F2F Class Notes (Tibo)

talked about NFTs

research about NFTs and potential real world usage

It is valuable because most people think it is valuable
He was a famous painter and he died.

When I see a famous painting I think it is just a painting and not so valuable so I don’t know why some paintings cost a lot of money and people want to buy it.

It is ridiculous because you can have money to buy several houses instead of a painting.

If I save the gif, why I care about the ownership because everyone can save this gif so why people want to buy it.

It is valuable because most people think it is valuable  / value comes from the desire people have to own a piece
He was a famous painter and he died.

When I see a famous painting I think it is just a painting and it is not so valuable so I don’t know why some paintings cost a lot of money and people want to buy them .

It is ridiculous because you can have money to buy several houses instead of a painting. / you could use that money to make your life better.

If I save the gif, why do I care about the ownership because everyone can save this gif so why do people want to buy it?

Vocabulary

NFT : non fungible token : art on the blockchain
The NFT market is very hot

fungible (adj) replaceable
Money is fungible, If I give you 2 notes of CNY5 and you give me 1 note of CNY10, it is the same.

blockchain (n) 区块链
It lives on the blockchain

gif (n) : animated picture
a lot of WeChat stickers are gifs

meme (n) funny internet picture
There are many funny memes on the internet

sashimi (n) 生鱼片
I like eating sashimi

auction house (n) place where things are auctioneered
Christie’s is one of the biggest auction houses.

scarcity (n) :rarity 匮乏
scarcity creates value

scarce (adj)rare
Gold is scarce