Non-Fungible Token taking over the Entertainment Industry

Non-Fungible Token taking over the Entertainment Industry

The Tennessee rock band Kings of Leon announced last week that they will be releasing a non-fungible token (NFT), which is a digital blockchain that is premised on collectible. In the instance, it is like a bundle or a deluxe edition embedded in the NFT is an animated version of the cover art and a set of MP3 and also the physical copy of Vinyl.

From the NBA to Taco Bell, NFTs are becoming ubiquitous and some known artist like Yaeji, Grimes and Toro Y Moi have all at one time sought to use NFTs.

A visual art of over six million was sold by Grimes, $11 million was made by an EDM musician for selling an album as 33 individual NFTs and plethora of multimedia pieces has been sold by Mike Shinoda of Linkin Park through the NFT marketplace Zora.

Also, earlier this week, the website XLR8R announced a dedicated marketplace for music NFts.  There plethora of developing cottage industry of NFT auction houses hunting to takin these masses collectibles.

A genuine intriguing gimmickry is behind the early stage gimmickry and the ways of thinking about how the music is owned. Something that fundamentally resist precise valuation, is the music  business that has always resist precise valuation and that is to say how the precious songs are worth.

 

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