While the craze around Non-fungible tokens (NFTs) continues to be high within the crypto space, as the focus is now on the unique tokens. From famous R’n’B artist- The Weeknd hinting his fans about a song for NFTs to sports clubs generating revenue off the tokens, the attention is at an all-time high. However, while crypto investors and admirers are fascinated about the uniqueness of the token, it seems they are not alone, as outsiders are now starting to wander around NFTs. Popular American variety show- Saturday Night Live is the latest to get involved in NFTs, as the show’s organizers have resorted to educating their viewers about NFTs via a skit last weekend.
The skit will explain to the most uninitiated
The NFT space’s growth continues to be admired by many, within and outside the Blockchain space. However, the NFT market was not this famous in 2017 when the first set of unique digital tokens was crafted on the Ethereum Blockchain. Ethereum, one of the leading Blockchain networks, has given NFTs a home to sleep and a space to thrive on by allowing the digital creatives of the NFT space to tokenize their work. Back to where we started, the aim of the three minutes NFT skit by SNL was basically to explain NFTs in the simplest way to the most ignorant person.
The skit featured a theme song by famous rapper- Eminem amidst featuring a host of other public figures. One of the skit contents also featured a Batman-themed character, which explains how NFTs are created genuinely. In the skit, viewers can observe that the value of the NFTs is more than the actual value of the original content, a feature that explains the recent NFT craze. According to the organizers, the skit will be made available on popular streaming services like Youtube and Netflix for viewers who would like to go back and re-watch it.
What is the future of NFTs?
Last week, Taiwan female digital artist- Pplpleasr, sold her Uniswap-themed ad as an NFT to PleasrDAO for a whopping $525K. It instantly became another record for a female digital artist. The previous story further headlines the recent surge of activities that had been occurring in the NFT space. The NFT space has continued to be a revenue generation ground for most of its creatives, as new digital creatives like Pplpleasr have also continued to flock in.
However, in spite of all these successes, many analysts have continued to debate whether the market will thrive, despite all the hype surrounding it. Unfortunately, that question is one that even a magician will fail to answer, as no one would have predicted all of ICOs in 2017, despite their success. However, as things stand, and with interest surging high, NFTs and its market players are expected to continue to thrive, whether the future is known or not.