The music scene is quickly becoming more and more entwined with NFTs, as more artists turn to digital tokens as a way to expand their creative horizons or experiment with new ways to profit from their work.
Some talented artists like DJ 3LAU explored selling albums in the form of NFTs and found success. Others like Ozuna made teddy bear drawings and also earned a couple thousand dollars.
And as the hype around NFTs grows, those artists will be looking to venture deeper into the jungle of Blockchain technologies. But not all of them take the same path.
Here we show 3 approaches taken by different musicians in the last couple of days:
Soulja Boy is the perfect example of a person infatuated with technology but unsure of where to start.
Twitter seems to be Soulja Boy’s favorite place to get information about blockchain technologies and get tips on investing. After sharing his interest in Bitcoin and other cryptocurrencies following the bull run, Twitter’s advice prompted him to diversify his investment portfolio with a few altcoins.
He subsequently wanted to experiment with his own cryptocurrency. Still, it seems he gave up on the idea and embarked on a more ambitious venture: He sold tweet asking how to sell a tweet and then started thinking about launching his next album in the form of NFT.
And, of course, he asked for help on Twitter.
Things could work out well for him. He received a response from Origin Protocol offering guidance. Considering they helped 3LAU sell an NFT collection for several million dollars, the idea could be a good one.
Yes, NFTs are revolutionary, but can they revolutionize the music industry? Taylor Bennet and Big Zuu think so.
Instead of going down the typical route of tokenizing products, these two artists are tokenizing their songs’ copyrights, and they are doing it on a shared basis. The site promoting the auctions explains:
Unlinke other NFT tokens, by a real world asset and will generate monthly revenue, as well as increasing in value as the artist’s career progresses.
NFT owners can track and withdray their earnings from their Bluebox account. As well as generating revenue each month, these assets will also be tradeable on the upcoming Bluebox NFT exchange
For each song, 10 tokens will be issued, representing 7.5% of each song’s copyright royalties. This is similar to buying a share in a company, where the shareholders split the profits and the founders keep 25% of the company.
This would be the first time such a business model has been attempted. Registration is open for those interested in bidding.
Ja Rule is a musician, but he’s not selling songs or rights… He’s selling a digital certificate of ownership on a 48-inch-by-60-inch, oil-paint portrait themed to the infamous Fyre Festival.
“F-k this painting.” said Ja Rule, showing that he is perhaps the first person to sell a token because he does NOT like it. But no doubt, the painting holds a special place in Ja Rule’s heart.. sorry, pocket, and he’s only willing to get rid of it for a good amount of money.
What will be the next frontier for NFTs? Nobody knows, but for crypto enthusiasts —and artists— the future sure seems to look exciting.
