There’s a lot of buzz about NFT (Non-Fungible Token). Non-fungible essentially means something unique which cannot be replaced. NFTs can be anything digital (right from drawings, music, and so on. There has been a rage about art NFTs all across the globe. However, Music NFTs are soon catching up. There are various people who have encouraged and brought the Music NFTs in the forefront. The NFT landscape is up for disruption and experimentation with people immersed in this trend which is taking a form of a revolution.
In late April, Metakovan, a Singaporean-Tamil entrepreneur purchased an NFT of Tamil singer-composer Kaber Vasuki’s 2012 demo version of a song called ‘Vasanam’ for the price of 50 ethereum, a cryptocurrency which amounts to ₹1.5 crore at the time of sale.
Just like how NFTs empower artists, they’re also empowering for musicians with patronage of a different kind. Internationally, musicians like Grimes, Deadmau5, Mike Shinoda, Kings of Leon, RAC, among others, have been very active in this sphere.
Dallas-based Verdigris Ensemble created the ‘Betty’s Notebook’, a multi-layered, multimedia choral piece, which was taken by Metapurse, the world’s largest NFT fund for $2,15,989 (56.56 ETH), but the sale was for more than US$375,000 in total.
More and more musicians are taking up the challenge and trying to experiment with music to make it to the auctions. It’s an interesting space with so much to explore and innovate. There are connoisseurs who value the art and are willing to reward the artists with incredible sums of moolah.
Disruption leads to change and change brings in empowerment. That’s exactly what NFT in music is doing. It is empowering musicians and moving away from the existing business models. It is indeed outstanding to see artists breaking the boundaries and making it big in the digital world.
Innovation has always led to the evolution of the human race. Digital has brought in the 4th Industrial Revolution with immense scope for growth and experimentation. Artists across genres would benefit with the umpteen possibilities in the world of NFTs.
However, one cannot predict if this is a seasonal trend or a digital revolution so soon. Time will tell how we harness the potential of the digital world and reap the benefits of a disruptive system. As long as it serves the interest of the artist community, it’s here to stay.
The lines between the real and digital world are soon blurring and a new reality is about to be the new normal. Making heads turn with exceptional art, artists are exploring a new realm of success and growth. If the momentum continues to pick up, the NFT in music would be super sensational. Innovation is always welcome in a world of new possibilities. Experimenting is the new definition of success.
For now, one piece of advice for the musicians: Go ahead, make path-breaking music and you never know, your music could fetch you millions! Let’s keep an eye on what lies ahead for this world.