Source | Pitch Fork
The music world’s collision with NFTs has been dizzying to witness. One minute, Saturday Night Live is explaining the digital collectibles in a sketch parodying Eminem’s “Without Me.” The next, Eminem is selling his own NFTs (“non-fungible tokens”), adding hundreds of thousands of dollars’ worth of cryptocurrency to his digital wallet in the process.
In late February, Grimes stirred up a frenzy when she auctioned off a set of NFTs—representing audiovisuals of spear-wielding space babies—for about $6 million, and other musicians have followed her lead. Judging by Pitchfork’s news inbox, NFT drops might start outnumbering new album releases, with artists both mainstream (Weezer, the Weeknd, Snoop Dogg) and indie (Yaeji, Toro y Moi, Flying Lotus) finding ways to join in on the controversial trend. “It’s almost like a gift from God,” says Jordan Bromley, an entertainment lawyer with Manatt who has worked on NFTs for electronic acts like Diplo and Odesza. “Artists haven’t had any revenue from touring for the last 12-plus months, so to have a little boost to get them through the final stretch here has been amazing.”