We've heard of the art world waking up to NFTs (non-fungible tokens, which prove ownership of a piece of digital content, like art) but is this cryptocurrency-adjacent digital format revolutionising the music industry?
What are NFTs?
Most simply, they're a digital certificate of authenticity — proof of ownership despite how many digital copies exist. They rely on blockchain, the same energy-intensive technology that underlies bitcoin and other cryptocurrencies.
Which musicians are selling NFTs?
Kings of Leon, Linkin Park's Mike Shinoda, and Shawn Mendes have climbed on the band wagon, and Portugal. The Man proclaimed that "cryptocurrency is the new rock'n'roll".
The Weeknd tweeted that he's working on a "new song living in NFT space"; Gorillaz revealed NFT plans as part of their debut album's 20th anniversary; and Lindsay Lohan is turning her latest single into an NFT.
Boy George, K Camp, Snoop Dogg, Axel Mansoor (a Mauritian musician who's become famous on the Clubhouse app) and Lionel Richie joined Crypto.com's new NFT platform last week.
Controversy around NFTs?
The idea that a digital certificate of authenticity is valuable, but the infinitely replicable artwork itself is not, raises questions about what "art" and "authenticity" actually mean. Also NFTs are partially responsible for the millions of tons of planet-heating carbon dioxide emissions generated by the cryptocurrencies used to buy and sell them.
Who buys music NFTs?
They're luxuries for the wealthy, reflecting the socioeconomic dynamics of the art, music and tech worlds that created them.
