With the news going around about the Newest topic of NFT’S, there has been a lot of buzz about why it should be something people invest in as well as great stories surrounded by overnight income.
What Are NFT’S
NFT’s are also known as Non-fungible tokens that can be publicly and cryptographically verified. This proves that holders of these have the right of ownership of these digital assets. NFT’s holds different values depending on the underlying asset the NFT represents. The assets can be worth millions like digital art pieces and even tweets!
According to Design Boom, NFT’S are crypto collectibles that will be able to play a major role in the next era of the digital economy and should be something that people look into investing in now.
“They are the perfect form factor for crypto-collectibles, crypto-art, and much more – laying the foundation for entirely new multi-billion dollar industries to emerge” – Digital Boom
Unlike other content that can be copied and reused at any time, NFT’s can increase their value and is one of a kind. It’s the scarcity of the underlying asset that allows high price points to be reached. NFT’s are simply a certificate of digital ownership rather than having a tangible object that you don’t necessarily have a license to display in a public or social platform space.
Over this past week, there has been big news of success stories behind NFT’s that have people bewildered on how it’s possible to make this kind of money on such things.
Jack Dorsey has been successful at selling his first-ever tweet as an NFT with a bid as high as $2.5 Million Dollars. With the proceeds of this, Jack Dorsey plans on having this money go toward the charity of Africa response and the bidding will be closed on March 21st for those that are interested in bidding on this as an NFT.
Why Musicians Should Look into NFT’s
With musicians already earning an income by selling things like merch, limited releases, appearances, and shows, NFT’S allow them to be able to have ownership over and sell an original file vs just owning copyrights over a song or image. This opens up many new and creative ways to make money.
Many musicians during this time are selling their own songs as NFT’S and making millions overnight with this method alone. Music Artist Producer Jacques Greene, an underground electronic music producer, recently sold the rights to his new single Promise and animation for around $20,000 although it was sold, it is still able to be streamed for listeners, but the digital rights to the actual project now have its value as being sold as an NFT.
NFT’s can also help musicians have income for years to come by being able to get a percentage every time their NFT’s are resold, which makes these transactions more lucrative.
Musician’s Power In NFT’s
Many think that NFT’s will cause problems for record labels as the power may go back to the musician as they’re the ones earning by letting auctioning go on for having these digital rights to such things as songs, records, and merch instead of a percentage of music sales going to the record label as well.
This makes music-makers be able to have more power in their work and projects and is overall a win-win for the artist as well as the buyer. Interested in learning more about NFT’s? Join an NFT room on Clubhouse for the latest updates from the industry pioneers.