What is NFT ? #nft #cryptocurrency #crypto #fintech - FinTech - YouTube

greetings everyone from our first video  this is nir and you are watching fintech

in this first episode i aim to answer some  frequent last questions about nft's and i'm  

also explain how nft really works if you enjoy  our content please do not forget to leave a like  

you can subscribe and hit the notification bell  if you want to be informed about our later videos  

if you have any questions you can leave a comment  below there is no doubt that you heard the term  

nft many times in the recent years and maybe  you even know that it's about cryptocurrency or  

maybe you even know that it's about artworks but  what nft really is still a mystery for many nft  

stands for non-fungible token that means it is not  replaceable that doesn't make them clear does it  

so say you have some bitcoins and want to exchange  them into ethereum well you can easily do that  

and you will have the same exact value and if  you want to exchange them into bitcoins again  

well you would have the same amount of money  in your hands that makes cryptocurrency  

fungible thus replaceable it is not the case  for an ft however say you have a piece of  

one go in your hands and you want  to exchange it with a davinci piece  

well because they are so different from  each other their value will not be the same  

their value will not be fixed because it changes  according to what people are willing to pay them  

so you cannot change your painting of  van with a painting of darwin you say  

and expect nobody to notice well that is the  aspect that makes nft unique and unfungible having  

said that nft is also very different from physical  paintings in the physical department there is  

nothing you get physical with nft instead you got  a certificate of approval that you paid for that  

specific painting that is what nft is information  about all the previous owners about the artwork  

about its value all are stored in this nft form  and it's also encrypted with a hash code so and  

if these are really like fingerprints they're  really unique and there can only be one nft  

of an artwork nft mainly exists on ethereum  blockchain and they use the same principle and  

same programming as cryptocurrencies i mean most  of them and that aspect makes them really safe and  

well protected and because of that many artists  prefer nft for their certificate let's say so why  

nft becomes so popular well this is because  of the jaw-dropping figures that people have  

paid the artwork called everydays the first 5000  days have been sold for nearly 70 million dollars  

whoever you are that's a lot of money this artwork  consisted of 5 000 art pieces that the artists  

have created each day so it was a real hard work  and we can say that it's a real artwork however  

when jack dorsey sold his first tweet for three  million dollars many people was shocked and it was  

inspirational because that showed people that nft  has no boundaries so an nft can be anything really  

from music to game from an ai to screenshots and  their value holy up to the people on the internet  

and what they are willing to pay for  them recently nft games become so popular  

in some of these games you can use an nft as an  item in the game and you can continue to loot  

another valuable items by playing although these  big sales we mentioned covers the front pages  

many nfd investors believe that the real money  lays in the unexposed artworks that are yet to  

shine because if the artist or the idea become  popular their price would go up dramatically  

there are many artworks there are  many collections there are many  

nft pieces that are waiting for their  big moment so this concludes our video  

about nft's we talked about how they work why  they are different why they are popular and  

we mentioned some examples our channel will  continue to answer most frequently asked  

questions about crypto worlds so stay tuned  thanks for watching fintech until next time

you