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NFTs have officially become mainstream.
Non-fungible tokens are the hottest thing in the crypto community these days, generating headlines and a buzz on social media even though many people still have no idea what they are. or how they work. But it might have taken a sketch on this weekend’s “Saturday Night Live” to answer the big question: “What is an NFT?”
In the sketch, Kate McKinnon plays Treasury Secretary Janet Yellen speaking at a college economics class, when an Eminem-clad Pete Davidson asks a question.
“Two Silicon Boys were talking outside”, he begins, to the tune of Eminem’s 2000 hit “Without Me”. It quickly turns into an elaborate rap parody, joined by Chris Redd, who comes up with a “complete list of absurdities” on fire.
Then musical guest Jack Harlow, playing a walking janitor, joins in and actually presents a pretty decent explanation: “Non-fungible means it’s unique,” he rapped. “There can only be one like you and me.” NFTs are insane, built on a blockchain. A digital register of transactions, it records information about what is happening. Once minted, you can sell it as art. “
The sketch ends with the fact that all four of them were photoshopped against an Abbey Road backdrop and sold as NFT for (of course) 420 ether – around $ 718,000.
So that clears things up, right?
For the record, NFTs are meant to be unique – like works of art or collectibles – and are not meant to be used as currency. They tend to be written on the Ethereum blockchain and carry unique digital signatures that cannot be changed, ensuring authenticity.
Lily: ‘Obviously we had no idea this was going to happen here,’ say the guys who made the first NFT
Twitter CEO Jack Dorsey, NFL star Rob Gronkowski, and the NBA Top Shot startup market have all recently made headlines for their jaw-dropping NFT offerings.
Readers interested in learning more about investing in crypto assets can sign up for MarketWatch’s virtual event series, hosted by journalists and editors from MarketWatch and Barron, with speakers including Michael Novogratz of Galaxy Digital; The Securities and Trade Commissioner, Hester Peirce; and Sheila Warren, deputy director of C4IR at the World Economic Forum.
The event will be televised live on April 7 and 14 at 1 p.m. EST. Register here.
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