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Non-Fungible Tokens (NFTs)

Andrew Parish explains how non-fungible tokens (NFTs) are an innovative use of blockchain to authenticate art, music, sports memorabilia, and more
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<v ->This is Andrew Parish.</v> I am the co-founder of a company that goes by the name of NFT Glee. Our focus is the new and burgeoning space that is non-fungible tokens. That’s what NFT stands for. You know, it’s our belief in the cryptocurrency space that there is a real need for NFTs and non-fungible tokens as authentication devices in the digital asset space. So, that’s kinda where we start the conversation. And an NFT begins as an authentication piece to whether it’s a piece of memorabilia? Whether it’s a piece of ownership of just a digital piece of art? Whether it’s a deed or title to a physical good?
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What has come from the embrace of digital assets and in particular, Bitcoin, is an understanding that there’s an opportunity (tongue clicks) to authenticate what it is that we do in digital terms? So for example, a non-fungible token from a real-world standpoint. It is defined as the word of fungible versus actual, you know, non-fungible. A fungible token is something that can be divvied up in a bunch of different ways. There can be an unending supply of it. And it can be used in a myriad of ways. Whether it’s payments, whether it’s store of value or something of that nature? A non-fungible token is a one of one. It represents one piece of something.
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And it can never be changed, never be adjusted, never be stolen, never be taken into a separate blockchain sort of ecosystem. It will exist on that blockchain and prove the authenticity of the good that you’ve purchased. The digital experience that you’ve purchased. For example, you know, we believe that things like, concert tickets, entertainment tickets, experiences, all sorts of things that you already do on your phone. For example, a guy like, Mark Cuban, has really decided that this is the wave of the future. And his ownership of the Dallas Mavericks, he’s walking that out on a day by day basis.
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He has made it clear (tongue clicks) that starting next, you know, for next season, the tickets that are sold to each Dallas Mavericks game are gonna be held in a non-fungible token sort of way. That, if you make an exchange of that ticket, there is a record of that exchange. The idea of scalping tickets, or stealing tickets, or getting your hands on a physical ticket of some sort, or taking a screenshot of a ticket is not going to be, not gonna have the ability to replace the token on a blockchain associated with that ticket.
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If you do transfer that ticket at some point, or transfer a piece of art, or transfer a title, or transfer a deed, or transfer ownership of any kind of that digital record? The initial owner, or the initial token creator will get paid again. Will have a continual access to the transactions that occur on an ongoing basis. That’s the interesting thing about NFTs, again, non-fungible tokens, is what can be built into the code of their usability. Who is the creator of record? How they are compensated? And again, the way in which the authentication happens again, and again, and again, is very unique and new to the digitizing of our economy. Cryptocurrencies are a revolution. They are Finance 3.0.
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(tongue clicks) They have the opportunity to disrupt traditional finance in ways that we’ve yet to see on a global scale. Three to five years from now, you’re not going to be asking yourself, what a non-fungible token is? It’s just going to be an integral part of how you transact on a daily basis? How you keep a record of your experiences? How you return to those experiences, after you’ve, you know, initially been a part of them? It’s an interesting place to be right now where NFTs are kind of a talk of a little bit of Pop Culture, Saturday Night Live, it’s on all the financial shows on a daily basis, celebrities, athletes.
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Our company has signed several musicians, artists, and athletes to do NFTs.
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(tongue click) The, the, the… We are on the cusp of a radical shift as it relates to how we, you know, engage both financially and from an experience standpoint, it is? It is really something to be a part of. Thank you, for spending the time and listening to the conversation today. Really appreciate it and, (inhales) engage in the digital asset world. You won’t regret it.
Andrew Parish, Co-Founder and President of NFT Glee, defines Non-Fungible Tokens (NFTs). This approach to authenticating art, music, sports memorabilia, and much more is built on the back of blockchain technology. Bitcoin is fungible, in that you can replace one Bitcoin by another equally. Non-Fungible Tokens, on the other hand, are unique and cannot be replaced.
Discussion: Andrew mentions that NFTs are an emerging part of the current cryptocurrency “revolution” and in several years they too will become mainstream. What are your reactions to that? Would you collect digital art in this manner? How do you think this will change the ways in which society subscribes value to art?
Optional: To understand how NFTs can transform an industry from within, listen to a podcast on how NFTs can benefit independent musicians (14:33).
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