Just as livestreamed concerts moved from esoteric to ubiquitous at light speed this time last year, NFTs (non-fungible tokens) are suddenly everywhere in music. Artists including Gorillaz, Calvin Harris and Kings of Leon have all jumped on the bandwagon in search of an art-tech utopia – and a payout.

At the end of February, Grimes sold 10 pieces of digital artwork as NFTs for $6m, while Deadmau5 has offered bundles including music and collaborative artwork. The Weeknd generated $2.2m by selling digital artworks with clips of a new track, as well as a single work that includes the full track, which he says will not be released anywhere else in the future.

NFTs are digital tokens linked to tangible or intangible value – such as a photo, drawing, video, song or experience such as collaborating with an artist or VIP tickets. The tokens are secured using blockchain technology which cannot be tampered with or hacked. Those NFTs can be sold or re-sold, primarily on the Ethereum blockchain (the decentralised network for trading with…

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Source: https://www.theguardian.com/music/2021/apr/07/cash-gifts-and-strong-arm-tactics-musics-problem-with-nfts