What the hell’s an NFT? Comedy show SNL has some answers

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  • The latest trending cryptocurrency, non-fungible tokens, are pretty confusing
  • The US late-night show, which features skits on current affairs and politics, rewrote the lyrics to an Eminem rap to explain how they work
Karly Cox |
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It feels like the whole world is obsessed with cryptocurrency right now. It might have something to do with so many people being in coronavirus lockdown, but it’s seems to be a massive talking point. First of all there was the GameStop saga, while Tesla’s Elon Musk seems to have something to say about Bitcoin every few days.

The latest trend is NFTs, or non-fungible tokens. This is basically a digital collectible item, with a unique bit of coding that means nobody else can own it. The New York Times recently sold an NFT tied to an article, as did Quartz.

Still confused? Leave it to US show Saturday Night Live to come up with a more fun way of explaining what it’s all about.

Comedian Pete Davidson delivered a parody of Eminem’s rap classic The Real Slim Shady which breaks down some of the more confusing aspects of the trend, while Kate McKinnon, playing US secretary of the treasury (ie a money boss) Janet Yellen.

Even if you’re still not completely clear after this, we can almost guarantee you’ll have this earworm in your head all. day. long.

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