What Are NFTs and How Do They Work?



What Are NFTs and How Do They Work?

NFTs are non-fungible tokens that are digital assets that represent tangible and intangible items.

These can range from collectible cards, drawings, music, digital real estate, tweets, and much more.


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At a very high level, most NFTs are part of the Ethereum blockchain.

NFTs are essentially designed to give you something that can’t be copied

In this video I explain:

– What are NFTs
– Characteristics of NFTs
– What are NFTs used for
– How NFTs work
– Examples of NFT Art

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⏰ Timestamps ⏰:
0:00​​ – Introduction
0:30​ – What are NFTs and How Do They Work?
2:07​​ – Key Characteristics of NFTs
3:13​​ – Why Are NFTs Important?
4:50​​ – Why do NFTs have value?
5:55​​ – Digital Economy
7:25​​ – My Opinion On NFTs

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My mission is to provide my viewers with actionable content that enables them to create financial wealth. My videos are a reflection of my real-world experience as a real estate investor, stock market investor, student of finance, and entrepreneur.

This channel allows me to share my passion for personal finance, stock market investing, real estate investing, and entrepreneurship. I produce content that I would want to watch, and because of that, I give 100% effort in every video that I make. I also believe in complete transparency and open communication with my audience.

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28 thoughts on “What Are NFTs and How Do They Work?

  • June 24, 2022 at 4:21 pm
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    Yeah sure I still don’t get it. To me it looks like a scam. What do you actually get for your money? A virtual sticker? 🤷🏻‍♀️

    Reply
  • June 24, 2022 at 4:21 pm
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    NICE VIDEO….. I HAVE BEEN TRADING FOR MONTHS NOW. I KEEP MAKING MORE LOSS TRADE WRONG COINS PLEASE I NEED SOME KIND OF ASSIST OR ADVICE ON WHAT TO DO

    Reply
  • June 24, 2022 at 4:21 pm
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    I think am stupid 🤦🏾

    Reply
  • June 24, 2022 at 4:21 pm
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    The psychology of people is changing as we move to digital world.

    Reply
  • June 24, 2022 at 4:21 pm
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    Yes exactly I got the same gutt feeling. The hype because of the news that is extremely exaggerated ..driven by hype news

    Reply
  • June 24, 2022 at 4:21 pm
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    All over the place I’m to stupid to follow and don’t understand where this is taking place I need a bullet list that breaks it down not a rant starting at some random point

    Reply
  • June 24, 2022 at 4:21 pm
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    wait, so if I sell my artwork its money laundering or if I buy one of these it is considered money laundering? I am confused because I wanted to sell my artwork as an NFT and now I am not sure because it feels kind of illegal.

    Reply
  • June 24, 2022 at 4:21 pm
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    As an artist, how would I create my own NFTs from my artwork? For example, I do art on custom cars, I also do art on naked bodies as well as do tattoos.

    Reply
  • June 24, 2022 at 4:21 pm
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    Metaverse and nfts are the new gold rush

    Reply
  • June 24, 2022 at 4:21 pm
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    Go forward to 2030. And i think we might just be staring at " a 2nd bitcoin chance circa 2012" if only i had bought 20000 £ of bit coin in 2012 it would ne worth 12.5m now" seanarios.

    Reply
  • June 24, 2022 at 4:21 pm
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    That was a great explanation of what an NFT is but I have a somewhat related question: What is your opinion on NFTs in gaming? I'm seeing a lot of pressure from gamers to make companies stop using NFTs in their games. Many gaming companies have already stopped talking about this but there are still some that keep pushing forward with plans to introduce NFTs in particular games. Not sure if you are aware of this or not. If you are, I would appreciate your input. If not, maybe someone from the comments section can share their thoughts😀

    Reply
  • June 24, 2022 at 4:21 pm
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    I agree about the money laundering, me and my coworker were having this discussion and we both reached the same conclusion ur not the only one who thinks this

    Reply
  • June 24, 2022 at 4:21 pm
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    Wait you read a book on your honeymoon.. did you finish it? 😉

    Reply
  • June 24, 2022 at 4:21 pm
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    bro no matter how many times i try to understand these make no sense they seem so pointless

    Reply
  • June 24, 2022 at 4:21 pm
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    So NFTs are basically paintings that cannot be fraudulently replicated?

    Like, what purpose do they serve? I'm genuinely confused 😕
    It seems like people are so desperate for money to the point they are participating in something that doesn't make sense but generates money because someone else has too much and will pay for a jpeg/gif?

    Reply
  • June 24, 2022 at 4:21 pm
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    Virtual world should not be translated into "Meaningless world". I know in a "story" everyone can have six packs and super luxurious lives in the virtual world, but in "reality", even in the virtual world people will eventually have to give meaning and order to everything or otherwise things will get meaningless.
    The only way I think NFTs can be meaningful to someone is if they HAVE the big money and they want to turn it into something else, so NFTs allow them to set any value on their *desired* digital asset. Is it a useless JPEG? It doesn't matter. Because it's NFT and I have the money!
    But it doesn't work the other way around. You will never be able to sell a useless digital asset you create at home for big money. Unless you are trying to fool other people.

    Reply
  • June 24, 2022 at 4:21 pm
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    Lmaooo omg all I’ve ever taught about nfts is that they’re used to wash money and you just said that 😂

    Reply
  • June 24, 2022 at 4:21 pm
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    All he doing is reading a article I want specifics this was a waste

    Reply
  • June 24, 2022 at 4:21 pm
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    I wouldn't pay 10 cents for most NFTs, and neither would anyone else if not for the prospect of selling them for a profit. A bored ape picture, what would you pay to own that if you couldn't sell it? Would you print it out and put it on your wall? Probably not. So like most new things, hype and greed have clouded people's judgement. Genuine fine art that you would put on your wall is probably worth investing in, the rest will probably trade for its real value eventually: fuck all.

    Reply
  • June 24, 2022 at 4:21 pm
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    Very good video, learned alot thank you

    Reply
  • June 24, 2022 at 4:21 pm
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    What are NFTs? A scam.
    How do NFTs work? By scamming you.

    Reply
  • June 24, 2022 at 4:21 pm
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    Did you just make a video of you reading someone else's article?

    Reply
  • June 24, 2022 at 4:21 pm
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    Can’t you just take a screenshot of one

    Reply
  • June 24, 2022 at 4:21 pm
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    Yep. It’s money laundering.  

    Reminds me of the historical figure, Charles Ponzi, a real swindler. Who invented – guess what?
    There are legitimate LOOKING companies manipulating people even to this day.

    “A fool and his money are soon parted.”

    NFTs – Las Vegas on steroids.

    Reply
  • June 24, 2022 at 4:21 pm
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    Investing in the stock market is the best option to make a passive income.
    Virtually all the markets are crazy, most people pay more attention to the shiniest position on the graph, I’m keeping a diversified portfolio.

    Reply
  • June 24, 2022 at 4:21 pm
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    This is My favorite financial channel, I do like the idea of leveraging the royalty option within smart contracts though. THAT seems useful, and makes sense

    Reply
  • June 24, 2022 at 4:21 pm
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    great content

    Reply

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