NFTs and Their Controversy
Hopewell Valley Student Podcasting Network
Show Name: All About Business
Episode #6: NFTs
Tweet to be shared on the network’s twitter handle: Check out the latest episode of #allaboutbusiness the podcast on hvspn.com. We give a brief overview about NFTs, what they are, how they work, examples of NFTs, and we will be hearing from a couple guests who will give their opinions on NFTs.
You are listening to All About Business, the podcast with your host(s) Prithvi.
In this episode of All About Business the Podcast we discuss: what NFTs are, how they work, examples of NFTs and we will be hearing from my 2 guests on their opinions about NFTs.
Segment 1: What are NFTs and how do they work?
In this segment I will be explaining what NFTs are.
- NFTs stand for non-fungible tokens. They are unique non-interchangeable units of data stored on a digital ledger. NFTs can be anything digital but are mostly pieces of digital art that are verifiable assets that can be easily traded on the blockchain.
- In simpler terms they are essentially digital trading cards that people can buy and sell. Each NFT is unique, no two NFTs are the same. Most NFTs are part of the Ethereum blockchain, and can be purchased on various websites and marketplaces.
- Usually people buy NFTs with Ethereum, and most NFTs can be extremely expensive, some selling for millions of dollars. But, are they worth it? If you really appreciate artwork and you have the money then go ahead. But, all NFTs can be copied meaning even if you bought it others can take it just by copying the URL itself.
- On the other hand, making and selling an NFT is pretty simple. All you need is a digital wallet, a small purchase of Ethereum, and a connection to an NFT marketplace. After that all you have to do is make a piece of digital art and upload it onto a marketplace. Then buyers may come across your art and buy it.
- NFTs can quickly balloon and value if they become popular, some have been sold for up to $69.3 million. Speaking of popular NFTs, in our next segment I will be talking about popular NFTs, so lets head onto segment 2.
- OpenSea: https://opensea.io/
Segment 2: Popular NFTs
In this segment I will be listing a few popular NFTs, and explain more about benefits and problems with them.
The most popular NFTs by sales volume of all time
- CryptoPunks: Has a total of 10K items, 3.3k owners, and has a trade volume of 750.3k ethereum.
- Bored Apes Yacht Club: Has a total of 10K items, 5.9k owners, a floor price of 50.69 ethereum, and has a trade volume of 261.0k ethereum.
- Decentraland: Has a total of 97.2K items, 6.0k owners, a floor price of 3.494 ethereum, and has a trade volume of 225.5k ethereum.
- Mutant Ape Yacht Club: Has a total of 17K items, 10.6k owners, a floor price of 6.1 ethereum, and has a trade volume of 128.3k ethereum.
- The Sandbox: Has a total of 102.9K items, 17.1k owners, a floor price of 2.969 ethereum, and has a trade volume of 111.3k ethereum.
- Rariable: Has a total of 306.5K items, 197.6k owners, and has a trade volume of 97.8k ethereum.
- Meebits: Has a total of 20K items, 5.4k owners, a floor price of 2.772 ethereum, and has a trade volume of 77.4k ethereum.
- Decentraland Wearables: Has a total of 71.0K items, 10.1k owners, a floor price of 0.003 ethereum, and has a trade volume of 75.9k ethereum.
- Loot: Has a total of 7.8K items, 2.5k owners, a floor price of 2.5 ethereum, and has a trade volume of 71.9k ethereum.
- Crypto Kitties: Has a total of 2.0 million items, 110.7k owners, and has a trade volume of 69.9k ethereum.
Creating and selling NFTs are a way to make money fast. If you make an NFT that becomes popular you can make thousands of dollars, maybe even millions. The problem with that is NFTs are volatile meaning their price can fluctuate drastically. NFTs are also controversial in the investment community, many claiming them to be a scam and a waste of money. So in our final segment I will be pitting two guest students against each other in a debate for and against NFTs. Let’s head onto our final segment.
Segment 3: For and against
In this segment my guest students, Vayun (says hi) and Marius (says hi) will be arguing for and against NFTs.
Vayun will be defending them while Marius will be arguing against them. So I’ll let Vayun go first.
Thank you Marius and Vayun for your opinions and arguments for and against. I’ll let the listeners decide who made the better argument and speaking of the listeners, thank you to guys for tuning in on this episode of All About Business. Please share this podcast with anyone you know and tune in next time, bye.
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About the author, Hopewell Valley Student Publications Network
The Hopewell Valley Student Publications Network was created to empower students to become content creators in a digital-rich world. The views and opinions expressed within the digital content are the views of the content creators.