Source | Music Business Worldwide
Non-Fungible Tokens (NFTs) continue to make headlines, but many haven’t quite wrapped their heads around what they mean for different elements of the music industry.
What started primarily as a way of selling exclusive digital art has morphed into a larger conversation about just what can be sold, be it exclusive access, rights to early album releases or editions, or even the underlying copyrights themselves. This development has massive implications for fans – many of them seemingly good – however every music creator should know what this could mean for them.
An NFT is a relatively simple idea: a unit of data, or a unique non-duplicatable code, that gives buyers an opportunity to own a specific digital asset verifiable through blockchain and buyable through several cryptocurrency platforms with terms outlined in a “smart contract”.