04 Should I buy NFTs? (aka "I lost my crypto wallet - twice")

The Innovation Engineer Podcast

Should I buy NFTs? Or is it a scam and you are the greater fool. Who can actually sell it? It’s just a token that you are buying! Be an engineer, buy ETFs, not NFTs! Today is all about Decentraland, Smoking Goldfishes, the value of art and a 44 billion dollar market.

We also explain what NFTs are, how they are generated, how to sell them, the legal problems and how Waschi lost his crypto wallet - twice. How much money did he lose? No one will ever know.

Show Notes

• 0:00 Intro
• 0:35 Anime is overtaking NFTs!
• 1:00 Everything is about NFTs, everyone has an opinion and nobody knows what it means
• 1:45 I deleted my crypto wallet - twice
• 3:30 The difference between Bitcoin and a NFT
• 4:40 Is the image stored in the token?
• 5:55 You do not use the blockchain to store the actual item
• 7:15 600k$ for the Nyan Cat
• 8:20 We are not violating any intellectual property, because you only own the token
• 9:00 Who can create a NFT for the Nyan cat and how can I sell it?
• 11:00 Who is stupid enough to buy virtual items for Diablo 2 on eBay?
• 11:50 A World of Warcraft account sold for a thousand Euro.
• 12:45 NFT is buying stuff for fun
• 13:00 Decentraland! This is just for show.
• 13:45 CryptoKitties, where are you now?
• 17:00 Crazy Ape - I have no idea what I just bought15:00 The first NFTs - worth nothing anymore.
• 15:45 Why do I need a blockchain for playing the game?
• 17:30 Did you see CryptoKitties as a game or as an investment?
• 18:00 JomaInTech want’s to monetize - so he sells NFTs.
• 19:45 What defines the value of art?
• 21:20 I’m an engineer, I buy ETFs, not NFTs
• 21:50 Thinking Slow, Thinking Fast
• 22:10 It’s a bubble, you don’t know when it will burst. Did you invest in Tezos?
• 23:40 There are people who become millionaires by playing around
• 24:15 44 billion US Dollars are in the NFT market
• 24:20 The most expensive NFT: 91.8 million US Dollars for 3 white dots
• 24:45 It’s wrong to say a NFT is not valuable
• 25:25 This reminds me of the Dot-com bubble, 95% lost everything
• 26:10 Thundering Herd Effect or Greater Fool Theory?
• 27:30 Reinvesting is a bad idea, don’t be too flashed
• 28:20 The biggest winners right now are the artists. The legal wars start.
• 29:55 I just downloaded the NFT generator
• 30:20 I’m wondering if 2022 might already be the end of the NFT craze
• 31:00 There is so much crap on the marketplaces. Why didn’t you sell your smoking goldfishes?
• 31:50 It feels like a scam, it’s simply snake oil
• 32:50 You are Robin Hood, stealing from the rich VCs!
• 33:35 Don’t buy NFTs, sell them
• 34:30 If you want to have a printout, you do not need to buy the NFT
• 35:35 I see a huge wave of law suits coming
• 36:50 There still is a verbal contract
• 37:50 It will be a new goldrush for attorneys
• 38:30 I have no interest in gambling
• 40:30 Bitcoin should die (from a technical point of view)
• 42:20 Everything is artificial, how much engery do we burn for TV Shows?
• 44:30 Buy another car! Argentina is not like that big of an industry nation.
• 45:45 It only matters if it helps society improve
• 46:20 It burns literal coal to power bitcoin ricks
• 47:50 China forbid crypto mining
• 49:00 I still want to buy a NFT to support my favorite Youtuber or the WWF
• 50:30 Buying NFTs for a good cause
• 50:05 It’s an image of a ball. That’s art.

Stuff we mentioned

The following list of resources contain affiliate links. By using those links, this channel receives a small commission without any additional costs for you. Any support is highly appreciated!

• CryptoKitties! Get started now. Or not.
• The Bored Ape Yacht Club (BAYC) NFTs
• The Innovation Engineer video about “NFT - What does it stand for?”
• The Innovation Engineer video about “Cryptokitty - The Harbinger of Crash”
• Some strange crypto stuff name Tezos, just asking for a friend
• The most expensive NFT “The Merge”, sold to 28,893 collectors, and it’s not a static picture
• 2nd most expensive NFT: “The First 5000 Days” - The artwork is currently being displayed in an online gallery in the metaverse.
• Etherium 2 changes from Proof-of-Work to Proof-of-Stake
• China banned crypto mining
• Thinking Slow, Thinking Fast from Daniel Kahneman
  • Amazon.de:
    • English Kindle: https://amzn.to/3NXTlmB
    • English Paperback: https://amzn.to/3QqwPVi
    • English Hardcover: https://amzn.to/3MZzh2f
    • German Kindle: https://amzn.to/3mSHKJE
    • German Paperback: https://amzn.to/3HsHUBa
    • German Hardcover: https://amzn.to/3mUytRx
  • Amazon.co.uk:
    • English Paperback: https://amzn.to/3tBrUqI
    • English Library Binding: https://amzn.to/3NY4WT1

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