“It happens at different venues and it’s not open to the public.”įans will be able to purchase a digital copy of the installation as an NFT. “It’s a performance series that is curated into an installation,” Young says. Young says he plans to release an NFT in the next 90 days, in a series called End of the Tunnel. Keite Young from Medicine Man Revival says this is just the start of cryptocurrency and the concept of blockchain technology being utilized in the creative space. We could see an era when artists are able to do business directly with music retailers and sell their NFTs like they used to with self-produced CDs. NFTs could have a huge effect on streaming platforms that simply don’t earn artists enough. This puts a lot of power back in the hands of artists who now have another way to monetize their art or other forms of digital merchandise. The artist can also receive royalties every time a buyer of that digital copy sells it to somebody else. They could add multiple buyers to the NFT or make it so there is only one owner. Artists and musicians can create NFTs themselves to auction off various forms of digital media to their fans who pay using cryptocurrencies like Bitcoin, Ethereum and others. In the music world, an NFT could be defined as a rare collectible that is stored on a digital ledger. Those types of paydays might've normally taken the artists years to collect, but NFTs have created a new model for artists to reach consumers by avoiding middlemen in distribution. DJ Steve Aoki made $4.2 million in the first week of March, while Post Malone auctioned off an NFT to play beer bong against him. Just a few days later, Canadian musician Grimes made $5.8 million in 20 minutes. In February, DJ and music producer 3LAU made $11.6 million selling music NFTs in only 24 hours. Artists and musicians have been independently making millions of dollars by selling digital versions of their art, music, video clips, photos and pretty much any other kind of digital media they can think to throw up on the blockchain.
Trying to understand cryptocurrency and non-fungible tokens (NFTs) can be annoying AF, but the amount of cash being made and spent in the crypto space can’t be ignored.
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