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.