#1532 - Q&A: What's the deal with NFTs?
Side Hustle School
Chris Guillebeau
4.7 • 3.3K Ratings
🗓️ 12 March 2021
⏱️ 7 minutes
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Summary
A very timely question! Everyone is talking about non-fungible tokens (NFTs), digital art that is selling for millions of dollars. Is this a bubble? What do you need to know? In short: WTF is up with NFTs?
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Side Hustle School features a new episode EVERY DAY, featuring detailed case studies of people who earn extra money without quitting their job. This year, the show includes free guided lessons and listener Q&A several days each week.
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Transcript
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| 0:00.0 | This episode is brought to you by Slack. With Slack, you can bring all your people and |
| 0:05.9 | tools together in one place. It's your digital HQ where you can increase productivity, |
| 0:11.1 | enable flexibility and automate workflows. Plus, Slack is full of game-changing features |
| 0:16.7 | like huddles for quick check-ins or Slack Connect, which helps you connect with partners |
| 0:20.9 | inside and outside of your company. Slack, where the future works. Get started at |
| 0:26.9 | Slack.com slash THQ. |
| 0:34.9 | You heard of non-fungible tokens or NFTs. Listen, I have received so many questions about |
| 0:40.9 | this topic over the past two weeks that we're going to bring failure Friday, our new segment. |
| 0:45.1 | We're going to bring that back next week. But today I want to look at this very timely |
| 0:48.8 | question, just one of many that I have received here about this topic. So we'll try to combine |
| 0:53.5 | some things here. NFTs, if you've not heard of them yet, NFTs, basically what they are, |
| 0:59.0 | I'll try to explain this, digital art made on a blockchain and sold as originals. So |
| 1:05.6 | non-fungible, that means something is unique. It can't be replaced with something else. |
| 1:10.2 | But again, the key is digital. So the MBA, for example, has made $200 million from selling |
| 1:15.4 | highlight-real videos. These are all videos that anyone can go online and see, but they're |
| 1:20.1 | selling the so-called original, the non-fungible token. You can buy a video of LeBron James |
| 1:25.0 | dunking in basketball. You could buy an original music track from Grimes or lots of other musical |
| 1:30.4 | artists. You can buy an autographed tweet from Jack Dorsey, the founder of Twitter. Just |
| 1:36.3 | in case you aren't missing the most amazing and unbelievable detail to all of this, all |
| 1:40.2 | of these items are available for free online. You can watch all those videos, you can see |
| 1:44.9 | the tweets, you can even save the videos to your own computer for free. So the sale of NFTs |
| 1:50.1 | is for the original version of something that could be copied over and over. It's crazy, |
... |
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