The Ten News Explains NFTs 🪙
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Season 2: Episode 125 Description
The Ten News Explains: 🪙 What exactly is an NFT and why would you collect them? 🎙️ LizaBanks Campagna is back and in the studio with high schooler and Crypto investor Daniel Keswin to break down NFTs. ✔️ Tessa Tidbit: find out the most expensive NFT ever purchased by a single buyer. And, test your NFT knowledge on today's Trivia on the Ten. ✅
Sources
Life-changing money: The 10 most expensive NFTs sold to date (cointelegraph.com)
The Most Expensive NFTs Ever Sold - Top 10 List (business2community.com)
Curious Kids: what are NFTs – and why are they so expensive? (theconversation.com)
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TRANSCRIPT:
Ryan Willard 0:09
No Mom, I want spaghetti for dessert.
Bethany Van Delft 0:11
What? Ryan, did you sleep in the studio last night? And what's that weird smell?
Ryan Willard 0:18
Oh, yeah. Hi Bethany. I dozed off while I was making my own NFTs.
Bethany Van Delft 0:23
You are making nonfungible tokens?
Ryan Willard 0:26
No. Nutella fish tacos. Do you want one?
Bethany Van Delft 0:30
No, thank you, none for me. But I do think we should do a Ten News Explains NFTs. I'm Bethany Van Delft. It's Tuesday, June 14th. And this is the Ten News.
Various Voices 0:43
10, 9, 8, 7, 6, 5, 4, 3, 2, 1.
Bethany Van Delft 0:51
Have you ever heard of the Board Apes Yacht Club? It's one of the most popular NFT collections. But what exactly is an NFT? And why would you collect them? Lizabanks Campagna component is back with another Ten News Explains to break down NFTS.
LizaBanks Campagna 1:10
Hey, Ten'ers, I'm back with more cryptocurrency explainers. And today I'll be diving deep into the colorful world of NFTs. NFT stands for nonfungible token. Essentially, an NFT is a one-of-a-kind digital file that's usually a piece of artwork. You might be wondering how is an NFT one of a kind if it's a digital file, digital files like pictures, which is a JPEG, or a song, which is an mp3 are easy to replicate and copy. So how do you verify if an NF T is really one of a kind? This is where the blockchain comes in. Remember, the blockchain is like an online filing system. It keeps an open and online record of all transactions and creations of all things crypto-related, like Bitcoin and NFTs the blockchain is where the creator or artist of an NFT records the string of random numbers and letters that actually make up the NFT. The blockchain is also where the receipts for the purchase of an NFT live so people can see when and how much NFTs are sold for NFTs have been sold for some crazy prices, with some even going for millions of dollars, no way. But NFTs can be more than just expensive works of art. NFTs can also be used for tangible things like tickets to sporting events on your phone, or even accessories and a video game. You may have heard of the Board Ape Yacht Club which sells unique NFT that usually depicts a disinterested-looking monkey with a hat and some sunglasses. But the cool thing is if you buy an NFT from the board APR club, you automatically get access to their private online community. This has become a trend for many NFT art dealers and NFT tokens can double as membership and access to the exclusive online club. Some I purchase entities as investments. Although the crypto market took a reason hit and has been losing value. I talked to Daniel Keswin when an NFTT investor, an expert who's also a senior in high school to learn more about entities and what the future holds for NFTs and video games. Tell me what an NFT is.
Daniel Keswin 3:10
Alright, so an NFT, the actual letters themselves, they said for a nonfungible token. But the way I like to think of it as simply as I guess, a digital asset, you could say, most people know it more is digital art. So all the big projects you see, they're like, you know, animated animals, there are gorillas, and there are apes. And there's cats and dogs and all that, and kind of these big projects, they'll have, you know, 8000 dogs, but one might be wearing a yellow jacket and one's wearing a red jacket. I think that's why it's so exciting for a lot of people. And then these are the recorded on the blockchain. The way I like to think of the blockchain is simply a, an account or like a place where all these digital transactions are, are kept. So basically, anytime you buy an NFT, or you trade one, you basically are just creating a digital receipt at the same way you buy things to the grocery store, or you buy things elsewhere. And that receipt is just stored online on the blockchain, where people can kind of review it and it's safer there.
LizaBanks Campagna 4:14
So, why should like kids care about NFTs? What's so special about NFTs to kids?
Daniel Keswin 4:20
You know, there's been so much investment into this space. And I think that for kids being an expert in something like crypto or being knowledgeable in something like crypto could be so valuable in the future. So I think it's great for kids to start young with anything to do in life. And I think crypto is a great space, a space for that. And then for me, I mean, when I was young, I still have it somewhere in my room. I have like a massive football card collection. And I remember, my parents were kind of like bribing me to get work done. They'd be like, I'll get you a small little pack of football cards and I'd be like, Oh my god, I have to get my work done. I have to get my work done. And I'm like, trying to get my homework done in 20 minutes when it's an hour's worth. Just so I can you know, open up pack or football cards and for me, NFTs are kind of the same thing like that. I mean, you're taking a really advanced concept, but you're able to mean at the same time you're buying a gorilla with a blue hat on, right? And I guess for me, you know, building up that collection, kind of analyzing the space the same way I did with kind of sportscards. It's just so far. And I think that's applicable. I mean, whether it was, you know, silly bands, or fidget spinners or those Japanese erasers like second grade, I don't know if young kids still use those. But I mean, just the idea of, you know, trading things that are unique, and you're the only person who has them. It's super cool. And I think it's something kids with love and pride do love.
