Seriously, what in the world is an nft? What on god's green planet is enough, there's a good chance that, if you've heard about it before, like me, if someone pitched it to you, they're like yeah man, it's digital art, we're gon na, become digital art, millionaires and you're. Probably like hey good luck, buddy! Good luck on becoming a meme millionaire, but you know what they did it. They absolutely did it. The entire industry is full-on bonkers.

I literally just got done reading a story about a 12 year old, who is part of an nfd project and he's made over 400 thousand dollars. This 12 year old has almost half a million dollars and now look at me, i'm jealous of a 12 year old. What's going on, it feels like we're living in the upside down. It's insane, i have to admit at first i brushed it off.

I didn't know what was going on, didn't really make the most sense to me, but now it's gotten to the level where we can. No longer brush off what nfts are, the technology is impressive and it really seems like there's an incredible amount of money to be made within this particular sector, so i dove into it, and i just want to let you know what i found. I want to. First off explain what nfts are from a technical perspective, then i want to dive into where it appears that the industry is heading and really the ludicrous amount of money that could potentially be made and really some stories of ludicrous money.

That's already been made i'll, be touching on the pros and cons of nfts and then finally, i want to wrap it up with the story of a very, very, very big crypto exchange that is now opening up in nft marketplace, so sit back, kick those feet up And let's enjoy so: let's kick this off with what an nft is from a technical perspective. I know i know that sounds boring. I just said technical. I felt a lot of your eyes gloss over, but trust me i'll go through it quickly.

It is very important for you to understand. Nft stands for non-fungible token. Fungibility refers to the ability of an asset to be exchanged or substituted with a similar asset of the same value. So i know that was a little bit wordy.

This is what it means. You know when you have a twenty dollar bill. Well, if you have a different twenty dollar bill, you still have twenty dollars and any store. Whoever is going to accept it.

A twenty dollar bill is worth a twenty dollar bill. It doesn't matter which one specifically you have that's fungibility, well nft non-fungible. It basically means that it's unique, it's not going to be swapped and have the same value as another one, because there is uniqueness involved, think of it as a digital certificate of authenticity. It's one of a kind nfts pulled this off because they have a digital signature which is unique and cannot be copied.

Matt matt, i get it very unique, but what actually is an nft well at its most inherent level and nft is just a string of letters and numbers that exist on a blockchain ledger. This ledger is in charge of really providing authenticity of like okay, who owns what who bought, what who sold, what it's, keeping the ledger up to date. So we know true ownership, and this system is very unique in the fact that that provides for authenticity and on top of it we also have scarcity. So when you're talking about something that's authentic and scarce, that just then comes into the inherent axiom of supply and demand, and that's exactly where the value behind nfts comes now.

For those of you who want to know more about the specifics on which blockchains nfts actually exist, there's a good chance. You might have first heard about this entire industry through nba top shots. Well, that's on the flow blockchain f-l-o-w, the biggest one by far is ethereum very good chance. You've heard about that and the new kids on the block as it comes to nfts are both cardano and solana phew.

Now that we got that out of the way, let's talk about the thing that you really probably care about. Is there money to be made on nfts and the answer is a resounding yes, some of the things that i've been finding as i was researching. This video are absolutely insane in august of this year visa. You know the credit card company bought an nft, a digital avatar, with a mohawk for a hundred and fifty thousand dollars.

Justin sun bought an nft of a rock for half a million dollars, but those are those are just peanuts. In march of this year, there was an auction at christie's and people sold an nft for 69 million dollars, 69 million dollars for an nft. Well, so to put it simply, yes, there is money to be made in nfts, but it's not exclusively just the art. I mean we're seeing a lot of different sporting leagues in it you've probably heard of nba top shots.

The nfl is also saying they're getting into nfts ufc. I wouldn't be surprised if you give it enough time that every single major sporting league will somehow in one way or another, be involved in nfts, but it doesn't just stop at art. It doesn't just stop at digital moments and sporting events we're seeing mr internet himself. Mr mark zuckerberg saying that he believes that nfts will most likely be a ubiquitous part of the metaverse that he's intent on creating and if it comes from mr internet himself, i bet it's going to become a reality now, for those of you who are a bit More quantitative, rather than qualitative, let me hit you with a few numbers whenever it comes to an arena of something that is being driven by social sentiment.

