NFTs are the newest digital fad in the music industry. A non-fungible token is essentially a blockchain-based token that can be used as proof of ownership for a digital entity. With this technology’s help, any writer, artist, or singer can generate an original patent for their artwork. Only the people who have access to these NFTs would be able to access the commodity that exists in the digital space.
Mike Winkelmann, also known as Beeple, is a top-rated artist who made headlines after managing to sell his artwork for $69 million. The bidding was facilitated by Christie’s and sent to an anonymous winning bid. In the same fashion, artists like WhIsBe, XCOPY, Pak, Hacktal, among others, have made sales for an average of $1.5 million each.
Does the Secondary Market for NFTs have a Growth Potential?
According to Richard Chen, Founder of Crypto Art, the secondary markets for NFT artwork are already growing much faster than the primary one. He told the journalist from the crypto tabloid that artwork collectors are willing to pay up to 100-150% higher price than the product’s primary sales. He shared the example of a mysterious art collector, ‘4156’, who bought XCOPY artwork for $872,500 for his private collection, which was originally sold for $98,500.
Chen believes that art collectors have come to realize the true potential of NFT demand shortly and have started to take a keen interest in the subject. The time is favourable for the NFT collectors to increase their portfolio, as the future is likely to bring more interest and higher demand for this new expression medium.
Weeknd is ready with his Latest NFT Music Video to put on Display
The Canadian-based singer was last seen pointing at the cardboard cutout of his fans at the Superbowl halftime show. In a recent tweet from his official Twitter account, the singer and songwriter have announced his upcoming NFT music video that would be available for display on Saturday.
The music industry is known to treat singers like a machine that needs to work around the clock and churn out music like a factory. Many singers go broke from lack of control and work pressure. The presence of NFT would allow the music artist to create their work and put it up for sales without being associated with a record label.