{"id":118785,"date":"2021-03-28T23:08:13","date_gmt":"2021-03-28T23:08:13","guid":{"rendered":"https:\/\/precoinnews.com\/?p=118785"},"modified":"2021-03-28T23:08:13","modified_gmt":"2021-03-28T23:08:13","slug":"nft-artwork-sold-for-69-million-but-what-is-it","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/politics\/nft-artwork-sold-for-69-million-but-what-is-it\/","title":{"rendered":"NFT artwork sold for $69 million. But what is it?"},"content":{"rendered":"<p><cite>New York (CNN Business)<\/cite>If you still aren&#8217;t sure what non-fungible tokens are, or NFTs, &#8220;Satuday Night Live&#8221; might have an answer. The NFT craze made its debut on the late-night show <strong>\u2014 <\/strong>hosted by former cast member Maya Rudolph \u2014 in the form of an explainer-turned-rap skit featuring a parody of US Treasury Secretary Janet Yellen. <\/p>\n<p>In the skit, Yellen \u2014 portayed by Kate McKinnon \u2014 is speaking to a university economics class when a student asks her what an NFT is. What follows is an Eminem-inspired rap portrayed by cast members Pete Davidson dressed as Batman&#8217;s sidekick Robin, Chris Redd as Morpheus from &#8220;The Matrix&#8221; series and special musical guest Jack Harlow as a janitor.<br \/>\nDavidson and Redd take a shot at explaining the mainstream phenomenon to Yellen before Harlow joins in with a more concise rap take on the craze.  <\/p>\n<ul><\/ul>\n<p>&#8220;Non-fungible means that it&#8217;s unique. There can only be one like you and me,&#8221; Harlow rapped. &#8220;NFTs are insane, built on a blockchain. A digital ledger of transactions, it records information on what&#8217;s happening. Once it&#8217;s minted, you can sell it as art.&#8221;<\/p>\n<ul><\/ul>\n<p>The roughly 3-minute skit concludes with &#8220;Yellen&#8221; and the other characters played by Davidson, Redd and Harlow displayed as an NFT posing at the Abbey Road crosswalk made famous by the Beatles&#8217; 1969 album. <\/p>\n<p>The <strong>&#8220;<\/strong>SNL<strong>&#8220;<\/strong> skit is yet another example of how NFTs have been taking off in recent months. Many have been selling for seven or even eight figures<strong>, <\/strong>including Jack Dorsey&#8217;s first-ever published tweet, which recently sold for $2.9 million, and most notably a collage of photos from artist Beeple for $69 million.<br \/>\nSource: <a href=\"https:\/\/edition.cnn.com\/2021\/03\/28\/media\/nfts-snl-saturday-night-live\/index.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York (CNN Business)If you still aren&#8217;t<\/p>\n","protected":false},"author":3,"featured_media":118784,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23055],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NFT artwork sold for $69 million. 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