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”.
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 :
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
A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.
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