The unique blockchain assets could be ushering in a revolution in fan to artist relationships
Deadmau5, Grimes, 3Lau, Jacques Greene, Tory Lanez and Kings of Leon are all getting in on a slice of the NFT action. The most jaw-dropping figure comes from 3Lau’s recent sale, in which he accumulated $11.3 million from an NFT auction.
NFTs – Non-Fungible Tokens – are commonly likened to digital pieces of art. In short, an NFT can represent the ownership of an original copy of a song, album, merch, or any unique item. The NFT is held in the blockchain, where it cannot be copied or deleted. The buyer owns this digital piece of art, which can change in value depending on popularity, and if they want to sell it, they can. An NFT can currently be purchased with Ethereum and Polkadot cryptocurrencies.