First of all, the rapper Booba recently managed to sell 25,000 copies of the video “TN” in the form of non-fungible tokens (NFT). Yes, we can say it, the whole cultural sector has been turned upside down by the appearance of NFTs and it is not ready to stop.
Indeed, Music NFTs are more and more used in the world since big names of the industry like Eminem or The Weekend are turning to this novelty. If you discover NFTs, you probably wonder what they are for? Will the art world be transformed by this new revolution? How can it be used in music?
What is an NFT?
Can be translated as “non-fungible token”. In practice, an NFT allows you to obtain a certificate of authenticity which can take the form of a digital file. Therefore, each NFT is unique, it’s like a limited edition that you buy. Therefore, each file is unique and according to the fame of the product, it acquires a more or less great value.
Regarding the technology it uses, you must have also already heard about it at least once in your life. It is based on blockchain, the same technology used in crypto-currencies. Born in the 1990s, this technology is intended to guarantee the security of transactions. Therefore, what use in music?
How NFTs are used in music?
Artists don’t waste time and they are right. A lot of artists and structures have already used NFTs to promote their music. Wise band has found you some examples:
In November 2021, unique edition house and techno masterpieces are up for auction on Pianity.
In February 2021, it is the member of the group Linkdin Park “Mike Shinoda” who put on sale his project Zora in the form of auction available on a platform in the purchase of NFT.
Famous Australian singer Sia is launching an NFT collection in December 2021 on Open-sea in partnership with Sam Bank-man-Friend’s FTX. Sia chose FTX because of its philosophy, but it remains independent of the platform.