1532
7 min 37 sec

Q&A: What’s the deal with NFTs?

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?
Art Q&A

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What It's About

Today's caller has been hearing a lot about "non-fungible tokens." Is this just a trend or a revolution?

Notes from Chris

Episode 1532
We will bring Failure Friday back next week. For today, I have a timely listener question. Have you heard of Non-Fungible Tokens, or NFTs? I have received so many questions about this topic over the past two weeks.

NFTs are digital art made on a blockchain and sold as originals. “Non-fungible” means that something is unique and can’t be replaced with something else.

The NBA has made $200 million dollars from selling highlight reel videos. You could buy a video of Lebron James dunking a basketball. You could buy an original music track from Grimes, or an autographed tweet from Jack Dorsey, the founder of Twitter.

Just in case you aren’t missing the most amazing and unbelievable detail to this: all of these items are available for free online. The sale of NFTs is for the original version of something that exists in innumerable and unlimited duplicatable copies.

Seth Godin hates them—he said in a recent blog post that NFTs are a “dangerous trap” for creators and that we should walk away.

So what’s going on? Is it a bubble? Can you make digital art and sell the originals for millions of dollars?

"Hey Chris, this is Daniel I’ve been listening to the show for about 2 years now. Thanks for all the helpful advice. Speaking of advice, what's happening with NFTs? I keep seeing all these stories about people paying millions of dollars for digital art that already exists online for free.

It sounds crazy, but we've had several years of other craziness, including cryptocurrencies, Gamestop, and Tesla's stock price—and I just heard that Zoom is worth more than every U.S. airline. So maybe it's a bubble, but that also means an opportunity, right? How can side hustlers get in on the NFT market? Can I sell my art this way if I'm not Banksy and don't have an NBA highlight reel like Lebron James? Looking forward to your thoughts."

Listen to today's episode to learn more...

 
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