Nik Patel, David Lowery, and Chris Castle feature in this podcast where they discuss the current issues of artists’ rights in the music industry. Don't forget to subscribe, rate, and share!
On this episode of the Artist Rights Watch, Nik Patel, David Lowery, and Chris Castle sit down with Alan Graham to talk about the latest trend in musicians releasing NFTs. NFT stands for non-fungible token. Purchasers are those who view NFTs as a way to support artists, actors, musicians, and athletes. Most NFTs can be reasonably priced for creatives to monetise their work; especially in a current climate of no live show revenues. NFTs can represent the ownership of an original copy of a song, album, Merch, or any unique item. They are held in the blockchain where it cannot be copied or deleted. Buyers hope that the NFT will increase in value over time and be a good investment. It is not something tangible that can be displayed like a work of art or trading cards. You need to store your NFTs in a digital space. NFTs are more about the digital token rather than the art itself. The value of owning something as scarce as a digital authentication of originality is what is really being bought.
Below are some links for further reading on NFTs relation to music:
National Law Review
Artists are selling their music as NFTs - and they’re making millions. Sam Willings
The Weeknd’s ‘Acepthalous’ NFT features new music and limited edition art. Christopher Harris
ASAP Rocky to Offer His First-ever NFT Collection. Joshua Espinoza
NFTs Shift Power to Artists as the Music Business Evolves. Matthew Leising.
NFTs for Music Explained (in Musician Terms). Ari Herstand