What are your thoughts on music NFTs?

CParsons

Administrator
Staff member
Mar 16, 2020
17
13
525
NFTs (Non-Fungible Tokens) are taking off among creators and among them, musicians are cashing in millions of dollars off their sale. Artists including Grimes, Deadmau5, Kings of Leon have taken advantage of the rise. While many folks are not buying into the hype, just as many others out there are. I'm going to drop a quick explainer video here for those who might still be wondering what all the fuss is about.

View: https://youtu.be/rztmblQAmjI


My question for you all, however, is how you feel about NFT's when applied to music. There are already songs and albums out there available for purchase as NFTs with plenty more coming. I can see why artists are interested in it because unlike releasing their music to streaming services through labels and such, they can go directly to their fans/collectors. Plus, rather than making a lump sump of money off of whatever they sell, they can continue to earn a profit off the NFT each and every time it is sold and passed on. Linkin Park's Mike Shinoda caught onto this and has since gone all in on NFTs. Personally, I'm still up in the air about them and still trying to understand it all, as it seems a bit crazy to me. Plus, the envrionmental impacts are offputting.

Are you folks interested in NFTs? Is this the future of buying music and supporting artists? I'm curious to hear your thoughts on it all.
 
D

Deleted member 188533

Guest
So it lets you buy music ( and other things ) with unique blockchain tokens? :unsure:

I don't understand why this is better than just having people pay with Bitcoin or Ethereum or even one of the less serious cryptos like Dogecoin? I can see the appeal in certain niches like gaming but beyond that I don't get it. It's aimed at an incredibly small segment of the population.
 
  • Like
Reactions: jsimenhoff

CParsons

Administrator
Staff member
Mar 16, 2020
17
13
525
I don't understand why this is better than just having people pay with Bitcoin or Ethereum or even one of the less serious cryptos like Dogecoin?
It's not really about how people pay. It's about what they get in return. NFTs are unique, and there's only one creating rarity/scarcity. No two are the same. If I buy a song NFT deemed the original, then I own the original. It will never be duplicated in the exact same way. The artist could re-release it again, but it would not be the 'original'. Plus, if I sell it again, the artists gets a profit share of what I sell it for.
 

jsimenhoff

Well-known member
Oct 22, 2019
26
24
545
So it lets you buy music ( and other things ) with unique blockchain tokens? :unsure:

I don't understand why this is better than just having people pay with Bitcoin or Ethereum or even one of the less serious cryptos like Dogecoin? I can see the appeal in certain niches like gaming but beyond that I don't get it. It's aimed at an incredibly small segment of the population.
I think a better way to understand it is to imagine artist merch you can collect. Maybe it's a special album with limited pressings, maybe it's a piece of artwork, or a t shirt. NFTs digitize the work as a piece of code. The code is non fungible meaning it is unique and cannot be replaced.

I think the tech is interesting, but is it world changing? I'm not sure. Seems like it takes more energy to make an NFT than it is to print out a poster, but maybe not? Hopefully it can help artists further monetize their work.
 

Friesiansam

Well-known member
Feb 3, 2015
541
406
11,270
I can see how this might be good for content creators but, the environmental impact of crypto-mining is massive and, if prices collapse, so does the value of the GAS and the NFTs. Many are saying (based on reading about the current situation with spiralling crypto values) the current surge in crypto values is unsustainable, due to the huge energy and environmental impact. When the bubble bursts, a LOT of money is going to be lost.
 

CParsons

Administrator
Staff member
Mar 16, 2020
17
13
525
I can see how this might be good for content creators but, the environmental impact of crypto-mining is massive and, if prices collapse, so does the value of the GAS and the NFTs. Many are saying (based on reading about the current situation with spiralling crypto values) the current surge in crypto values is unsustainable, due to the huge energy and environmental impact. When the bubble bursts, a LOT of money is going to be lost.
Yup, this is exactly why I'm so hesitant to hop on board. But at the same time, I don't want to be caught in a Bitcoin moment where I wasn't in early enough to take advantage of the value right now. Someone gave me some satoshi's one time when they were worth nothing and I never claimed them, looking up the value now it's like $600 but the service they used to send them to me is no longer up and running so I can't claim them. Doh!
 
