“As hot as lava, the word NFT means more than any normal drama in the crypto community.” Well, just try to get the feeling of what I am trying to convey as I am not a rapper. But do you know who an excellent rapper is? Yes, you guessed it right; it’s Pete Davidson. As the popularity of NFT grows exponentially, the comedian made a rap answering the big question, “What the hell’s an NFT?” It was posted on Twitter by the official account of “Saturday Night Live.”
what the hell’s an NFT pic.twitter.com/BcFylopM63
— Saturday Night Live – SNL (@nbcsnl) March 28, 2021
The NFT rap!
The rap video shows a college class with Kate Mckinnon playing the Secretary of Treasury Janet Yellen addressing the class. This was at this time when the class professors request students to ask their questions. And baam, we have Pete raising his hand and begins the music. The rap goes like this:
“Two Silicon boys were talking outside, talking outside, talking outside(x2). Now what the hell’s an NFT, apparently cryptocurreny, everyone’s making so much money………..”
The music parody was also joined by Jack Harlow and goes about to given an explanation about what Non-fungible tokens actually are. Go forward and check out the music explanation about what this thing actually is! And those are who are into more of an explanation explanation stick around.
So what are NFTs?
“NFTs” or “Non-fungible tokens” are basically digital art, the ownership to which is being sold online. These are unique and the idea of NFTs are more or less similar to real physical art. When you buy an actual painting made by an artist, the painting is with you physically and so is the ownership. But in the case of an NFT, everything happens digitally. Let’s say that an art piece is sold for $1000 as an NFT, then the highest bidder will have his or her own digital signature over the art. And since NFTs are based on blockchain technology, these signatures cannot be altered. So, now the proof of ownership of the art lies in the hand of the highest bidder.
Just recently several non-fungible tokens were sold for huge amounts of money. The highest among which was raised by Beeple. His artwork called “The first 5,000 days” auctioned for a whopping $69 million. This also made his painting the third costliest by any artist alive. And this is not just it, Jack Dorsey, the CEO of Twitter sold his first tweet as an NFT for over $2 million. The proceeds of the auction were sent over for charity. A lot of artists are making use of NFTs to sell their art online. And real collectors who value art are actually paying millions for the virtual ownership of these paintings. It is just a matter of time when owning a painting or art online will be treated equally as physical art.
What are your thoughts on the NFT rap? And do you think it is a cool way of explaining what are NFTs? Let us know in the comments below. Also, if you found our content informative do like it and share it with your friends.