WATCH: ‘SNL’ Explains What NFTs Are In New Sketch

Saturday Night Live broke down what non-fungible tokens (NFT) are in a new sketch over the weekend after the crypto-asset recently generated headlines and social media buzz.

In the sketch “What the hell’s an NFT,” Kate McKinnon played Treasury Secretary Janet Yellen as she addressed a college economic class when an Eminem-like Pete Davidson asked a question about NFTs.

“Two Silicon boys were talkin’ outside,” he started rapping to the tune of Eminem’s 2000 hit “Without Me.” Chris Redd joined Davison and offered a rapid-fire “list of complete nonsense.”

Musical guest Jack Harlow, playing a janitor passing by, offered an explanation, “Non-fungible means that it’s unique,” he rapped. “There can only be one like you and me. NFTs are insane, built on a blockchain. Once it’s minted, you can see it as art.”

The sketch ended with the four of them getting Photoshopped onto a background of Abbey Road and was sold as an NFT for “420 ether.”

NFTs are described to be unique, like art or collectables, and are not meant to serve as a currency. They are usually written on the ethereum blockchain, carrying their own unique digital signature that cannot be altered.