D

Deleted member 188533

Guest
Crypto isn't going anywhere anytime soon. The big brokerages are just now getting into it. Goldman even reopened their crypto desk last week. I wish I'd been smart enough to have a dedicated mining rig for the last 12 or 13 years through the ups and downs.
 
  • Like
Reactions: jsimenhoff
D

Deleted member 188533

Guest
The future. :LOL:


I have to admit I was barely aware of NFT's before this thread and I seem to be seeing it everywhere now. I don't know if that's just because I'm paying attention now or if they're just blowing up.
 

CParsons

Administrator
Staff member
Mar 16, 2020
17
13
525
The future. :LOL:


I have to admit I was barely aware of NFT's before this thread and I seem to be seeing it everywhere now. I don't know if that's just because I'm paying attention now or if they're just blowing up.
Both, I'm sure. :cool: As you can tell from that article, things have only gotten wilder since I posted.
 

AVDude

Well-known member
Oct 17, 2020
41
9
45
The music industry as it is right now is not able to support or interact in a beneficial way regarding how music is consumed via streaming platforms or social media outlets like Twitch and Facebook.

There are avenues for allowing persons involved in streaming media to use licensed content but it isn't supported by major platforms like Facebook and Twitch, the latter is an odd one. Amazon is a huge reseller of music and video, this should be a no brainer for them to incorporate a method of permitting streamers to pay for the use of licensed content. I am assuming this blockchain payment thing is either part of this puzzle or could be the solution to it.
 

Wil

Well-known member
May 8, 2020
271
80
970
"…the motivation for the buyers and traders is surely grounded in getting rich quickly. Most cryptocurrencies have little to base their values on: bitcoin is barely used as a real-world currency – it is bought by people hoping it will be worth more in the future. Its value lies solely in the fact that other people value it.

NFTs at least have some kind of scarcity and real-world link – however tenuous. So, in the middle of a blockchain boom, it’s a new and exciting outlet for speculative money.
"
 

Shadowfax

Active member
Mar 20, 2021
12
1
25
Both, I'm sure. :cool: As you can tell from that article, things have only gotten wilder since I posted.
I guess this proves my generation. Selling an electronic fart for $85.00, while being great for the farter, it seems like the fartee has effectively just handed over eighty-five quid for nothing, I'm obviously missing something - please tell me what? It's always a shame to lose out on a good fart.
 
  • Like
Reactions: Friesiansam
Jun 10, 2021
1
0
20
NFTs (Non-Fungible Tokens) are taking off among creators and among them, musicians are cashing in millions of dollars off their sale. Artists including Grimes, Deadmau5, Kings of Leon have taken advantage of the rise. While many folks are not buying into the hype, just as many others out there are. I'm going to drop a quick explainer video here for those who might still be wondering what all the fuss is about.

View: https://youtu.be/rztmblQAmjI


My question for you all, however, is how you feel about NFT's when applied to music. There are already songs and albums out there available for purchase as NFTs with plenty more coming. I can see why artists are interested in it because unlike releasing their music to streaming services through labels and such, they can go directly to their fans/collectors. Plus, rather than making a lump sump of money off of whatever they sell, they can continue to earn a profit off the NFT each and every time it is sold and passed on. Linkin Park's Mike Shinoda caught onto this and has since gone all in on NFTs. Personally, I'm still up in the air about them and still trying to understand it all, as it seems a bit crazy to me. Plus, the envrionmental impacts are offputting.

Are you folks interested in NFTs? Is this the future of buying music and supporting artists? I'm curious to hear your thoughts on it all.
As with the move from vinyl to CD, and then to streaming, there will always be new platforms to allow us to listen to music, but whatever the format, what is more important to the audiophile is the quality of the source, if it is an improvement over vinyl and/or CD then we can embrace it, if it is compressed and streamed, I personally wouldn't be interested. There is a moral issue to consider in that over the decades, artists have not received a fair wage for their art, if this will provide them with greater rewards then there is some benefit to the scheme.
 

ASK THE COMMUNITY

TRENDING THREADS

Latest posts