- “Saturday Night Live” explained what it means to buy a crypto work of art.
- Kate McKinnon played Treasury Secretary Janet Yellen, who was asked to explain non-fungible tokens, or NFTs.
- NFTs are unique digital assets that have exploded in popularity in recent months, generating millions of dollars in revenue.
- See more stories on the Insider business page.
A skit on “Saturday Night Live” explained the concept of non-fungible tokens, or NFTs, and crypto art.
The show breaks down the meaning of NFT into a parody of Eminem’s “Without Me”.
In the sketch, hosted by former cast member Maya Rudolph, Kate McKinnon plays US Treasury Secretary Janet Yellen. The old one
president presents to a college class when a student played by Pete Davidson asks him what an NFT is:
NFTs have gained attention in recent months with attractive sales. In the last month alone, crypto-art sales grossed over $ 1 billion, according to market NFT CryptoSlam.
Earlier in March, digital artist Beeple made history when he sold a piece of crypto art for $ 69.3 million. Other high profile figures including Grimes, Steve Aoki and Jack Dorsey have sold NFTs for millions.
NFTs function as unique digital assets that can be purchased online using cryptocurrencies, including Ether and WAX. Tokens can include anything from art and sports highlights, cat videos, memes, and even tweets.
When you buy an NFT, in most cases, you aren’t buying content, but rather a token that links your name to the art of the creator on the blockchain. If someone buys an image or meme, they can own it on the blockchain, but they have no control over the rights to its distribution.
Read more: What you need to know about NFTs, the collectible digital tokens that are sold by the millions online
After Davidson’s character, dressed as Batman Robin’s sidekick, asks Yellen the question, she doesn’t immediately respond. Instead, she directs her question to the other students.
Chris Redd, who plays a character reminiscent of Morpheus from “The Matrix”, and guest star Jack Harlow, dressed as a janitor, each time try to explain the concept of NFT through Eminem’s rap.
The skit ends when the group is part of an NFT, taking the famous Beatles’ “Abbey Road” poses.
The skit gained a lot of strength on Twitter, where crypto investors, including Tesla CEO Elon Musk, interacted with the video.
NFT investor and CEO of Tron Justin Sun tweeted in response to the video from “SNL”: “Where can I buy the NFT of this video?”
If “SNL” sold the video as NFT, it would hardly be the first media company.
Last week, The New York Times sold a column shedding light on NFT – for almost $ 600,000.