hello and welcome to explain like I'm five where we're making it easy for you explaining crypto
concepts in simple terms and answering the questions that we've all been asked by family
and friends about crypto i'm Jessica Walker and on this episode i'm speaking to Benyamin Ahmed
a 12 year old coder and creator of the nft's weird whales he'll be explaining nft's to parents before
we start guys please like the video and subscribe to our channel to not miss any future videos
ben thank you so much for joining me today great to have you here before we start i might just ask
you quickly to define to a parent what is an nft so an nft stands for a non-fungible token
everybody understands the non in the token parts but they struggle on the definition
of fungible so fungible means an item can be replaceable consider money as a fungible item
if i give you 10 pounds and ask for it back in two weeks you can give me any 10 pounds back however
if i give you an nft and ask you back in two weeks you have to give me that exact nft back
the reason why nfts are blown up over the last six months is because ownership of an nft
can easily easily be transferred and verified by the blockchain nfts have started with artwork but
could soon move to music airline tickets passports and even houses and cars creating an nft is known
as minting the easiest way to create a single nft is to go on a platform like opensea or wearable
and upload your artwork pay the transaction fees and list it for sale when you want to
mint multiple nfts like a collection of 10 000 avatar pictures the process is a bit more complex
and you usually need a developer to help you and this is where you come in so you are a developer
yourself your dad taught you to code at a really young age which is very impressive
so you've mentioned you might need a developer to help you but technically for example i've got this
piece of paper here this says nft me if i gave this to you ben as a developer could you turn
this into an nft so with nfts you need you usually need a picture in a digital format so first of
all you need to send that picture to a digital format that you can access on your computer you
then need to make your way over to website like opensea or wearable and upload your artwork you
have to pay the transaction fees which can usually usually be about 20 to 30 dollars quite expensive
the transaction fees are based on how busy the network is once you pay the transaction fees you
have to list your nft for your required price and then it's up on opensea and if someone sees it and
they would like to buy it they just click buy now so i'm going to turn to you now and ask because
you've sold quite a lot of nfts to be precise i think it's around 3350 so you've sold loads
what about buying nfts do you have many nfts and what makes them so interesting to you what i find
interesting about nfts is that the artwork can be fascinating you've seen with collections like
board apes they've hired really good artists to make their avatar nft pictures i also find
it fascinating how you can easily transfer and verify the ownership of an nft via the blockchain
it's not like normal pictures and artwork like from artists like leonardo da vinci that sold in
real life recently the artwork salvator mundi sold for 450 million dollars and later got questioned
for being a fake this would never happen within nft with nft you can put a commission on the nft
so every time you sell that nft you get a bit of money so with weird wells i put a
really low commission of 2.5 however some nft collections have chosen to put commission at 10
wow okay and then every time that gets sold on to someone else they'll get the artist will get
a commission of the sale so that makes sense then for music artists as well for different people
that are different creators now i want to go back to you and back to the nft space itself because
weird whales is the nfts that you've created talk me through how you created them so i got
interested with the nft space and i looked at nft collections such as crypto punks and board 8
and wanted to make my own nft collection i became really fascinated so i learned more about nfts in
pixel art and created my own collection i used an open source program to generate 3
350 whales and made a minting website and posted a thread on twitter on how i was able to do this at
the age of 12. boring bananas kindly retweeted the thread and the thread went viral it's true that is
how i found you on twitter as well ben i think everyone that is in the crypto and energy space
loves the fact that you're 12 years old with the help of your dad you learn how to
how to code and it's so interesting for people that aren't already in the space
so if i go back to play in the role of a parent now that's asking you about the wild world of nfts
and how much the industry is growing you were inspired by crypto punks and i'm gonna ask you
what is what are crypto punks and how did you find out about them i came across these characters
and was fascinated by them they motivated me to develop my own weird world collection there are
exactly 10 000 of them each with their own unique traits they are not the first nft collection but
very early and holds significant historic value think of them as artworks of the crypto relations
if you're involved in the nft space at all now you've probably seen the profile picture craze
that's going on with board apes cool cats well punks were the first they inspired these movements
and that's why they're so important and we're gonna be super super simple now because i think
as grandparents we've grown up you know with going to the big banks on the high street you would go
to lloyd's bank or hsbc and they might not even know the difference between centralized and
decentralized what would you say is decentralized what does it mean decentralized mean there's no
company behind it if i wanted to send you 10 pounds it would have to go through a middleman
which is the bank however with decentralized it's peer-to-peer only the only people involved is mean
you there's no middleman like the bank involved so you can go straight through me to you without the
need for anyone else in the middle in between and that's really interesting because you can also do
this with with nfts as well and i do want to ask because i think the interesting thing for me when
i was looking into nfts it's not just artwork you've mentioned passports airlines even the
twitter co-founder and ceo jack dorsey actually created an nft of his first ever tweet and that
sold for 2.9 million dollars earlier this year so it really has so much potential when it comes to
ownership i would love to ask you now if you were explaining to me as a parent as a head teacher as
a teacher at school how i would go and buy an nft and where would i go to even buy one to buy an
nft you need to go to platforms like open c or wearable you need to create an account on a wallet
for example metamask you then need to transfer some funds into that wallet and connect
your wallet which is basically like a digital account with all your money in it and you have
to connect it to a platform like i mentioned open c or wearable you then find your desired nft and
click buy now and pay the gas fees ben thank you so much for joining me it's been such a pleasure
to hear your insights and just hear how much you've got up to over the past few weeks thank
you so much for joining queen market cap on this week's episode of explain to me like i'm five and
now guys i'm going to pass a challenge to everyone that is watching please share this video with
family or friends that are looking to wrap their head around the wild world of nfts and blockchain
and if you do have any more questions about crypto you can just ask Alex in the link below