NFTs have been the buzz in the air, but it seems like there is enduring confusion about what an NFT is and what it does. So, we thought- could we walk in the pioneering footsteps of the Kings of Leon, and make an audio episode about making an NFT into an NFT?
So we did! AND, in the process we made episode art and a song about what else?- NFTs.
And you can bid on it here!: https://opensea.io/collection/moneypot-podcast All of our proceeds will go to a charity that we will be announcing next week!
“This Episode is an NFT” features Rob Wells, a photographer dabbling his own toes in NFTs. He takes our team through creating an NFT, and in the process we learn what an NFT is, the history of NFTs, the current fervor, and how they solve a genuine issue.
Sanjib Kalita, Editor-in-Chief, Money20/20
Roland Bodenham, Senior Video Editor and Singer/Songwriter, Ascential
Jonathan Tobias, Video Editor, Digital Artist, GenZ NFT Enthusiast, Ascential
Rachel Morrissey, Producer, media nerd-in-residence, Money20/20
And Rob Wells, Photographer and NFT guide. By the way- Satoshi the Redeemer, the artwork Rob talks about in the episode can be found here
What is an NFT?
NFT stands for Non-fungible token, unlike crypto-currencies, which are fungible tokens. Fungible tokens, or assets, have units that can be readily interchanged, like a currency. Just as a dollar can be broken down to 4 quarters, cryptocurrencies have units. Non-fungible assets have unique properties that don’t allow for interchange without damaging the value. It would be similar to cutting up a Picasso, which would render a multi-million dollar painting worthless.
In our digital world, new digital properties are being created every day. And unlike copying a Picasso, copying digital files is widely available and doesn’t necessarily diminish their quality. So, how can you protect your ownership and the rights around your digital assets when scarcity drives the value? Never sharing it is not a real solution. Being able to “tokenize” it allows for verification of ownership and enhances the ability to sell digital assets.
But NFTs aren’t only for digital assets. Tokens can represent art, cars, real estate, trading cards, digital trading cards, gamer paraphernalia, music, books. It can represent anything in the real world or digital worlds that is of value. There are even people who have tokenized themselves… but that is a whole episode unto itself.
The current rage is trading cards, game cards, sports cards, memes, and some digital art. It has some big supporters in the likes of Logan Paul, Gary Vaynerchuk, and Mark Cuban.
Artists of all stripes have been looking into how they might use it. As we mentioned, Kings of Leon released an album on it. And Beeple, a digital artist, was able to use it to sell his artwork through Christies for the healthy sum of $69,000,000.
While the enthusiasts admit that it feels slightly like a bubble, they don’t believe that it will burst. Only time will tell if it collapses or if it simply deflates down to a more realistic size. Either way, we have thrown our hat in the ring to see what happens. We hope you enjoy it, bid on it, and help us help others. And again, all of our proceeds will go to a charity that we will be announcing next week!
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