![]() ![]() Much rather think and talk about what might happen than sitting around feeling dread. ![]() I have a lot of hopes and fears tied to it. “I’m excited (and scared) of what possibilities and promises lie in this field, and for arts and culture in general. In purchase you will own the publishing to the song,” he said. As we explore the possibilities of art on the chain and the promise of web3, we can maybe begin to let go of old systems. “This NFT represents not only a 1of1 AV, but the publishing rights to the song upon its release, in perpetuity. Greene explained the thoughts behind the work and its significance in a statement on the Foundation website. Jacques Greene’s “Promise” music NFT via Foundation The track sold for 13 ETH (or around $23,000 at the time). They said that one of their hallmark artists - pioneering electronic sensation Jacques Greene - would be auctioning off the publishing rights to his brand new single “in perpetuity.” The name of the single was fittingly titled “Promise.”īefore the auction, fans got a mere six-second tease of the tune, which was offered through digital art marketplace Foundation. In February of 2021, U.K.-based record label LuckyMe made a historic announcement that pushed the music art space (and NFTs) forward dramatically. Table of Contents February 2021 March 2021 April 20 August 2021 October 2021 November 2021 December 2021 January 2022 February 2022 March 2022 April 20 June 2022 July 2022 February 2021 – NFT music moments Jacques Greene sells his music rights via Foundation ![]() To make these easier to understand, the events are listed in mostly chronological order. So to track how things develop, we’ve partnered with Coinbase and UnitedMasters (who recently came together to pay out musicians in cryptocurrency) to chronicle the music NFT moments that make the most waves - historic moves that signal a paradigm shift in the way the music industry operates. Now that the possibility of sharing wealth within an independent, digitized ecosystem of fans and creatives has been actualized, the future of the music industry seems even less predictable than it did during the global COVID pandemic. And at this point, one thing is sure: Music NFTs will continue to revolutionize the way that musicians and fans create community (and art) together. We’ve already seen several innovative NFT music collaborations. Read More: The Music NFT Bible: A Guide to the Future of Sound Musicians realized that, with this technology, they could go directly to their fans and sell unique, tokenized versions of their artwork - and ultimately yield substantially higher profits. It could be a single song, an album, or even a music video. It’s an NFT that features a piece of music. A music NFT is exactly what it sounds like. They offer a new way for creators to market and sell their content, expanding the possibilities of how art, music, literature, and more can be disseminated and consumed. They tend to acquire new products and technologies before artists in parallel industries have even heard of them.Īnd so it was in 2021 that musicians, both those who were well-established and up-and-coming, adopted a new form of music art known as NFTs.įor the uninitiated, NFTs are a new kind of digital asset. As such, those working in the space have always been the early adopters. What’s more, the music industry is - and always has been - irrevocably tied to technology. Artists, especially independent musicians, were more than eager to find alternate revenue streams. ![]() We say this move was inevitable with good reason. But then a new kind of music art came onto the scene, and in 2021 the inevitable occurred - the music industry embraced non-fungible tokens (NFTs). The months dragged on, and things didn’t get better. Live shows ended, merchandise sales slowed to a crawl, and the money stopped coming in. In 2020, the COVID-19 pandemic effectively cut musicians off from all of their primary sources of income. ![]()
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