What NFT's Hold Value

So let’s talk about NFTs, I’m sure you’ve been hearing about them everywhere and as an artist and hopefully soon developer that’s been involved in the space for a while I thought *quick disclaimer, I’m by no means an expert but I feel like it’s my duty to share what I do know to help encourager others to do more research and educate themselves So back to NFT’s, NFT stands for Non fungible Token this is a term economists use to speak about items that aren’t replaceable, so fungible just means replaceable, let’s use it in an example. Let’s say you want to buy a Basquiat piece, if you purchase that piece of art for let’s say $20m you can’t just exchange that piece of art for any other as it has its own unique properties that’s a non fungible item Cash however or even cryptocurrency however are fungible because £1 can be replaced by any other pound (replaceable) So what are NFTs then? NFTs are tokens that exist on the blockchain that represent some sort of ownership of unique items like art, sneakers, handbags or even property. NFTs represent ownership and that’s why screenshotting that JPEG won’t get you anywhere because the blockchain doesn’t lie, you won’t have ownership of the NFT or access to any of its utility unless you own it. NFTs go way beyond art but the current boom we are currently experiencing is a way of normalizing this new technology in an industry that’s not really regulated. Not all NFTs are just art, a lot of the collections have special perks and utility to them, some NFTs enable you to even earn passive income when staking them, but I’ll talk more on that in a different video. That being the creative arts, There are musicians selling songs, fashion designers are selling digital collections, artists selling digital art and even I’m sure you’ve heard of the generative art projects like Bored Ape Yacht Club and Crypto Punks that have made headlines week after week. Along with a lot of big brands like Gucci, Louis Vuitton, Prada, Nike and Adidas starting to play in the space. There’s so much to talk about when it comes to NFTs and I’d love to know what questions you have so let me know in the comments as I’ll be making more videos that go into a bit more information about how