LizaBanks Campagna 5:37
Yeah. Yeah. So, are NFTs the new trade, like baseball cards for trading and Pokemon cards. Is that the new thing? Do you think that's the future of trading cards?
Daniel Keswin 5:46
Potentially, already is like trading cards in some sense, because the whole point of the uniqueness of NFTs is to create rarity and establish rarity. So you'll see with like the big projects, board, apes, some go for $100,000 that you see some going for 1.5 million. And you think to yourself, why this one has a green add this one, it's a blue hat, why is it so much more money? It really is the same concept as Pokeyman. Like, why is chars are so much more expensive than Pikachu? I mean, it's just kind of the world we live in.
LizaBanks Campagna 6:17
Okay, so now let's talk about like NFTs in gaming, what is the role that entities have in gaming? And what do you see for the future?
Daniel Keswin 6:24
There's a few different ways that NFTs are being integrated. So firstly, I'd say there's a place to earn crypto games, right. And you can play these games where you're using, there was, there was just a big project called pixel mon that was very similar to Pokemon. But the NFT that you own or you bought, was basically like Pokemon, and it was a person that you would put in your land and you had them on. And basically, the NFTs are being put into the actual video games, and in a lot of these video games, you're able to earn crypto within them. So there's a bunch of words, people, you can buy land and video games. Basically, people are putting, like the accessories that normally you're trying to earn or gain in the game, as NFT you're able to buy and trade them with real money. And with cryptocurrencies, and then implement them in the actual game. I think that it's a super kind of young idea. And there have been a few solid games that have come out by like the bigger projects. But um, I think that the industry is still wide open. But I think when that one company does kind of nail it, it'll be really big. So I'd say as far as gaming goes, there are games where you're actually earning cryptocurrencies. And also, there's the idea of like, kind of trading accessories or buying a Pokemon card. That translates into the video game through NFTs.
LizaBanks Campagna 7:48
Yeah. Thanks, Daniel for stopping by and sharing your knowledge with us. Back to you, Bethany.
Bethany Van Delft 7:54
Thank you, LizaBanks and Daniel. Hey, Tessa, Tess, you got any fun NFT facts?
Tessa Flannery 8:00
You know it, Bethany. Did you know the most expensive NFT bought by a single buyer cost $69 million? It's true. The piece was called every day. The first 5000 is an image made up of 5000 smaller images. digital artists, people created a piece of digital art every day since 2007 and sold them all as an NFT. To programmer Vignesh. Sooner Rasen,
Bethany Van Delft 8:26
$69 million. I mean, I feel like a token should totally be fungible for that price. Now let's go over to our head writer Ryan Willard for the rundown.
Ryan Willard 8:43
Thank you, Bethany. Ryan Willard here, and this is your rundown. The Biden administration has ended its COVID testing requirements for incoming international air travelers as of Sunday, June 12. The CDC no longer requires COVID testing for travelers coming to the United States. Officials have stated that the CDC will do a reassessment of this decision in 90 days. The Canadian hockey league has drafted their first female skater 15-year-old Chloe pre-Murano has been selected by the Vancouver Giants with their 13th-round pick in the 2022 Western Hockey League prospects draft the Canadian hockey league is the highest level of junior hockey in the country and includes 52 Canadian cities and eight American cities. While Chloe is the first female skater female goaltenders have made appearances in the Canadian hockey league. Two co-workers were rescued after falling into a tank of chocolate. Two employees at a Mars Wrigley factory in Elizabeth town Pennsylvania had a real-life Willy Wonka moment when they fell into the tank of warm chocolate. It's unclear how they fell in but no injuries were reported after first responders cut a hole in the side of the tank to get them out. It has yet to be confirmed if the employees were in fact Oompa Loompas Nobody knew. I'm Ryan. And that's your rundown. Back to you Bethany.
Bethany Van Delft 10:11
All right, it's time for...
Various Voices 10:13
What, what, what's the big idea?
Bethany Van Delft 10:22
Trivia on the Ten. A businessman who bought an NFT of the first-ever tweet compared it to a famous painting by Leonardo da Vinci. But, which painting did he compare it to? Is it a) The Last Supper? b) Mona Lisa or c) Starry Night? Did you guess it? The answer is B. Businessman Sina Savi suggested people would realize the value of the NFT he bought years from now, just like the value of the Mona Lisa has increased over the years. There's debate about whether NFTs is actually good for artists or even our art, but at least we know how they're not Nutella fish tacos. Did you get that Ryan? That's our show. But before we go, here's a quick note for the grownups. Thanks for listening to the Ten News. Look out for new episodes on Tuesdays, Thursdays, and extras on Saturdays. The Ten News is a coproduction of Small But Mighty Media and Next Chapter Podcasts and is distributed by iHeartRadio. The Ten News creative team is turning things into NFTs and includes Tracey Crooks, Pete Musto, Ryan Willard, Adam Bernard, and Tessa Flannery. LizaBanks Campagna contributed to this episode. Our production director is Jeremiah Tittle and our executive producers are Donald Albright and show creator Tracy Leeds Kaplan. I'm Bethany Van Delft and thanks for listening to the Ten News.
