NFTs: Speculation or Status Symbol? With Andy Ofiesh

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In today's Modern Digital Enterprise, the digital transformation podcast from Anexinet, Steve and Glenn discuss NFTs with Andy Ofiesh, former Software Engineer for Bitcoin Armory. Are they a speculative investment or a status symbol? Proof of ownership or proof of fandom? What are the risks? What are the benefits?

Non-Fungible Tokens (NFT)s are cryptographic assets the ownership of which is tracked on a blockchain via unique identification codes and metadata that distinguish them from each other: digital certificates of authenticity stored on the blockchain.

This episode also answers the following:

What are Non-Fungible Tokens (NFT)s? What can be sold as an NFT? What is the significance using Ethereum vs. Bitcoin as a payment method? What does Proof of Work have to do with it? What does “ownership” of a digital file mean, anyway?What are you paying for? What do you own? Why do some NFTs have multiple owners? Is proof of ownership really proof of fandom? Why are NFTs even a thing?? How are NFTs an investment??How do NFTs help artists? How do they hurt artists? Are they only useful for established artists? How much of an issue is counterfeiting? What are the applications for the Enterprise? Will this pass as a fad or become more formalized?Where do we think this is going? What are CryptoPunks and CryptoKitties?Are we just too old to get it?

Links in the episode:

Investopedia: Blockchain Explained https://www.investopedia.com/terms/b/blockchain.asp

Investopedia: Cryptocurrency https://www.investopedia.com/terms/c/cryptocurrency.asp

YouTube: What are NFTs and Crypto Art: https://www.youtube.com/watch?v=rztmblQAmjI

What is NFT Art? https://www.usatoday.com/story/tech/2021/03/26/what-nft-art-beeple-sold-69-million-crypto-ethereum/7010716002/

CNBC: People are paying millions for clips that can be viewed for free. Welcome to the world of ‘NFTs’ https://www.cnbc.com/2021/03/03/what-are-nfts-all-you-need-to-know-about-crypto-collectibles.html

Beeple Explains The Absurdity Of NFTs https://www.youtube.com/watch?v=nTmF26NUZTA

“Crossroad”: The $6.6M Beeple graphic: https://niftygateway.com/itemdetail/secondary/0x12f28e2106ce8fd8464885b80ea865e98b465149/100010001

The Verge: Grimes sold $6 million worth of digital art as NFTs https://www.theverge.com/2021/3/1/22308075/grimes-nft-6-million-sales-nifty-gateway-warnymph

Buying & Selling Tweets: https://v.cent.co/?fbclid=IwAR0YJhw59crVBmWAky7VcgVscTT-Fezaaz-4kVY_axv7TIlZncQS-3lljyM

CryptoPunks https://www.larvalabs.com/cryptopunks

CryptoKitties https://www.cryptokitties.co/

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