Two weeks ago, Saturday Night Live ran a sketch about NFTs involving Pete Davidson and the rapper Jack Harlow. Ack!
Last night, an NFT of the NFT sketch (really, a ten-second video clip and associated token) sold for 171.99 ETH, or around $365,000.
tokens—a kind of cryptocurrency that can be attached to a file and auctioned off as proof of ownership. The market for these digital collectibles exploded in February, as artists made millions off JPEGs and GIFs, though are non-fungible there are signs the hype is beginning to die down. At the height of the boom (bubble?) a digital artist named Beeple sold an image for $69 million through Christie’s.
Someone called “Dr_Dumpling” snagged SNL’s NFT, which entitles them not only to the token itself, but also to two tickets for a live SNL taping. So far, Dr_Dumpling has yet to re-list the NFT on the secondary market.
Some have hailed NFTs as a progressive, democratic force in an art market that’s rigged in favor of the biggest players; others question the logic of spending $69 million on an image file, and say NFTs will only deepen economic inequality.
VCs remain undeterred, for now: OpenSea, the crypto art marketplace where SNL auctioned off its NFT, raised $23 million in Series A financing last month.
Editor's note: This story has been updated to clarify that the proceeds of SNL's NFT sale will go to charity.
Guide & Tools