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Elon Musk and Beeple comment on SNL latest NFT segment

The latest “crypto trend” has been parodied by the comedy show Saturday Night Live, Non-Fungible Tokens (NFTs). In a segment explaining these tokens, U.S. Treasury Secretary Janet Yellen, played by Kate McKinnon and Eminem, parodied by Pete Davidson come together to answer the question everyone seems to be asking, what are NFTs?

With a running time of almost 2 minutes, the segment uses a cover of the popular rap song, “Without Me,” performed by Davidson’s character. Throughout the song, various characters explain the characteristics of NFTs and emphasize at what price some of these digital works have been sold.

At the moment, SNL’s Twitter post has almost 900,000 views and 17,800 likes. In total, the segment has been shared by more than 6,000 users and has received comments from various personalities within and outside the crypto space. Some consider that the market may have ” topped out”.

NFTs’ popularity, a top signal?

Highly active on this platform, Tesla’s CEO Elon Musk was quick to respond, along with one of those responsible for starting the “NFTs craze”, Mike “beeple” Winkelmann. This artist was the first to participate in an auction of one of his works with Christie’s and managed to sell it for $69 million, which he received in ETH. News of the event has been endlessly replicated in the traditional media.

However, NFT investor and collector Aftab Hossain stated on Twitter that NFTs entry into the mainstream does not necessarily point to future depression in the crypto market. Via his Twitter account, Hossain stated:

remember not every sign of adoption is a top signal recalibrate your “top-detector” for a world where crypto is increasingly being *used* by the mainstream and #NFTs as a use case (once issued) don’t rely on ICO project teams to create apps, etc. They just exist as assets

Drawing a distinction between “speculative trends” and the potential of the technology behind NFTs, the investor did not rule out that some projects based on the latter could lose value. Despite that, Hossain believes that NFTs are part of a technology capable of delivering value and utility to the crypto ecosystem. The investor added:

 (as we saw with 2017 ICO hopes and almost no useful apps then) so far, the utility of NFTs is not to be a high quantity game- especially when it comes to art, but L2s like Immutable X will allow for far greater quantity, which will especially be useful for creating in-game items/economies

Ethereum is trading at $1,707 with gains of 1.1% on the 24-hour chart. After a week of losses (-6.0%), ETH seems to be showing signs of recovery.

Ethereum ETH NFT
ETH reclaiming support in the 24-hour chart. Source: ETHUSD Tradingview

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Ethereum5,406.8 0.37 % 2.92 % 3.87 %
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Tether1.350 0.08 % 0.03 % 0.33 %
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