Non Fungible Tokens EXPLAINED - by NFT 12 Year Old Genius - YouTube

hello and welcome to explain like I'm five where  we're making it easy for you explaining crypto  

concepts in simple terms and answering the  questions that we've all been asked by family  

and friends about crypto i'm Jessica Walker and  on this episode i'm speaking to Benyamin Ahmed  

a 12 year old coder and creator of the nft's weird  whales he'll be explaining nft's to parents before  

we start guys please like the video and subscribe  to our channel to not miss any future videos

ben thank you so much for joining me today great  to have you here before we start i might just ask  

you quickly to define to a parent what is an  nft so an nft stands for a non-fungible token  

everybody understands the non in the token  parts but they struggle on the definition  

of fungible so fungible means an item can be  replaceable consider money as a fungible item  

if i give you 10 pounds and ask for it back in two  weeks you can give me any 10 pounds back however  

if i give you an nft and ask you back in two  weeks you have to give me that exact nft back  

the reason why nfts are blown up over the  last six months is because ownership of an nft  

can easily easily be transferred and verified by  the blockchain nfts have started with artwork but  

could soon move to music airline tickets passports  and even houses and cars creating an nft is known  

as minting the easiest way to create a single nft  is to go on a platform like opensea or wearable  

and upload your artwork pay the transaction  fees and list it for sale when you want to  

mint multiple nfts like a collection of 10 000  avatar pictures the process is a bit more complex  

and you usually need a developer to help you and  this is where you come in so you are a developer  

yourself your dad taught you to code at a  really young age which is very impressive  

so you've mentioned you might need a developer to  help you but technically for example i've got this  

piece of paper here this says nft me if i gave  this to you ben as a developer could you turn  

this into an nft so with nfts you need you usually  need a picture in a digital format so first of  

all you need to send that picture to a digital  format that you can access on your computer you  

then need to make your way over to website like  opensea or wearable and upload your artwork you  

have to pay the transaction fees which can usually  usually be about 20 to 30 dollars quite expensive  

the transaction fees are based on how busy the  network is once you pay the transaction fees you  

have to list your nft for your required price and  then it's up on opensea and if someone sees it and  

they would like to buy it they just click buy now  so i'm going to turn to you now and ask because  

you've sold quite a lot of nfts to be precise  i think it's around 3350 so you've sold loads  

what about buying nfts do you have many nfts and  what makes them so interesting to you what i find  

interesting about nfts is that the artwork can  be fascinating you've seen with collections like  

board apes they've hired really good artists  to make their avatar nft pictures i also find  

it fascinating how you can easily transfer and  verify the ownership of an nft via the blockchain  

it's not like normal pictures and artwork like  from artists like leonardo da vinci that sold in  

real life recently the artwork salvator mundi sold  for 450 million dollars and later got questioned  

for being a fake this would never happen within  nft with nft you can put a commission on the nft  

so every time you sell that nft you get a  bit of money so with weird wells i put a  

really low commission of 2.5 however some nft  collections have chosen to put commission at 10  

wow okay and then every time that gets sold on  to someone else they'll get the artist will get  

a commission of the sale so that makes sense then  for music artists as well for different people  

that are different creators now i want to go back  to you and back to the nft space itself because  

weird whales is the nfts that you've created  talk me through how you created them so i got  

interested with the nft space and i looked at  nft collections such as crypto punks and board 8  

and wanted to make my own nft collection i became  really fascinated so i learned more about nfts in  

pixel art and created my own collection i  used an open source program to generate 3  

350 whales and made a minting website and posted a  thread on twitter on how i was able to do this at  

the age of 12. boring bananas kindly retweeted the  thread and the thread went viral it's true that is  

how i found you on twitter as well ben i think  everyone that is in the crypto and energy space  

loves the fact that you're 12 years old  with the help of your dad you learn how to  

how to code and it's so interesting for  people that aren't already in the space  

so if i go back to play in the role of a parent  now that's asking you about the wild world of nfts  

and how much the industry is growing you were  inspired by crypto punks and i'm gonna ask you  

what is what are crypto punks and how did you  find out about them i came across these characters  

and was fascinated by them they motivated me to  develop my own weird world collection there are  

exactly 10 000 of them each with their own unique  traits they are not the first nft collection but  

very early and holds significant historic value  think of them as artworks of the crypto relations  

if you're involved in the nft space at all now  you've probably seen the profile picture craze  

that's going on with board apes cool cats well  punks were the first they inspired these movements  

and that's why they're so important and we're  gonna be super super simple now because i think  

as grandparents we've grown up you know with going  to the big banks on the high street you would go  

to lloyd's bank or hsbc and they might not even  know the difference between centralized and  

decentralized what would you say is decentralized  what does it mean decentralized mean there's no  

company behind it if i wanted to send you 10  pounds it would have to go through a middleman  

which is the bank however with decentralized it's  peer-to-peer only the only people involved is mean  

you there's no middleman like the bank involved so  you can go straight through me to you without the  

need for anyone else in the middle in between and  that's really interesting because you can also do  

this with with nfts as well and i do want to ask  because i think the interesting thing for me when  

i was looking into nfts it's not just artwork  you've mentioned passports airlines even the  

twitter co-founder and ceo jack dorsey actually  created an nft of his first ever tweet and that  

sold for 2.9 million dollars earlier this year so  it really has so much potential when it comes to  

ownership i would love to ask you now if you were  explaining to me as a parent as a head teacher as  

a teacher at school how i would go and buy an nft  and where would i go to even buy one to buy an  

nft you need to go to platforms like open c or  wearable you need to create an account on a wallet  

for example metamask you then need to transfer  some funds into that wallet and connect  

your wallet which is basically like a digital  account with all your money in it and you have  

to connect it to a platform like i mentioned open  c or wearable you then find your desired nft and  

click buy now and pay the gas fees ben thank you  so much for joining me it's been such a pleasure  

to hear your insights and just hear how much  you've got up to over the past few weeks thank  

you so much for joining queen market cap on this  week's episode of explain to me like i'm five and  

now guys i'm going to pass a challenge to everyone  that is watching please share this video with  

family or friends that are looking to wrap their  head around the wild world of nfts and blockchain  

and if you do have any more questions about  crypto you can just ask Alex in the link below