Introduction

Non-fungible tokens (NFTs) are the latest thing people like to collect? But what are they??Neil and Sam discuss the topic and teach you related vocabulary.

This week's question?

In June 2021, Sir Tim Berners-Lee sold the original source code he used to invent the world wide web as an NFT at a charity auction. The sale started at $1000 but how much did the source code eventually sell for?

a) 5.4 thousand dollars
b) 5.4 million dollars
c) 5.4 billion dollars

Listen to the programme to find out the answer.?

Vocabulary

collectables
desirable objects that people search for and collect as a hobby

non-fungible
having special, unique characteristics meaning that it cannot be interchanged with anything else

the wild west
a situation where people can do whatever they want because there are no laws or controls

rogue
behaving in a different way from what’s normal or expected, often causing damage

digital artefact
any item that is produced and stored as digital or electronic version, for example codes, images or videos and audio files

pyramid scheme
dishonest business trick or scam where money is used to pay a company’s debt instead of to profit investors

Transcript

Neil

Hello. This is 6 Minute English. I’m Neil.

Sam
And I’m Sam.

Neil
People collect all kinds of things for a hobby, from stamps and coins to comics and football stickers. Do you collect anything, Sam?

Sam
I used to have a big collection of Pokémon cards but I have no idea where they are now.

Neil
Well, maybe you should start looking for them because all kinds of?collectables?– that’s objects that people want to collect – are selling for big money on the internet. It’s all part of a new tech craze called?non-fungible?tokens, or NFTs for short.

Sam
Non-fungible?tokens?

Neil
Basically NTFs are unique, one-of-kind items that can be bought and sold like any physical object but only exist in the digital world. ‘Tokens’ can be thought of as certificates of ownership for these virtual possessions.

Sam
Hmmm, OK. I understand the ‘token’ part but what does ‘non-fungible’ mean?

Neil
If something is ‘fungible’ it can be interchanged, like money for example. With money you can swap a ￡10 note for two ￡5 notes and it will have the same value.

Sam
So, something?non-fungible?cannot be interchanged with something else. Is that because it has special features that make it unique?

Neil
Exactly. Imagine something totally unique like the Mona Lisa. You can take a photo of the painting or buy a copy of it, but there will only ever be the one original painting.

Sam
I can see that the Mona Lisa is one-of-a-kind and extremely valuable, but it’s not for sale on the internet!

Neil
True, but lots of other things are, from signed celebrity artwork to virtual football cards. NFTs are like autographed photos – collectors want something no-one else has, even though there’s nothing physical they actually own and keep.

Sam
And the value of NFTs is going up and up?

Neil
Massively. A digital sticker of French footballer, Kylian Mbappé, recently sold for ￡25,000! Which reminds me of my quiz question, Sam. In June 2021, Sir Tim Berners-Lee sold the original source code he used to invent the World Wide Web as an NFT at a charity auction. The sale started at $1000 but how much did the source code eventually sell for? Was it:

a) 5.4 thousand dollars?
b) 5.4 million dollars? or
c) 5.4 billion dollars?

Sam
If you’re asking me how much the internet sold for, I’d say c) 5.4 billion dollars.

Neil
OK, Sam, we’ll find out later if that’s right.

Sam
Sir Tim Berners-Lee famously never made any money from the World Wide Web, insisting that his invention should be free for everyone. But the world of NFTs is controversial and not everyone thinks Sir Tim should be getting involved.

Neil
That’s certainly the view of Shona Ghosh, technology editor at the ‘The Insider’ website, as she told BBC World Service programme, Tech Tent:

Shona Ghosh
I think there’s a balance to be struck between exploring new technologies and Sir Tim Berners-Lee is an amazing figure but NFTs are a?wild west. Not everything associated with NFTs are?rogue, but these so-called digital?collectables?are going for lots of money.

Sam
Internet NFTs are very new and there are no rules controlling what can be sold and for how much, so Shona describes them as a?wild west.

Neil
The Wild West?means a situation where people can do whatever they want because there are no laws or controls, like the early history of the western part of the United States.

Sam
She also calls some things about NFTs?rogue?- behaving differently from what’s normal or expected, often in a way that causes damage.

Neil
Love them or hate them, there are strong opinions on both sides of the NFT debate, as Rory Cellan-Jones, presenter of BBC World Service’s Tech Tent, explains:

Rory Cellan-Jones?
To some NFTs are a brilliant innovation which has promised to put a value on?digital artefacts. To others they’re little more than a dubious?pyramid scheme?with a damaging impact on the environment because of the way the tokens are created.

Sam
Some people are suspicious of the large amounts of money collectors are willing to pay, comparing NFTs to?pyramid schemes?- business tricks or scams where money is obtained dishonestly.

Neil
But for others NFTs are a legitimate and useful way to put a price on rare?digital artefacts?– items, such as images, videos and music, that are produced and stored as electronic versions.

Sam
Items like, for example, the original source code for the internet. So how much money did Sir Tim Berners-Lee raise for charity when he sold it off, Neil?

Neil
In my quiz question I asked Sam how much the NFT of the original internet source code sold for at auction.

Sam
I said c) 5.4 billion dollars.

Neil
You were… wrong! In fact it was less - 5.4 million dollars – but still far too expensive for me to collect.

Sam
Hmmm, now I’m wondering how much my Pokémon card collection would sell for. If only I could find it!

Neil
Well, while you look for your collection, Sam, let’s recap the vocabulary from this programme all about NFTs which are?digital artefacts?or items that are produced and stored as electronic versions.

Sam
NFTs are virtual?collectables?– desirable objects that people search for and collect.

Neil
And they are?non-fungible?meaning they have special and unique characteristics that cannot be interchanged with anything else.

Sam
If something is?rogue?it behaves in a different way from what’s normal or expected, often causing damage.

Neil
The wild west?describes a chaotic situation without laws or controls.

Sam
And finally, a?pyramid scheme?is a business scam where money is gained dishonestly.

Neil
If you’d like to know more about?non-fungible?tokens, bitcoin and other trending internet topics there’s plenty to find on the BBC website.

Sam
And for more interesting conversation and useful vocabulary, remember to join us again soon here at 6 Minute English. Bye for now!

Neil
Bye!