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WTF Are NFT’s | Matt Medved – Mikhaila Peterson Podcast #76

Mikhaila and Matt Medved discuss buying and selling NFT’s online. An NFT is a non-fungible token and a way for digital pieces or content to be authenticated as original or a part of a limited release by individuals or businesses. Mikhaila and Matt talk about NFT creation, selling, purchasing, transfer, platforms, viewing, value, new markets, and more.

Matt Medved is a DJ, musician, journalist, producer, currently the Senior Vice President of digital content at Modern Luxury, previously editor and chief of Spin magazine, the founder of Billboard Dance, and the co-founder of NFT Now (a new podcast dedicated to NFT content). He is a champion of this new collectible marketplace and shares a passion to help creators profit from their original content.

Find more Matt Medved on Instagram @mattmedved, Twitter @mattmedved, and follow NFTnow for more NFT related news.

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Show Notes:
[2:30] Mikhaila introduces the guest for this episode Matt Medved who then gives a little background on himself and his career highlights
[3:30] What is an NFT and what is the right way to pronounce the word? Using blockchain technology we can create a non-fungible token for a piece of digital content that proves ownership and transfer of ownership data. Blockchains also provide a fixed price and record of how many of the items were produced and sold, 1 out of 100 for example. This record should be unable to be tampered with in any way as it uses the same coding as cryptocurrencies like Bitcoin. Mikhaila talks more about Bitcoin and cryptocurrency in previous episodes #28 and #29, and
[8:00] Why is an NFT different than any other type of digital file format? People will pay for scarcity and exclusivity. Matt explains the sentimental value and collector value can be worth far more than the content in question much like trading cards or other forms of fine art.
[12:00] NFT’s currently are mostly based within the Ethereum network and primarily doing most of their trading. Will we be seeing new networks popping up or does Matt think most of the market will continue on Ethereum?
[15:30] Is this something any artist or creator can learn how to do? Is it worth it for creators to get their content “minted” on one of these platforms?
[21:30] What options do creators have to code into their new NFT’s when creating on a platform such as setting price, quantities, royalties each time the piece is transferred, etc. Do options transfer over the popular networks (NIFTY gateway, Rarible, OpenSea) Advantages to an artist using a platform with curated content like NIFTY gateway.
[25:30] Examining what currently seems to be the most popular forms of NFT content being sold and purchased.
[28:30] What is a “Gas Fee” when referring to operation on an NFT network? There are rumors that the NFT platforms are bad for the environment that Matt Medved addresses.
[34:00] Mikhaila asks Medved if there seems to be a pattern on what makes a valuable NFT. The community aspect of NFT networks, people supporting others who were early adopters of the technology.
[39:30] Discoursing about the integration of augmented reality and virtual reality to create unique viewing spaces for communities to gather.
[44:00] How do you create something that sells for millions on one of these NFT platforms and who are the people willing to spend millions on digital products? Matt Medved outlines the theory of one thousand true fans.
[53:30] Are there rules about selling the same content in the digital space and then turning around and selling the same thing in the real world? Thinking about NFT’s as more of collectibles for true fans of an artist’s work.
[57:30] Questions regarding taxing crypto transactions in the real world. Do you not pay taxes on purchases unless you pull out your money into physical currency such as US dollars?
[59:53] Wrapping up the show, find more Matt Medved on Instagram @mattmedved, Twitter @mattmedved, and follow NFTnow for more NFT related news.

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