NFT and the Music Industry: Billboard Explains – Billboard
By now you’ve probably heard the term NFT, and some of today’s top artists – from The Weeknd to Snoop Dogg – are making waves in the NFT world. What exactly are they and how are NFTs growing in the music industry?
NFT stands for “non-fungible token” or, more simply, a digital collectible bought and sold using cryptocurrency. NFTs can range from art and sound recordings to tickets and more. NFTs generated an impressive global revenue of $25 billion in 2021.
EDM artists were the early leaders of the NFT world. In 2021, 3LAU auctioned off 33 NFT collectible versions of their album Ultravioletwhich ended up selling $11.7 million and marked the first album to be tokenized.
Since then, artists such as Grimes, Shawn Mendes, The Weeknd and many more have released their own versions of NFT. More recently, Snoop Dogg announced that Death Row Records, his former label – which he acquired in February – will be an NFT label.
As for the future of the music industry with the rise of NFTs, BillboardMusic publishing journalist Kristin Robinson said: “Technology has always been a very important part of the music industry and has really dictated how we make music, how we consume it.
Watch the latest episode of Billboard explains above to learn more about all things NFT and the music industry.
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