The business proposition happens in a laundromat. Here’s the part of the skit that pretty much sums up the idea behind NFTs:
Suit (Bruce McCulloch): “Yes!” This is how I think we should proceed — next time you come to do your laundry, you give us a call.
Mark (Mark McKinney): Heyyy! Are you trying to buy my dirty underwear?
Suit: [uncomfortable pause] N-no. I’m not trying to buy your underwear. I’m trying to lease your underwear.
Mark: I knew it!
Suit: No no, sir. It’s not what you think.
Mark: There was a guy in here, a couple of weeks ago. He tried to buy my dirty underwear, only he wasn’t slick like you.
Suit: That was my ex-partner, sir. W-we’re not trying to buy or rent your underwear, we’re just trying to lease your underwear. We just want the title of ownership.
Suit: Yes, you get to retain possession of your underwear. It’s totally a paper transaction.
Mark: Huh. Is there uh money involved with this?
Suit: Of course, sir, there’s money involved. I’m a business man. There’s fifteen dollars [waves a stack of one-dollar bills so it looks like a bundle of money].
Mark: So, you’ll give me fifteen dollars for the title of ownership to my underwear, and I get to keep it?
Suit: Of course you do, sir.
Mark: But how do you make money doing that?
Suit: We’re idea people. We profit from the idea that we own the deed to your underwear.
And that’s NFTs in nutshell, once you strip away the technology veneer and blockchain bafflegab.