Are there reasons to be wary of music NFTs?

    Despite the allure of quick cash and the guarantee of freedom, there are several reasons to be wary at the present.

    If you work in or near the music business, you can’t go a day without hearing someone sing frantic paeans about the beautiful future that awaits us due to non-fungible tokens (NFTs) and the upcoming crypto revolution. If it isn’t Russian protest punks Pussy Riot issuing new NFTs while being under house arrest, it’s that guy who used to be in a slightly cool punk band and now spends all of his time tweeting bizarre crypto-memes. Or it might be T-Series, which is distributing NFTs of digital art from its most forgettable films.

    The pandemic’s effect on musicians

    The covid-19 outbreak has served as a sobering reminder of the precarious financial situation in which the great majority of working artists find themselves. Even as major label earnings are increasing at record rates—nearly 29%, as per MIDiA Research—artists are still vying for parts of a cent per play, with the top 1% raking in over 90% of streaming revenue.

    Repeated quarantines have left the live music world reeling, unable to perform beyond the next two weeks’ event horizon. So, it’s no surprise that many artists have jumped on board with Web 3.0’s utopian vision of a new, decentralized internet that, according to its ape-avatar priests, will make the global technology more accessible, egalitarian, and creator-focused.

    Web 3.0 into the market

    The specifics of what Web 3.0 will seem like are still not clear, as they are with any promised land. But at its heart is the premise that computing (a framework for calculating and storing data close to its source), AI, and blockchain network will help us establish an internet free of Silicon Valley businesses’ centralized control. This would empower users to directly own, control, and benefit from their data, correcting the inequalities in the existing creator economy, which gives corporate-owned sites like Google and Facebook a substantial portion of control and value.

    Musicians into NFTs!

    A considerable number of musicians have dipped their toes into the NFT area as a result of that last promise, as well as frantic headlines about speedy pay-days and overnight millionaires. Grimes, a Canadian musician, sold a range of digital art NFTs for $5.8 million (about Rs. 43 crores) in less than 20 minutes in February. DJ and producer 3LAU sold 33 NFTs for $11.6 million in the same month, making it the biggest grossing NFT auction at the time. Swarathma, a Bengaluru folk-rock band, launched an NFT collection earlier this month that included audio rarities, souvenirs, live experiences, and rare animated artwork. It’s turned into the buzzword to end all buzzwords.

    NFTs – Infinitely reproducible

    The initial appeal of NFTs in the realm of art and music is that they will generate scarcity in an era of online plenty. Digital artwork, whether it’s an image, a song, or a movie, is eternally reproducible by its very nature. It’s as easy as right-clicking and saving to “own” a piece of digital art. However, when you purchase an NFT of art, you are purchasing a proof-of-ownership token that can be easily verified publicly and is virtually impossible to fabricate. As a result, the NFT is more like to a conventional art object, one that collectors may own and exchange.

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