Today, March 7th on Decentraland
Today Harrison First, Alison Wonderland, Kenna, Kristoman were are live for the 3rd day of WTF are NFT’s, on Decentraland, and today they talked about the future of NFT’s for musical artists and producers.
One of the main values of NFT’s as an instrument in the artist’s toolbag is the way it really puts another perspective on the relation between an artist and his followers. It brings the artists closer to their fans, on a more personal level.
It enables a better communication channel for the underground artists that might not get the recognition they deserve. Artists often have no clue about who their fans really are, as most of that data is owned either by Spotify, Google, or anyone else, monetizing it. In the USA, of the $40 billion music industry, artists only capture about 12% of that wealth. With the rest going to either Youtube, Spotify, labels, or advertisers.
Capturing more value
Being able to monetize content via proof of ownership, on a distributed ledger, enables artists to capture more value that is owed to them.
It completely removes the middleman from the equation.
While the hype around NFT’s has been getting bigger and bigger and is still much in infancy, and some people might be abusing it, there are real use-cases for non-fungible tokens, as shown by the popularity of NBA’s TopShot.
The basketball collectibles, created by Canadian company DapperLabs have grossed over $500 million since its inception last year. With a LeBron James highlight (a video clip with a serial number) selling for over $208,000!
If you are interested to see today’s event, you can watch the recording below by Peanutbutta.
If you are still unsure about what NTF’s are all about? Make sure to read this article!
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