Trevor Noah’s idea of an NFT was definitely NSFW. The host of “The Daily Show” has joined other late shows, such as “Saturday Night Live,” to address the surge in interest around non-fungible tokens, or NFTs. The comedian delves into crypto collectibles and why people are trying to get rich on them, in his latest explainer “If you don’t know, now you know” which was posted on Twitter TWTR, + 2.33% and on Alphabet’s GOOGL. , + 0.32% YouTube on Thursday morning.
“” Move around GameStop. There’s a new confusing internet money thing in town. “” – Trevor Noah
Whereas in economics, something that is “fungible” means that you can exchange one identical unit for another, such as dollar bills, non-fungible tokens are unique and are not intended to serve as a medium of exchange. As the segment “The Daily Show” explains, it is a certificate of ownership of a digital asset, such as a LeBron James slam dunking video clip that recently sold as a digital trading card for $ 208,000. “It‘s not the LeBron dive clip, it’s the official LeBron dive clip,” says Noah. “Because people love to have things that nobody else has.” Learn more: ‘Obviously, we had no idea it was going to get here,’ say the guys who made the first NFT. And: ‘We have reached a tipping point’ in bitcoin adoption, Fidelity’s Tom Jessop says Noah notes that there is a lot of money being spent on NFT, listing some recent million dollar transactions in headlines such as: the first Twitter CEO Jack Dorsey’s tweet, sold for $ 2.9 million; Kings of Leon To Release Exclusive NFT Album For Over $ 2 Million; and a 10-second digital collage that took 13 years to sell for $ 69 million at auction.
“” If I spent $ 69 million on a picture, you’d better believe it would be the only picture I’d ever show people again. “” – Trevor Noah
“Now this may all sound crazy, but the truth is, guys, the idea of spending money on digital collectibles is not much different than spending money on anything else,” says Noah, citing baseball cards and Beanie Babies as examples. “NFTs are actually a new twist on that.” And he explains that NFTs can also be a way for artists and musicians to earn a living in the digital age, like the Kings of Leon NFT album. Watch his segment here: “SNL” also recently tried to unravel what NFTs are in a rap parody in which Pete Davidson played Eminem and Kate McKinnon played Treasury Secretary Janet Yellen. Music guest Jack Harlow actually dropped a pretty decent definition of NFT during the sketch: “Non-expendable means unique,” he raps. “There can only be one like you and me. NFTs are crazy, they are based on a blockchain. A digital ledger of transactions records information about what is happening. Once minted it can be sold as art. “Read more: ‘What the heck is an NFT?’ – ‘SNL’ explains in amazing rap parody Want to learn more about crypto assets? Register for MarketWatch’s “Investing in Crypto” virtual event series, moderated by MarketWatch and Barron’s reporters and editors, with speakers including Michael Novogratz from Galaxy Digital, Securities and Exchange Commissioner Hester Peirce, and Sheila Warren, Deputy Director of C4IR at the World Economic Forum The next event will air live on April 14 at 1 pm ET. Register here.