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Challenges and Risks Associated with NFT | Cyber In :60 | GZERO Media

NFTs: Hype, mainstream growth - & implications

Marietje Schaake, International Policy Director at Stanford's Cyber Policy Center, Eurasia Group senior advisor and former MEP, discusses trends in big tech, privacy protection and cyberspace:

How wild is the NFT art world? And are there any loopholes behind the trend?

Well, to start with for me, the prices are insanely wild. It looked like a small circle of already wealthy fans are enjoying this new type of speculation. And while I love art, I think there's a world of difference between the Bored Apes and Van Gogh. And I have not quite discovered any appealing cutting-edge creativity in the NFT space. And meanwhile, the loophole are many, there is unauthorized use of images for NFTs, but also risks of money laundering and inflating prices artificially. And the whole hype reminds me a bit of Tulip mania, when in the Netherlands between 1634 and 1637, bulbs were sold for as much as 10 times the annual salary of a skilled artisan.

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What Is An NFT? | How Do NFTs Fit Into The Crypto Landscape? | Cyber In :60 | GZERO Media

What are NFTs, and how do they fit into the crypto landscape?

Marietje Schaake, International Policy Director at Stanford's Cyber Policy Center, Eurasia Group senior advisor and former MEP, discusses trends in big tech, privacy protection and cyberspace:

You may have heard that Jack Dorsey is selling his first tweet as an NFT in an auction, but what are NFTs?

Well, I had to do a little homework. NFT stands for "non-fungible tokens." They are unique digital files stored in a block chain and essentially a rare piece of data that becomes an asset. Also, because it can be authenticated. Now, actual ownership is one-off, unique, so unique that Christie's sold one of the highest paid pieces of art by a living artist ever as an NFT, for $69.3 million. And I guess just like with art on canvas, whether that was worth it is a matter of personal taste.

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