Source | Music Business Worldwide
Artists are connecting with fans and generating revenue by selling digital collectibles, even if they are hard to value
Non-fungible tokens (NFTs) are all the rage in the music industry right now.
DJs like 3LAU and Steve Aoki have sold theirs for seven-figure sums. Kings Of Leon just racked up around $2 million selling them bundled with their new album. And, ever the auteur, Grimes recently sold a bunch of NFT-affiliated artwork for around $6 million in just 20 minutes.
The dirty little secret of these types of transactions? People are buying unique digital collectibles – but they typically aren’t buying underlying copyrights. And considering most digital art (including music) can be easily replicated with a swipe of an iPhone, questions are getting louder over the uniqueness of the assets those splashing large sums on NFTs are actually securing.