Beeple’s $69 million sale at Christie’s by artist Mike Winkelmann sold for $69 million sale at Christie’s. Others are not to far behind with. The highest legitimate sale for a CryptoPunk NFT selling for $11.7 million.
While such numbers were unfathomable just a few months ago, investors have taken to NFT’s like Elon Musk has taken to Doge.
While many buy an NFT for the community, the use case or nostalgia, a typical NFT is an image, one that is rare, or a well used meme or simply one that is sought after from hype.
Artists are able to now market their creations in virtual studios and earn top dollar, without ever travelling the world, or dying.. Sorry Van Gogh, ( Vincent Van Gogh only sold one painting during his lifetime. It sold for the equivalent of approximately $109 dollars.)
Many though have yet to understand or even purchase an NFT and according to a new Security.org survey, 2% of respondents had purchased or sold an NFT in the past. Which in one hand is not surprising, on the the other hand, demonstrates the potential growth in the NFT market.But what is an NFT?…. err.. Non-fungible token.
Sooo right, for many thats like explaining a word with the same word.
Let me break this further, a “Non-fungible” means that it’s unique and can’t be replaced with something else. For example, a bitcoin is fungible — trade one for another bitcoin, and you’ll have exactly the same thing.
A one-of-a-kind trading card, however, is non-fungible. If you traded it for a different card, you’d have something completely different. You gave up a Squirtle, and got a 1909 T206 Honus Wagner, which StadiumTalk calls “the Mona Lisa of baseball cards.”
So Nowadays you can buy all sorts of NFT art work, and it’s kind of like buying THE Mona Lisa, while there many posters and replicas, you own the only one. Yet, NFT’s are mostly low res monkeys or cyber punks, that buyers are capitalizing on the potential demand of the series.
Now, like many readers, buying an image or a pixelated monkey might have value to them, but let’s evolve the NFT to one that provides nostalgia and bragging rights beyond an icon.
Companies like NFTtone.io are gearing up with their own marketplace, yet as their name implies, its not a 8 bit graphic, but music from artists and composers.
Can you imagine the attraction of owning the rift of Stairway to heaven? Or the first 10 seconds of the Beatles Strawberry Fields Forever?
This is where NFTtone is betting on the current 7 billion dollar a year market is headed. Having launched its beta marketplace and attracting artists like Miza, NFTTone is providing a platform for any musician be it Drake or DJ SicKick ( who is amazing) to create and market music to their community. For new artists who get excited about appearing on streaming music site, their excitement wanes as they realize they are paid between $3 to 5$ per 1000 streams.
Linkin Park’s Mike Shinoda, who raised nearly $11,000 for his first NFT, recently tweeted,
“Even if I upload the full version of the contained song to DSPs worldwide (which I can still do), I would never get even close to $10k, after fees by DSPs, label, marketing, etc.,”
NFT’s for music will disrupt how musicians both create and market their music and provide a community who are invested and vested in the artists success. Buy a Jason Mraz NFT before he was heard on the radio and well that NFT just became a diamond mine.
Music NFts are the natural progression of the NFT’s and for musicians who felt they were left out of the current NFT market, well welcome to the future of music.