Placeholder Image

Subtitles section Play video

  • how do you try to get people to see the future of N.

  • F.

  • T.

  • S.

  • When sometimes all we see is an E three rock or all we see is a, you know, an ape.

  • And we're just like, I don't get it.

  • I try to tell people the first experience with the internet for most people was an email.

  • I sent my first email in 1989.

  • I was at M.

  • I.

  • T.

  • And I didn't send one for three years later because there was nothing to do there.

  • And I thought that was the internet.

  • Little did I know it would become something greater later.

  • Are we in a similar stage with N.

  • F.

  • T.

  • S?

  • And how can you kind of tell people that they're going to change?

  • Well, first of all, I mean, I think we're more advanced than that first email you sent in terms of evolution with good news, I hope.

  • Um, but the other thing I would say is One of the things when people look at these apex.

  • And of course that's the big joke within our industry is like, Oh look, I bought another shape it for like $1 million.

  • You know, how silly is that, right?

  • But I think what it represents that ownership, the power of that is really the messaging, the art, the virtual aspect of it is actually really if you think about historically and I'll go into gaming utility shortly after, but really on those things, you know, whether it's crypto punk abortive, it is no different than buying a Birkin bag or, you know, having a Rolex watch or buying a Ferrari for instance.

  • And what it does is it's an invitation to a kind of the same membership proof of your success may be uh, an inclusion of a club.

  • When you buy a Birkin bag, what are you buying?

  • You're not actually buying the materials is made of?

  • Yes, maybe you think you can touch and feel it, but actually in reality 99.9% of that value is entirely virtual.

  • You're buying a story.

  • You're buying a creation of a wonderful, wonderful, you know, construction that might look beautiful in your eyes because it was invented in from the mind of that designer.

  • Right?

  • When you buy a Picasso, what are you buying?

  • You're not buying the canvas or the material?

  • You're buying Picasso to buy his story.

  • You're buying his idea, right?

  • And that is the thing.

  • Now, when you talk about stories of culture, people sometimes buy things historically because they mean something, oh, maybe the renaissance period meant something to me.

  • Or when people talk about modern art in china, it means something for chinese people because modern artist kind of this sort of symbol of where china is today, for instance.

  • Right.

  • Or when people buy for instance, you know, princess have, you know, a lot of people bought up old historical relics from the past as a way to sort of preserve their own history and culture.

  • Again, the material isn't valuable, but the story and the power of, you know those stories that are embedded in there is why you have it?

  • And it means so much to you personally kind of like that wedding ring as well.

  • Right?

  • And again, it doesn't have to mean something to millions of people that could, right?

  • I mean, you know the mona lisa is an interesting contradiction.

  • If you think about in that context, it's you know, arguably the most valuable painting in the world yet.

  • It is the most accessible because you can download on the internet anytime you want.

  • You can go there snap all sorts of photos you want.

  • It's in every magazine.

  • But you know what the reason why that original is so valuable is because the whole world knows it, right?

  • And this is the thing when people say, oh I can just download that jpeg well that's great.

  • But do you own the original?

  • Because the one who does own the original, his piece of art just got more famous because you downloaded it and put it on your, put it on your screen, thank you very much.

  • Please keep doing that because my original becomes more valuable.

  • So that is one I would say when people sort of uh struggling with this thought, I think what you're buying this authenticity is when you think about everything you buy in your real world, you're actually craving for authenticity as well.

  • Would you buy a fake Nike or real Nike, Why do you want an original Apple versus the fake apple?

  • Like what's, you know, you know why why why why wouldn't you get the fake one that may be functionally does exactly the same thing you want the original because and that's the that's the same thing.

  • You know when it comes to sort of N.

  • F.

  • T.

  • S.

  • Like you know those jpeg that people sort of you know complain about.

  • But the end of these for utility in terms of gaming, those are more easily understood.

  • But those have much more value and think in terms of people who are more, let's say pragmatic thinking because you know the world is not all people who think the same way right?

  • In the same way that honestly speaking, I struggle with the idea of a broken back.

  • I intellectually understand it but I can't get myself to buy one because I just, it just doesn't make sense to me, right?

  • Just like for some of us we look at diamonds and we say actually that's not really valuable yet.

  • People desired.

  • Right?

  • So so so you know each to their own as one would say.

  • But for gaming FTS, the utility is clear because you can make it clear.

  • R.

  • O.

  • I.

  • One of our sort of uh F one delta time cars.

  • It's sold on the secondary market for $340,000.

  • There's a lot of money.

  • The headline article wasn't?

  • Oh my goodness who spent three and a $40,000 on a virtual car, how ridiculous is that?

  • The headline was, Here's a Lamborghini and of course just the same here is the virtual card, which one makes you money correct?

  • And this is the thing, you know, we buy cars all the time as status symbols that are depreciating assets, its something that tells us about who we are and you had a virtual car for the same amount of money and not only does it last forever, it can generate 2030% or more yield a year.

  • Right, well jeez, right, you know, in that sense it's very logical to be doing this and that is the reason also why these assets inside games like X.

  • Infinity or land and sand box for instance are becoming valuable because there's real utility in which you could be earning money from it.

  • And so that's where the gaming LFTs are logical.

how do you try to get people to see the future of N.

Subtitles and vocabulary

Operation of videos Adjust the video here to display the subtitles

A2 buying valuable people buy virtual original

WHY NFTs ARE VALUABLE ? Yat Siu

  • 11 1
    林宜悉 posted on 2021/11/22
Video vocabulary