Pete Davidson and Jack Harlow teamed up on Saturday Night Live over the weekend to deliver a not-so-serious explainer behind the current trend of Non-Fungible Tokens (NFTs).
Davidson is seen in the video donning a Batman & Robin-style costume as he parodies Eminem‘s song ‘Without Me’ to explain the trend, with Harlow also appearing in the clip as a caretaker.
“Here’s the thing about NFTs, it’s a non-fungible token you see,” Harlow raps in the clip. “Non-fungible means that it’s unique, there can only be one – like you or me.”
NFTs have regularly been in the news recently, with the music industry and artists such as Grimes and Kings Of Leon getting involved in the craze.
An NFT, as NME‘s Mark Beaumont explained recently in a blog, is a form of cryptocurrency asset. Most cryptocurrencies are fungible (or ‘spendable’) tokens; you can exchange them for other cryptocurrencies or spend them on goods where they’re accepted.
“Non-fungible tokens act like digital gold bars, rare trading cards or paintings kept in safe storage – they’re kept on the blockchain (basically a Cloud for financial assets, but where everyone with an account keeps a note of what you own) in your name but you can only sell or trade them as collectibles,” he wrote.
However, they are not without controversy – it was revealed recently that the sale of the digital items can have a huge effect on climate change.
Gorillaz, who tackled environmentalism on 2010’s ‘Plastic Beach’, announced last week (March 26) that they would be selling an NFT to commemorate the 20th anniversary of their debut album.
However, as a recent report by Wired states, the impact of selling NFTs on climate change and the environment could be hugely negative. According to the publication, the 10 seconds it took for cryptocurrency website Nifty Gateway used up 8.7 megawatts of energy – which is similar to how much electricity one household uses in a year.
Elsewhere, Elon Musk recently announced plans to release a song about NFTs as an NFT.