‘There’s a panic-stricken gold rush at the moment’: What do NFTs mean for the music making industry?
11th March 2021
Time to pick a side: are you fungible, or non-fungible?
The last year has forced all of us to learn new terms: furlough, R-rate and now, if you’re interested in the music business, non-fungible tokens. Or, to make them sound a little less like some sort of digital mushroom, NFTs.
NFTs have been around in the art world for a few years, but only in the last couple of months has the music industry been forced to get its head around the concept. So what actually are they?
, Mar 10, 2021
I was bound to get a couple of things wrong last time, on the tech side anyway but thankfully most denizens of the art world aren’t savvy enough in that regard (yet) to have attacked me for it, as they are wont to do. The art part of NFTs don’t live on the blockchain, but rather on the InterPlanetary File System (IPFS, see glossary), which is a peer-to-peer computer network for storing and sharing data in a distributed fashion. There are many potential problems on the horizon for which no ready answers seem to exist. What if the IPFS is hacked, or the businesses running them somehow go under? Could there be NFTs shorn of their art? (some would say that’s the case already!) One DM-er complained that they couldn’t find any details relating to the technical requirements for image resolution sizes (there are none) and whether TIFF files are the best format because they are the most stable (probably yes, but anything goes as of now).
Music NFTs Have Gone Mainstream. Who s In?
Music NFTs Have Gone Mainstream. Who s In?
Shawn Mendes, Grimes, and Tory Lanez are just a few celebrities who ve jumped aboard the crypto train to release exclusive digital goods - turning the Internet into a futuristic, fine-art auction house on crack
Samantha Hissong, provided by
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Last week,
Rolling Stone that the band has already grossed more than $2 million in sales, with $600,000 of that going to Crew Nation. While Kings weren’t the first musicians to ever distribute work this way, their high-profile project brought in a slew of curious fans and spotlighted a burgeoning tech trend that was until recently flying under the radar as a fringe craze.
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