What are NFTs (Non-Fungible Tokens and Crypto Art Explained by Swiss). In this video we discuss what NFTs and Crypto Art are in the first place, as well as look at their valuation by comparing them to common art. Non-fungible tokens (or NFTs) are the latest add-on to the crypto area, however, there is still a lot of uncertainty surrounding them in terms of valuation. NFTs can be bought and sold on a variety of online auction houses, however, they can always be traced back to the original artists which assures credibility and transparency of the artwork.
00:00 What is an NFT (Non-Fungible Token)
01:37 NFTs are verifiable (tracing back to the artist)
02:11 NFTs are unique (cannot be exchanged like Bitcoin)
02:56 NFTs are commonly built on Ethereum (ERC-721)
03:34 NFTs are indestructible (other than common art)
03:54 NFTs are indivisible (unlike Bitcoin or USD)
04:30 When you own the NFT (you actually own the NFT)
05:17 NFTs can have $ perks for artists (unlike common art)
06:00 Why are NFTs so EXPENSIVE? (NFT valuation 101)
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