We have all witnessed how much NFTs, or Non-Fungible Tokens, have taken off over the past two years. The enormous popularity of tokens, whose price is skyrocketed due to their vast popularity, has resulted in very famous music stars launching their own.
Most likely, you have heard about the Non-Fungible tokens and some of the world’s top artists, from Snoop Dogg to The Weeknd. They are making waves in the NFT universe.
Lately, people have been talking about the Tory Lanez NFT album, which can be bought for $60,000, as one of the actual examples of Non-Fungible Tokens in music. However, before we get deeper into NFTs in the music industry, let’s get to know what they represent in the first place, shall we?
What are Non-Fungible Tokens exactly?
A Non-Fungible Token, better known as NFT, represents the cryptographic asset on a Blockchain with authentic identification codes and metadata. These tokens differ from one to another, which is very different from cryptocurrencies.
In other words, NFTs are authentic cryptographic tokens that represent real-world items such as artwork. Non-Fungible Tokens represent a public certificate of authenticity and proof of ownership.
Essentially, NFTs data were in the form of photos, videos, and audio. However, today you can find them as memes, gifs, tweets, and even some non-digital forms such as real estate. So, anything that’s considered a digital collectable item, digital art, pieces of content or event tickets, for example, could all be a Non-Fungible Token.
Non-Fungible Tokens in the music industry
Suppose you wondered what was happening with No-Fungible tokens in the music industry. In that case, you should keep in mind that in 2021, the famous 3LAU auctioned 33 Non-Fungible Token collectable versions of his album called “Ultraviolet” that were sold for an incredible amount of $11.7 million. It was the first music album to be tokenized.
Since then, numerous famous artists such as Shawn Mendes, Grimes, and The Weeknd have launched their examples of NFTs. For example, Snoop Dogg has announced that his former label, Death Row Records, will become an NFT label.
When it comes to the future expectations of Non-Fungible tokens in the music industry, we can see that NFT will rise exponentially! According to Billboard’s music publishing reporter, Kristin Robinson, technology is one of the essential parts of the music industry and something that has always dictated how people make and consume music in general.
Why is NFT so essential to musicians nowadays?
NFT is of great importance to many musicians and general creators because it excludes intermediaries. Until recently, more than 90% of the earnings went to music companies such as “Sony” and “Universal Music”, while today, it is possible to pay your favourite musician directly through NFT.
In that sense, NFT has helped artists worldwide pay for their works, whether they are music, painting, painting, literature, or digital … Everything today can be NFT! Therefore, in the future, we can expect an increasing number of famous and unknown musicians to start launching the Non-Fungible Token to make money and make a nice living from their art!
