It's the quality that gives most offline objects their value.

I mean, the reason that real estate is valuable is because there isn't all that much of it relative to the demand.

The reason that Picasso paintings are valuable is because you can't copy them infinitely.

And we know who owns them and there's a record of their ownership.

So NFTs, in some sense, are just taking this concept of scarcity that we see every day in the offline world

and making it possible to do online.

Hello, welcome to Wise This Happening with me, your host, Chris Hayes.

Today's intro is going to be short into the point.

I don't understand what non-fungible tokens or NFTs are, except at the highest level of conceptualization.

If you have been following me on this podcast, and if not, welcome to Wise This Happening,

where I, I, Chris Hayes, interview people to learn things, basically, to figure things out.

That's basically the intellectual project of the show.

We did a show with Joe Weissnthal of Bloomberg on cryptocurrency,

which was really helpful in clarifying for me.

But at one point, I was like, well, can we do NFTs too?

He's like, I'm not really ready to do an NFT thing.

And I was like, all right, well, I'm going to bookmark that because I feel like once as happens to people,

you know, when you age and technology happens rapidly, like the second that you're like,

all right, I got my head around this thing, then there's a new thing that you don't have your arms around.

And again, it's not like high level math that I struggled to work through.

It's not linear algebra, you know, that I was trying to do in college.

It's, it just takes someone with, with the patients to walk you through it.

...