Saturday Night Live Just Explained Anyone What An NFT Is-Via Eminem

Saturday Night Live did a skit on NFT or non-fungible tokens and only proved that they are the latest craze in the digital art world by using Eminem’s music of the “Without Me” song so let’s read more in our latest crypto news today.

Saturday Night Live had a skit with a funny shot of a building on an American campus and then a classroom where the US Secretary of Treasury Janet Yellen finished addressing a classroom where bored students “paid attention” and then waited for some questions. A hand was raised and it was a student dressed as the sidekick of Batman-Robin. However, moments later a beat drops and it sounds like Eminem’s Without Me. “Robin” rapped about NFTs, mentioning Gronkowski’s $1.6 million dollar sale of the digital trading cards that were minted by Tampa Bay Buccaneers but then at one point another person looking like Morpheus jumps in and starts describing some of the most unbelievable NFTs.

There was quite a decent digital distribution model across the arts over the past few months and streaming giants like Netflix and its competitors such as Spotify and Apple Music, are battling for your money in the music industry. Kindle on the other hand only occupies the space of digital literature but when it comes to digital art that is not usually mass-producible, what’s navigating the new market?

Art’s value comes from the non-fungibility which means that you can trade a copy of a music album for another copy of a music album but you can’t trade a painting for another copy of the painting. NFTs are making this possible via the Ethereum blockchain, allowing for the drafting of small contracts and making everyone able to tokenize their artwork and make a sale of the piece. It’s all set in the blockchain’s distributed ledger system which enables artists to specify the scarcity of their work and they can be safely logged on the ETH ledger.

As recently reported, The Binance exec says that NFTs have been called a lot lately but not a gateway to crypto, so we can add it to the list of superlatives. The comment came out one day after Beeple sold an NFT collection worth $69.3 million.