and choosing your play to earn adventures wisely. Okay. Now we've talked a lot about the excitement
surrounding NFTs. Yeah. But let's be honest. There's also been quite a bit of criticism. Yeah.
Okay. Let's address the elephant in the room. Sure. What are some of the biggest concerns people
have raised about NFTs? Well, we touched on the environmental impact earlier. Yeah. And that's a
(16:51):
significant one. Right. Another common critique is that NFTs are nothing more than a speculative
bubble. Hmm. Fueled by hype rather than genuine value. Yeah. I can see how that perception arises,
especially with those like, you know, right. Eye-popping headlines. It's true. The NFT market has
seen some wild price swings. Right. But remember, this is a new technology. Yeah. We're still in the
(17:15):
early stages of figuring things out. So it's like the wild west of finance right now. In some ways,
yes. Yeah. But just like with any emerging market, we can expect to see consolidation and maturation
over time. Right. So the projects with real value and utility are likely to survive while the
purely speculative ones, you know, might fade away. So it's a process of separating the wheat from
(17:40):
the chaff. Exactly. It's crucial to approach the NFT space with a critical eye. Yeah. Don't just
buy into the hype. Hmm. Do your research ask questions, right? And make informed decisions.
Critical thinking is key. Yeah. What other criticisms have you encountered? Well, some argue that,
you know, NFTs are elitist. Okay. And inaccessible. Right. To the average person. Yeah. They point
(18:04):
to the high cost of entry. Right. And the technical jargon as barriers. I can see that perspective,
especially when you hear about like celebrity spending millions on NFTs. Right. But you know,
the reality is NS user available at a wide range of price points. Okay. And the technology is becoming
more user-friendly all the time. Right. Platforms like OpenC are working to make NFTs accessible
to a brighter audience. Okay. There are plenty of resources available to help people learn the basics.
(18:29):
So the NFT space is becoming more inclusive? It's definitely moving in that direction. Okay. And,
you know, we're seeing a growing number of projects focused on using NFTs for social good.
From supporting artists to raising awareness for important causes. So there's like a real community
(18:50):
spirit. Yeah. Emerging around NFTs. It goes beyond just the selling and selling. It's about exploring
the creative possibilities. Yeah. Yeah. Supporting innovation. Right. And finding new ways to connect
with others who share your passions. Okay. So we've covered the potential downsides. Yeah. The
criticisms, the fact that there's still a lot we're figuring out about this technology. Yeah.
(19:14):
But let's shift years and remind ourselves of the broader possibilities here. Okay. We talked
about art, gaming, fashion, like what other industries are being disrupted by NFTs. The list is
growing every day. Wow. We're seeing NFTs being used in real estate, music, sports, collectibles,
even event ticketing. Wow. That's a lot to unpack. It is. Can you give me some specific examples of
(19:39):
how they're being used in these industries? Sure. In real estate, for instance. Okay.
NFTs are being used to represent fractional ownership of properties. This makes it easier for people
to invest in real estate without needing massive amounts of capital. So it's like owning a digital
piece of a physical building. Exactly. It's making real estate investment more accessible to a wider
(20:03):
range of people. That's interesting. And in the music industry, NFTs are empowering artists to connect
with fans in new ways. How so? Well, musicians are releasing limited edition albums as NFTs. Okay.
Offering exclusive behind the scene content and even sharing a percentage of their future royalties
(20:23):
with fans. Wow. It's cutting out the middleman and putting more power in the hands of the creators.
It is. It's exciting. And it's not just music. We're seeing a similar trend in the world of sports.
How are NFTs changing things up in the sports world? Well, NFTs are being used for everything from
digital trading cards to giving fans access to exclusive content and experiences.
(20:45):
So instead of assigned baseball, you might get an NFT from your favorite player. Exactly. And it could
be even more valuable than a physical autograph because it's digitally scarce and verifiable on the
blockchain. That's a whole new level of fan engagement. It is. And what about the world of collectibles?
