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Is NFT The Future Of Art Dealing, Including Music?


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RAMROD

Kings Of Leon just announced their new album will released this Friday and will be sold in form of NFT. Making them the first ever band to do so.

Also someone paid almost $5.8 Millions for a 50-second video by Grimes or the person who paid $6.6 million for a video by Beeple, both in the form of NFT.

I know, the question is, what the heck is NFT?

NFTs are a type of cryptocurrency, but instead of holding money, they can hold assets like art, tickets, and music. NFTs previously had a a relatively underground following made up of DJs and producers. But these digital tokens have gone mainstream in the last year, as many musicians sought out additional revenue streams in the concertless era of the pandemic. 

This sounds like a dumb gimmick until you think about it, and realize musical artists may be on the precipice of reclaiming the economic value of their work. NFTs have a feature that you can enable that will pay you a percentage every time the NFT is sold or changes hands, making sure that if your work gets super popular and balloons in value, you’ll see some of that benefit.

The benefit for NFTs is that blockchain technology enables people to truly own an item — it cannot be stolen or duplicated with ease. 

 

Sources:

https://www.rollingstone.com/pro/news/kings-of-leon-when-you-see-yourself-album-nft-crypto-1135192/

 

https://www.theverge.com/platform/amp/22310188/nft-explainer-what-is-blockchain-crypto-art-faq

 

https://www.livemint.com/money/personal-finance/your-guide-to-non-fungible-tokens-what-nfts-are-and-how-they-work/amp-11614768696550.html

 

https://medium.com/australasian-blockchain-music-association/an-introduction-to-non-fungible-tokens-3c77d1c9ef15

 

 

This way, many more artists might feel interested to sell their music and other form of arts as NFT in the near future. But it is still unknown how mainstream it will become as of now. However, I can see artists might make something very exclusive and collectible every now and then that only the most serious and dedicated fans would get.

 

What do you think? Are you ready for the NFT future? :flower:

 

(ノ◕ヮ◕)ノ✧*:・゚ やれやれだわ (*´艸`*) ♡♡♡
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Oriane

I heard about that recently. I didn't understand it was involving cryptocurrency, from what I understood, you sell the album to a fan, who can resell it to another fan and you'll get percentage on it, then it gets resold etc... Apparently it's becoming trendy lately but I guess it only works if you're really popular.

You popped my heart seams, all my bubble dreams
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CautiousLurker

OH, a perfect time to bring up this:

https://everestpipkin.medium.com/but-the-environmental-issues-with-cryptoart-1128ef72e6a3

Ngl, it never even crossed my mind that cryptocurrency needs resources, not to mention an ever-increasing amount... I was gonna be all about dat cryptoart life, but now... this sounds like a really bad idea :noparty:

Edited by CautiousLurker
this thread is now officially sexualized | he/him/huntim
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Defmix100
2 hours ago, Oriane said:

I heard about that recently. I didn't understand it was involving cryptocurrency, from what I understood, you sell the album to a fan, who can resell it to another fan and you'll get percentage on it, then it gets resold etc... Apparently it's becoming trendy lately but I guess it only works if you're really popular.

I follow a lot of digital artists (like small freelance artists with a few thousand followers) who are making tens of thousands right now. I'd say you definitely need to be popular to be making millions but it looks doable to make say $30K on a piece of art even if you aren't well known

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Oriane
6 hours ago, Defmix100 said:

I follow a lot of digital artists (like small freelance artists with a few thousand followers) who are making tens of thousands right now. I'd say you definitely need to be popular to be making millions but it looks doable to make say $30K on a piece of art even if you aren't well known

It surprised me to realize that it worked but the main argument I saw was that, when you buy it, you're going to resell it and make more money than you paid. It's interesting but I guess it's kind of a bet when you do that (are you sure someone else is going to buy it after you buy it).

You popped my heart seams, all my bubble dreams
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Defmix100
11 minutes ago, Oriane said:

It surprised me to realize that it worked but the main argument I saw was that, when you buy it, you're going to resell it and make more money than you paid. It's interesting but I guess it's kind of a bet when you do that (are you sure someone else is going to buy it after you buy it).

Yeah that's where the risk is involved, it was more so meant for giving the ability to own a piece of art you liked though rather than the reselling aspect but I'm sure some people are buying solely with the intent to sell higher rather than being a genuine fan of the piece.

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RahrahWitch

Art Twitter is imploding with people for and against NFTs. I hope for the sake of Artists that it goes away soon. The whole thing is getting worse by the day.

The global impact is just insane, There's a lot of gatekeeping on the main sites being invite only, The other sites are riddled with stolen art even art in tweets are being 'tokenized' by bots. There's insane fees you have to pay to upload, change price and even accept bids. The whole thing feels like a scam.

(old thread I know, sorry but needed to vent :selena:)

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