Nothing folky about it. It sounds like improvisation by people who don't know what they are doing. It sounds like a too-loosely organized sound-scape. It sounds like stoned people fooling around and thinking they're clever. It's not dreadful; it's also not very good. A little more organization might have turned it into art. A little more demonstrated skill might have turned it into music.

There are about 20 people in every large city who like this sort of thing. Before YouTube, this music would have been heard about once every two years by those twenty people, and it wouldn't have been the best example played in those two years.