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• This is an entirely new revenue stream that is only possible because of true digital ownership that can encode royalty logic in the media itself. • A common critique is that because digital art be copied, they don’t carry much value o This is not true - the more a file is shared or seen, the more cultural value it accrues § Consider the mass production of posters or t-shirts of Warhol imagery which drives up the value o NFTs introduce a new possibility that enables true ownership to exist while a work continues to freely circulate online • NFTs are designed to give you something that can’t be copied: ownership of the work (however the artist can still retain the copyright and reproduction rights, just like with physical artwork). o To put it in terms of physical art collecting: anyone can buy a Picasso print. But only one person can own the original. o The pride of ownership is one reason to own an NFT - it’s 100% yours, even if someone else can enjoy it. Music artist. The current streaming model pays musicians a fraction of a cent per stream: • This model works relatively fine for songs that generate enormous number of streams, but do not work for artists who have a small audience • Before the pandemic, many artists resorted to touring as a way to support themselves o It’s a running joke-that-isn’t-a-joke that a record is a loss-leader and that musicians are really in the ticket and T-shirt business. • Pandemic hits - all artists have to cancel touring plans. Countless are artists left without any income in an industry where already 90% of all streaming income goes to the top 1% of artists. NFTs give musicians the potential to provide enhanced media and special perks to their fans - think of a music NFT like a limited-edition vinyl record signed by the 5PDF Image | Primer on Non-fungible Tokens NFTs
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NFT (Non Fungible Token): Buy our tech, design, development or system NFT and become part of our tech NFT network... More Info
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