My Quest to Understand NFT Art (And Why I Bought One) video – CNET

Speaker 1: If you do not know what an NFT is, here is a super standard lesson. An NFT is an online certificate that shows you own [00:01:30] a digital excellent thats it. Often its art or a tune and it might be a ticket. The technology that validates everything is a blockchain. Yes, thats the same as cryptocurrency. If you want to validate what NFT someone owns, you simply search for their digital wallet on the blockchain and youll see the evidence right there. Even if you know art, the world of NFT art is an entire other animal. Well, in fact its a great deal of animals and it raises so lots of concerns. Like, do you need unique crypto wallet to buy it? And where do you buy it? And after that when you own [ 00:02:00] it, what do you make with it? And these collections are so weird, like pixelated, blobs and LAAS and strange animals. And it feels to me like a scheme to get rich, but possibly not. All of it is weird. I got welcomed to go inspect out an art gallery opening at the Samsung store and I get to talk to the artist. So lets go inspect it out and see what its like.

I now own NFT art. I bought digital art with my own money, and I have no idea what Im supposed to do with it, however I actually desired to comprehend NFTs. NFTs getting taken, and then you have celebrities trying to bring it to the mainstream.

Speaker 3: Lets go.

Speaker 4: Its a bit various to your typical NF group, which might be like an among one artwork that, uh, a 3d artist perhaps has actually created and then produced. Um, however what I do is I produce these systems that create art endlessly.

Speaker 1: There certainly was a great deal of energy from folks who were coming up with various techniques to flaunt NFT collections. [00:04:30] You could put your NFT image on shoes or make it a chess set, or put it on an apple watch or make it into an epic $20,000 luxury sculpture that takes a team of artists two months to make a lot of folks who jump into NFTs, buy it as a luxury flex with some principles, simply appear fun, like turning NFTs into a video game. The nifty league desires to be the Nintendo of the NFT world, where every little pixelated cartoon character [00:05:00] is a special NFT and owned by somebody, the worth of each character varies. And Im informed most members paid around $300 to get a character when it launched how

Speaker 1: So should we believe of NFTs as hot to discover out? Am I a NFT? I visited physical NFT art galleries.

Speaker 1: It. This could be an asset that makes you money in time, or it might just be an actually pricey screen saver. Hopefully the convention in town can help me find out what else you can do with NFT art.

Speaker 1: There are digital art curators like Jessica Santiago, who work with artists to get all of this made into NFTs on the blockchain. However why does this need to be through the blockchain? Why not just offer me digital art as a file?

Speaker 5: [00:04:00] So it d be the distinction in just having something that you can stream on your house, a movie that you can watch and really owning

Speaker 2: What a non fungible token.

Speaker 1: This was not what I was anticipating. Okay. This is more than much like an animated gift. Im liking it so far [00:02:30] here on these top of the line television display screens, it appears like a painting with brush strokes that had come to life. If I buy this piece, I much better have a top of the line. 4k smart TV, got ta add that to the overall cost. You know, you got ta get your frame? You dont wan na have your NFT oriented wrong. And your frame. Now, even with these little discussion, quirks, these pieces had feeling it was cool. It was the sort of [00:03:00] thing you wan na display on your wall. And some were combined with background music. Now, NFTs are making a little more sense to me, not that board ape things. This makes more sense to me. This one is called soul tracks, two souls drift through an abstract substrate, their trails melting, instilling with the surrounding environment. As they pass through an ever shifting chromatic world. This piece offered for $2,800 artist. Ben Heim [00:03:30] discussed the tech behind his procedure.

Speaker 6: Many characters in

Speaker 7: Total, 10,000 total,

Speaker 1: And if you wan na play, however you do not have an NFT character. Well, you can pay a cost to lease out someone elses character.

Speaker 7: Um, its, its also a play to make sell video games. So like you earn a bit [ 00:05:30] of income from, from your win.

Speaker 6: 10,000 possible characters.

Speaker 7: Oh yeah. 10. Yeah. 10,000 implied to by the community.

Speaker 6: Do you stress over this every day, too made complex to take off

Speaker 7: That is, I imply, yeah. Onboarding individuals into, into crypto is most likely among the most significant obstacles you need to do through face.

Speaker 1: So great deals of folks are here to make cash from their NFT, however everyone likewise stated owning NFTs. Were about more than just earning money.

Speaker 7: Its about community, neighborhood,

Speaker 1: Community powered

Speaker 7: Community, neighborhood members, community first,

Speaker 1: These high end television screens produce a fantastic canvas. However I likewise discovered that these screens now have software application that connect directly to NFTs in crypto wallets. So whats being revealed is the real offer.

And that was the huge disconnect for a lot of individuals. Like what, what does it imply to have something with authenticities thats on it screen.

