Are NFTs the future of the music industry?

Written by Parag Bhattacharya NFTs or non-fungible tokens are gaining wild popularity nowadays. A landmark digital artwork by Beeple was sold for $69.3 million some days back as NFT through a global auction. Beeple’s NFT consisted of 5000 unique digital images produced every day for approximately 13+ years and the historical value of the art was undeniable. Truly exciting! NFTs are getting wonderful investor attention as the asset’s ownership and authenticity is verifiable on the blockchain. Digital art can be easily copied endless times but the digital signature of NFT makes it very unique. The collectors are liking the concept of verifiable scarcity and the NFT market is growing like a rocket. The trading of NFTs began in 2017 as a blockchain experiment but we saw surging demand in 2021. Monthly sales on NFT marketplace OpenSea hit an astonishing figure of $95.2 million in February, up from January’s $8 million. According to NFT trade data aggregator NonFungible.com, total NFT trading volumes on the Ethereum blockchain has exceeded $400 million. NFT is not necessarily only digital art. Videos, music, text, or even tweets can be turned into NFTs.

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