Oh, NFTs are a natural fit for collectibles. Yeah. We're seeing everything from digital art
(21:08):
in trading cards to virtual sneakers and designer handbags. Being sold as NFTs. It's opening up
this whole new market for digital goods and changing the way people collect and trade.
Okay. So we've got real estate. We've got music, sports, collectibles. Is there anything
NFTs can't do? It seems like every day brings new possibilities. Yeah. We even see NFTs playing a
(21:30):
role in the development of the metaverse. You mentioned the metaverse earlier, but I'm still not
quite sure I understand what it is. Can you elaborate? Sure. Think of it as a network of interconnected
immersive virtual worlds. Okay. You can interact with others, play games, attend events, even buy and sell
virtual property all within these digital spaces. It sounds like something out of science fiction.
(21:52):
It does, doesn't it? Yeah. But it's rapidly becoming a reality. Wow. NFTs are playing a key role in shaping
this new virtual landscape. How so? NFTs can represent ownership of virtual land, digital assets,
and even your virtual identity within these metaverse platforms. So I could buy a virtual plot of land
(22:16):
as an NFT? Yes. And build my dream house in the metaverse. Yeah. And that virtual land would be yours
to use, develop or even sell, just like real estate in the physical world. It's amazing. And a little bit
overwhelming all at the same time. It's a lot to take in. Yeah. But that's what makes this space so
exciting. Right. So much to explore and discover. And it's all happening at lightning speed.
(22:37):
Okay. I'm definitely feeling that sense of excitement. But I'm also feeling a bit lost in all this
information. Yeah. For a listener who's ready to like, you know, take the plunge. Right. What are some
practical steps they can take to get started in the NFT world? Well, the first step is setting up a
cryptocurrency wallet. Okay. MetaMask is a popular choice and it's relatively easy to use. Okay.
(22:58):
This will allow you to store your NFTs. Right. And any cryptocurrency you use to buy yourself them.
Okay. So you get a wallet, fund it with some cryptocurrency, and then what? Then you can start
exploring NFT marketplaces like OpenC or Rarerable. Okay. These platforms allow you to, you know,
browse, buy and sell a wide variety of NFTs from digital art and collectibles to virtual real estate
(23:23):
and more. So it's, it's kind of like eBay or Amazon, but for NFTs. That's a good analogy.
Okay. And if you're feeling creative, you can even try minting your own NFTs using these platforms.
Wow. It's amazing how accessible this technology is becoming. It really is. Yeah. And the NFT
community is full of, you know, helpful resources in support of individual. Don't hesitate to
(23:45):
reach out to others. Okay. Ask questions. Right. And learn from those who have more experience.
Okay. So choose a wallet. Explore the marketplaces, connect with others. Any other advice for someone
just starting out? Be patient. Be curious and be discerning. Okay. The NFT world is constantly evolving.
Yeah. So be prepared to learn and adapt. Solid advice. It's all about embracing the journey.
(24:10):
And the possibilities that that NFTs unlock. Exactly. And remember, you know, NFTs are not just about
owning digital stuff. Right. They're about participating in a new era of digital ownership,
creativity and innovation. Yeah. It's like, it's like, we're all pioneers on this digital frontier.
I love that analogy. Who knows what incredible discoveries await us on this journey.
(24:31):
Okay. Before we wrap up part two, sure. I want to leave our listener with a thought provoking question.
We've talked about NFTs representing ownership of digital assets, but what if they could represent
ownership of experiences, memories or even emotions? That's a fascinating concept. Right. Imagine
(24:52):
like owning a piece of your personal history. Yeah. Or a moment in time as an NFT. It really makes you
think about the nature of ownership in the digital age. Wow. And what might be possible in the future?
Wow. Mind blown again. Yeah. We need another pause here. Yeah. We do. Let those ideas sink in.
But we'll be back shortly to explore even more mind-bending possibilities and delve into the
(25:16):
ethical considerations surrounding NFTs. Okay. I'm still processing that last question about
owning experiences as NFTs. Yeah. It's incredible to think about where this technology might lead us.