Speaker 1: Okay. NFTs are kind of like being part of a club. He has actually been producing digital art given that 2005, however the NFT movement is assisting give his work more attention and more legitimacy.

Speaker 1: And there are more locations appearing where you can browse an NFT and buy it right off the wall. On fifth avenue in New York city is the web 3 gallery. This is a long-term retail store for NFT art and other metaverse stuff.

As we do paintings. And I saw the blockchain as you having your signature on a painting,

Am I a NFT now?

Speaker 10: Youre not an Ft. This is simply metaverse you lets disconnect a little bit. So yeah, if you

Speaker 9: Oh, thats different. Cause its digital.

Speaker 1: Gallery co-founder Nick Rato discussed how this shop can assist you purchase NFT art, however likewise you can display and sell the NFTs you own.

Speaker 10: If you purchase the NFT, you get the frame. So the frame and the NFT are linked permanently. So if you offer the NFT, you lose the frame.

Speaker 10: Physical, it is with a physical,

Speaker 10: So this is, we think one of the, among the coolest video games of the future.

Speaker 1: This location was like having an individual consumer, take you through the metaverse.

Speaker 11: This point? [00:09:30] I dont believe anyones an NFT professional at all. Like its so new. Everybodys learning every day.

Speaker 1: While getting a trip around his immersive exhibition, I learned he also has his own virtual world that hes building its called Luidia. So I would call him an expert and I would like to know what assistance he might offer somebody buying NFT art for the very first time.

Speaker 1: This was the very first time somebody showed me a method to buy NFTs without establishing some special account to make a wallet. And yes, I definitely did it. The entire transaction was done on a site called cool entrance, and it was no various than buying a pair of shoes online. I needed to wait a number of days for it to appear in my account, [00:11:00] Im not the only one who has this. There were 251 of these self-reliance, NFTs, minted that many individuals likewise purchased one at the show. I did not believe I was gon na end my journey purchasing an NFT. I entered believing NFT art was a bit absurd, but I ended this experience actually thinking differently about it. I like some of the elements of what NFTs can do for art and giving artists respect for their digital work. Still much of this does feel like folks are gathering and [00:11:30] trading the digital equivalent of poking Pokemon cards.

Speaker 1: The value may not always be the art itself. Sometimes its just the [00:08:30] concept.

Speaker 1: Some hoping theyre collection gains and value, however I like purchasing art since of how it looks. And I liked how some mixed in music and animation, but figuring out how to reveal off the art is still very untidy, new territory. And frankly, we require software application to make it much easier.

Speaker 1: There are digital art managers like Jessica Santiago, who work with artists to get all of this made into NFTs on the blockchain. You could put your NFT image on shoes or make it a chess set, or put it on an apple watch or make it into an epic $20,000 high end sculpture that takes a group of artists two months to make a lot of folks who leap into NFTs, buy it as a luxury flex with some concepts, simply appear fun, like turning NFTs into a video game. Speaker 1: And there are more locations popping up where you can browse an NFT and purchase it right off the wall. Speaker 11: So a lot of individuals understand the associate NFTs with a financial value, which is extremely devastating to me, actually eliminated the art in general. Speaker 1: This was the very first time someone revealed me a method to purchase NFTs without setting up some special account to make a wallet.

Speaker 10: The elephant in the room is this industry is small, tiny, tiny. Individuals are hoping that if they get in early, they select the best project. It could be like banking on Amazon in 98 or Google and oh 4.

Speaker 1: The staff will hold [00:08:00] your hand through all the actions.

Speaker 1: I would. You had a lot of patience with me as I picture hell require with a great deal of clients.

Speaker 1: I believed NFTs were simply private pieces, however thats not always the case for his program. Anybody could purchase it during the exhibition for $69.

Speaker 1: So obviously we need to say there is a lot of threat here. And the folks at the gallery try to steer you away from trouble with assistance. Crypto is unsteady in worth from day to day.

He got in the NFT area early and ended up being rather popular. Do you think youre an NFT expert at.

Speaker 11: You can pay with credit card. It makes it really easy to, for newcomers simply to get in and comprehend this is a really good gateway to end up being a NFT collector without the, without distress.

Speaker 9: Oh,.

Speaker 9: Lovely. << laugh> > lovely, charming, beautiful. Feel.

Speaker 11: I mean, my artist name is renderer. Yeah.

Speaker 10: So heres the very first step you stroll in. Were saying, Hey, do not tension, Bridget.

Speaker 11: So a lot of people know the associate NFTs with a financial value, which is extremely harmful to me, truly eliminated the art in general. Simply [ 00:10:00] by something that you, you like, do not, it shouldnt be based upon if the artist is popular or anything. If they, if you like the art, thats all that matters.

Speaker 10: So you would purchase it on, um, on our website. You would mint it. I.


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