Folklore is what communities do. In the past this was fairly straightforward: people were less mobile, so communities were defined by space, and most people within the community worked, lived and played together. In those environments they all shared experiences and shared their traditions.

Modern society is more complex, where we all live in a number of communities defined more by shared interests and activities. We will have one community where we live, another where we work, others defined by social activities and hobbies, and now on-line communities. All of these are capable of developing their own traditions and folklore which are unlikely to overlap with each other.

I don't disagree with Suibhne that breakdancing is just as much folklore as morris dancing, but I do take issue that it's more genuine. They're both equal; they just take place within different groups. Both may or may not attract passers-by, but neither are of much significance outside those groups. That does not diminish their importance to those within those groups.