NFTs Shift Power to Artists as the Music Business Evolves
The $1 million musician/producer RAC has made so far is nice, but the bigger mission is to “rebuild the music industry.”
The Grammy-award winning musician and producer André Anjos goes by the stage name RAC, although as a bellwether in the radical ways the music industry is evolving, he might consider changing that to NFT.
Nonfungible tokens, a new type of blockchain technology that uses enforced scarcity to make digital goods collectible and valuable, have been on a tear. Earlier this year, Christie’s conducted the record-breaking $69.3 million sale of an NFT by digital artist Beeple. Around the same time, Anjos earned $708,000 for a collection of NFTs related to his latest album, YOU, more than from his combined album sales over the previous 10 years. Overall, he’s made about $1 million from NFTs.