Non-Fungible Tokens
NFT's Are The Future Of Music
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.
What's an NFT? How Can Musicians Create and Sell NFTs?
In the music world, an NFT could be defined as a rare collectible that is stored on a digital ledger. 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.
They could add multiple buyers to the NFT or make it so there is only one owner. The artist can also receive royalties every time a buyer of that digital copy sells it to somebody else. 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.
Fans will be able to purchase a digital copy of the installation as an NFT. (The digital works sold as NFTs can still be copied and shared themselves, but ownership of a token is unique.
Think of it as something like a copy of a popular book autographed by the author; there are lots of copies of the book and more can easily be made, but the NFT version is one of kind.)
