[Music] [Music] In money watch the nft marketplace is Gaining popularity with everyone from Celebrities to regular folks like you And me It's become not yet It's become so lucrative that one media Outlet reports one georgia couple saved Their home from foreclosure by selling One hundred and twenty thousand dollars Worth of nst nfts in six hours Joining us now from london to talk more About nfts is variable ceo sunil singhvi Singh v i'm saying not yet because i'm i Have crypto i don't have any nfts quite Yet oh my gosh well you're further along Than i am lilia i mean i'm really behind The curve here so you know studio it's Great to have you here because we do Talk about nfts often on this show but Many people i won't say who are still a Little unfamiliar with them and don't Quite exactly understand how they work So can you explain exactly what nfts are Why these digital assets matter and why Everybody suddenly seems to want to get Their hands on them So first of all i will start by saying You shouldn't be too hard on yourself This is very very new technology this Has really only existed over the last Sort of couple of years that it's gained Real momentum so what is an nft an nft
Uh to break it down into the actual Words is a non-fungible token But don't worry about that bit that Sounds complicated what it really is is A piece of digital content that's Created and recorded on the blockchain So what you have is an asset that is Unique that you can see where it was Created who was created by and you can Check the authenticity of it and this Has created a whole new wave of artists And a whole new wave of people creating Art for the first time and presenting it To the world without needing to go Through sort of traditional galleries or Auction houses or anything like that They are able to create their work on Websites like ours at wearable.com and Really showcase it to the world anyone That has crypto anyone that has a credit Card is able to buy one And you can be part of this huge new Movement And anybody too can kind of create one It's funny because i'm looking at you I'm like you if i take a screenshot of You right now can i create an nft and Who does it belong to um can you please Explain the and you have a great Background by the way the intellectual Property rights surrounding nfts how Does that work who do they belong to can They be replicated that's a bit Confusing for me so
Yeah so i think the the intellectual Properties will really vary between each Nft you look at so some nfts do come With the ability for you to own the Intellectual property and for you to be Able to exploit that ip afterwards and Some do not and it really you have to do A little bit of research and you have to Read about what you're buying as to Whether you get the rights to Further sort of monetize that content Afterwards so for example we do see some Nfts where you don't get the rights to Reproduce them in the real world you're Just simply owning the digital version But we see others where you do get Assigned the ip and the copyright with The purchase and it really varies a sort Of item to item so in answer to your Question if you were to take a Screenshot of me right now and turn it Into an nft two things would happen one I think you would own the copyright for It and you would be able to monetize it If you saw fit and two i think you would Have a hard job selling You know Sunil i have to say A lot of people look at this stuff and They say how is this not like the Emperor's new clothes right i'm paying Money to own something in the digital World If it's art for instance don't i want it
On my wall what am i going to do with it On my laptop right and and secondly with All of these athletes and celebrities Jumping on the bandwagon it starts to Look a little bit like a fad Right so what would you say to critics Number one that say like there's no There there and number two that say you Know is this just a fad Yeah i think it's an interesting Question and i think you know that Question is fair to be levied at Anything that's brand new uh i started My career in social media and spent 10 Years at the big tech firms and 10 years Ago someone would have said to me but What's the point of a like What's the point of a follower and what I would say is there's actually a lot of Comparisons there's a lot of Similarities And also you know the reality is if i Hang a piece of art in my house In the current moment of time there's Probably about three or four people that Are going to see it in any given month Whereas actually the digital version Which exists on my wearable account that Anyone can come and see and anyone can Come and see the art that i've curated Anywhere in the world it's actually a Far more interesting Way of displaying art it's a far more Interesting way of curating and
Collecting your art so you know as Everything changes at some point we all Thought that records were the most Important thing in the world and have a Music collection would involve owning Piles of cds or at one point minidiscs But now you know children growing up and Young people growing up will know Streaming services and access to huge Amounts of music from all over the world And i think nfts have that possibility To Really democratize art to get you a Chance to own artwork in a way that you Would never normally And let's be honest you've only really Got space in your house for x number of Pieces of art whereas your Crypto wallet can hold an infinite Number uh really showing off the things That you're interested in and i think That's where wearable has done so well Is being able to give people a huge Opportunity to really see what art is Being created what communities are Flourishing from it Sunil thank you so much for all that Information my crypto wallet is not Infinite for sure But we appreciate The guidance on that absolutely thank You so much sunil a pleasure having you With us Thanks son
