Do NFTs Matter for Music?

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  • #37468 Reply
    Art Munson
    Keymaster

    NFTs are all the rage now. From the article in in Pitchfork.

    “Grimes auctioned off $5.8 million worth of digital art pieces within 20 minutes. More specifically, she sold NFTs. Short for “non-fungible tokens,” these cryptocurrency-adjacent virtual collectibles have recently attracted vigorous debate in the music community and beyond. The same weekend as Grimes’ sale, electronic musician 3LAU sold $11.6 million in NFTs, while Latin-trap star Ozuna sold out a batch of NFTs for about another $800,000. Now Kings of Leon are getting in on the action.”

    https://pitchfork.com/thepitch/why-do-nfts-matter-for-music/

    #37469 Reply
    Art Munson
    Keymaster

    Bump

    #37476 Reply
    LAwriter
    Participant

    Could be an interesting topic. More specifically how does it line up with what we do as production composers.

    #37478 Reply
    Art Munson
    Keymaster

    More specifically how does it line up with what we do as production composers.

    Don’t know but, as you say, an interesting topic. Never know where technology will lead us.

    #37480 Reply
    LAwriter
    Participant

    Yup! I suppose time will tell. Personally, it seems fairly abstract to me.

    #37481 Reply
    Art Munson
    Keymaster

    Personally, it seems fairly abstract to me.

    Me too!

    #37508 Reply
    Art Munson
    Keymaster

    More on NFTs.

    “Small digital artists are making some real money and now musicians are selling projects as well. While many NFTs are for various items that go along with a song, some are selling publishing and copyright as well. Clarian is doing just that, selling his new album Whale Shark as an NFT and you get something very real in return.”

    https://www.magneticmag.com/2021/03/clarian-selling-new-album-whale-shark-publishing-copyright-nft/

    #37513 Reply
    Music1234
    Participant
    #37626 Reply
    jonarranger
    Participant

    AFAICT the value comes from the fame of the original creator, or the fame of the asset.
    For example, the Harold Arlen estate could do very well with an NFT for the copyright on Somewhere Over the Rainbow – but, my rando commercial cue is an unknown asset from a very un-famous person…
    I might try creating NFT’s of some old CD releases that got airplay awhile ago…
    The trick is to go to a site like Ocean, put stuff up, and see what happens.
    You’d upload a file into the blockchain. Anybody who buys it becomes the new owner,
    Maybe it’ll develop into an alternative to music libraries or Soundcloud at some point..post once, market many.

    #37647 Reply
    jonarranger
    Participant

    Sorry, I meant OpenSea..https://opensea.io

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