It really does make you wonder, doesn't it? And that's what's still captivating about this whole NFTs
space. It constantly pushes the boundaries of what we thought was possible. Yeah. Thinking back
(25:37):
on all the sources we explored. It's inspiring to see the passion and the creativity surrounding
NFTs. It is. You know, it feels like we're witnessing like a cultural shift. Absolutely. From artists
pushing creative boundaries to developers building new platforms and games. Yeah. There's
there's a palpable sense of excitement and possibility. I'm particularly struck by how NFTs are
(26:02):
empowering artists. Yeah. It seems like they're they're leveling the playing field. Yeah.
Giving creators more control, allowing them to connect directly with their audience. Right. It's a
significant shift in power dynamics. Yeah. Suddenly artists who may have struggled to break into those
traditional art markets. Right. They have this new avenue to showcase their work and build their
(26:23):
own communities. It's like it's like the gatekeepers are being bypassed. Yeah. But of course not everyone
is convinced. Right. We talked to a YouTuber who argued that that NFTs are just a passing fat,
a speculative bubble that's bound to burst. How do you address that skepticism? What's it's
healthy to be skeptical, especially with any emerging technology that's generating a lot of hype.
(26:45):
Right. But I believe NFTs are more than just a fat. Okay. You know, the underlying technology,
blockchain, has the potential to revolutionize a wide range of industries. So it's not just about
the hype. It's about the underlying technology and its potential applications. Exactly. And those
applications are constantly expanding. We're seeing NFTs being used to represent real estate,
(27:10):
physical assets, even digital identities in the metaverse. Yeah. The value proposition is
constantly evolving. Okay. I'll admit I'm I'm starting to feel a little bit of FOMO. Yeah. But at the
same time, I'm still a bit overwhelmed by all the information. Sure. Where should someone even
begin if they if they want to explore this world further? Well, my advice would be to start with
(27:32):
what interests you the most? Okay. So if you're passionate about art, dive into those NFTR
platforms and communities. Yeah. If you're a gamer, explore the world of play to earn games. Right.
Find your niche within that NFT ecosystem and start learning from there. So it's about finding
your tribe and exploring at your own pace. Absolutely. And don't be afraid to ask questions. Yeah.
(27:53):
The NFT community is generally very welcoming and helpful. Okay. And there are tons of resources
available from beginners guides to expert analysis. It's reassuring to know that there's support
out there for those who are who are new to this space. Yeah. As we wrap up this deep dive. I want
to leave our listener with one final thought-provoking question. Okay. We've we've talked about
(28:14):
NFTs as a way to represent ownership of assets. Yeah. But what if what if they could also be used to
represent something more intangible our values? Our beliefs, our contributions to society? That's
an incredibly powerful idea. Right. Imagine if we could use NFTs to showcase our volunteer work.
(28:36):
Yeah. Our charitable donations, our commitment to causes we believe in. It's like a digital badge of
honor. Right. A way to signal our values to the world. And it could even go beyond just
signaling. Imagine if those those NFT badges could unlock access to
to communities. Right. Experiences. Yeah. Or opportunities that align with our values.
(28:57):
It's a fascinating concept. Yeah. Makes you wonder about the future of reputation and social
capital in a world where everything can be tokenized. It's it's both exciting and a little bit daunting
to think about the implications. Indeed. NFTs are not just about owning things. Right. They they have the
potential to reshape how we interact with each other and the world around us. Well, we've covered
(29:22):
a lot of ground in this deep dive from the basic mechanics of NFTs to the mind blowing possibilities
they unlock. Yeah. It's been an incredible journey. That is. And I want to thank you for for sharing
your expertise with us. It's been my pleasure. The NFT space is full of energy and innovation. It is.
And I'm excited to see it the future holds me to. To our listener, we hope this deep dive has sparked
(29:43):
your curiosity and given you a solid foundation for exploring the fascinating world of NFTs. Remember,
the future is being written right now and you have the power to be a part of it. Thanks for joining us.
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