One of my favorite tools is google trends. So if you go in there type in nft, you can see that obviously we're not at the highest search volume. We've ever been for nft, but we're still considerably high, and i would be willing to bet as this entire industry continues to grow. I bet this really won't be the peak in terms of search volume for nft and speaking of growth.

As i'm filming this in the most previous month, according to dapp radar, there has been over 2.8 billion dollars in transactional volume related to nfts. In the most recent fiscal quarter, we're talking about 10.7 billion and previous to the quarter before that that is in 8x growth. So very obviously the trends are on the up and up for the entire industry surrounding nfts. I completely get it i'm right there with you.

Nfts sound, absolutely awesome, but for me the technology when you're talking about ensuring authenticity and scarcity, i think it its application is so much more than just digital art. I truly do just for one quick, second think about what it could do to revolutionize something such as the world of real estate. Think about how many middle men it could cut out if home ownership was a tied to a non-fungible token beyond that think about the music industry and what it could do for copyright and ownership. And for me, who has a huge passion for the stock market.

Think about what that could do for settlement time and tracking who truly owns what to cut down on these ftds and naked shorts and manipulation. I think the technology behind nfts is far more impressive and greater than just digital art, and that is 100. Where i see the overall industry heading into because it's super super impressive technology, but with all that being said, whenever you have anything good, there's always people out there to take some sort of advantage of it and obviously nfts do have some cons when it comes to Nfts, the first major negative, derogatory thing that you're going to hear about it is that it's a hype bubble and i get it. The entire industry kind of came out of nowhere exploded and people are making money off of selling rocks.

I get how crazy that sounds, but for me the focus exclusively on digital art, it's a little bit off target. I think we need to focus on what the technology can do and i don't know like we're. Gon na always be hearing people talking about how crypto in general, it's hype, it's fake and i think it's people who are just not growing with the times they're, not understanding the true trend of technology. So yes, you're gon na hear a lot of people talking about nfts being hype, and maybe some of the digital art is but overall the industry.

I would strongly argue that it isn't because i think right now, in our culture and our society, we have a strong need for something like that now moving on to another con. Unfortunately, specifically in the digital art space, there are a serious amount of scams. In fact, i could say that about crypto in general when it comes to crypto when it comes to a money-making opportunity, there's going to be people who abuse it and it's no different in the specific subset of crypto nfts and with that more in reference to digital Art, i would recommend one of the ways you could avoid. This is making sure that the art is verified by the artist and, on top of that, make sure that people aren't ripping off an artist by copying their nft and then doing with their own, and one way you could avoid.

That is just by double checking the signature. That's obviously very important and it's a key technical component to how nfts function, but with it the the scam nature of nfts. I think it's so important that i am going to make an entire standalone video, because i think it's important to share the do's and don'ts of this with the community, at least you being a viewer of this video. In the meantime, one of the best ways you could protect yourself against these crypto slash nft scams is by dealing with legitimate players on legitimate marketplaces, and just so you know when it comes to the world of nft, there is a dominant marketplace and it's called openc In fact, they control about 97 of all nft transactional volume, so they are clearly the goliath within the arena.

There are a couple guppies in there, i'm talking about binance, i'm talking about ftx, and actually that brings me to now there's a new kid on the block. Who's trying to like strap on their own boxing gloves and i'm talking about the world's biggest crypto exchange coinbase. They just announced that they will be coming out later this year, 2021 with coinbase nft and i'm excited for it like right here, create collect and connect launching this year. I'm excited i signed up, i'm very, very deep in the wait list, but i'm excited to see what the world's biggest crypto exchange can bring to us when it comes to the world of buying selling minting nfts very, very excited.

I truly appreciate you making it to this point in the video you're an absolute legend in my book now, if you're looking to get started in your own crypto, nft, training and or investing career, there's a couple links in the description below you can get started with. Coinbase gemini voyager those are all very good starting points now, if you want to help me out with the algorithm and you enjoyed this video it'd be much appreciated if you could drop a like leave a comment and don't forget to join up with the moon gang By hitting that subscribe button, all that engagement just tells youtube. Hey get this in front of some other people. Other than that.

I very much appreciate your time and as always best of luck in the markets, you.