Source | DJ Magazine
One of the Internet’s most talked-about acronyms — which stands for non-fungible token — is redefining digital ownership. But could NFTs really revolutionise the music industry, give the power back to artists, introduce new revenue streams, and ensure artists are automatically and accurately paid for their work? Or is it another ego-driven exercise for crypto investors, with a dramatic environmental impact? DJ Mag’s digital tech editor Declan McGlynn investigates
Most people’s first experience with NFTs most likely happened within the past few months. It was also, most likely, met with confusion. As GIFs of cats and animated twerking skeletons began to sell for six figures, questions began to be raised around the motives, validity, and purpose behind NFT auctions.
In March, US producer and DJ 3Lau sold his first collection of NFTs (33 in total) for $11.7m, Richie Hawtin celebrated 303 day with a series of auctions around original photos of his personal TB-303, Grimes sold her digital fantasy art for $6m, and Steve Aoki’s ‘Dream Catcher’ collection sold for $4.25m.