Written by: Rusheed "Portiay" Nash
An NFT album release works by creating a unique digital asset that represents a specific piece of music or album. This digital asset, which is stored on a blockchain, can be bought and sold like any other cryptocurrency. The ownership of the NFT represents ownership of the music or album and can potentially include exclusive access or perks for the owner.
As for Tory Lanez's NFT album release, he released a project called "When It's Dark" as an NFT on the NFT marketplace, Nifty Gateway. The project consisted of five tracks and five unique pieces of artwork, with each track and artwork piece being represented by its own NFT. The NFTs were sold in an auction format, with the highest bidder receiving ownership of the NFT and, therefore, ownership of the corresponding track or artwork.
The possibilities for the future of NFT music are vast. NFTs allow for more direct and personal engagement between artists and fans, as well as potential revenue streams for both. For example, an artist could create exclusive NFTs that provide access to special content or experiences, such as backstage passes, meet and greets, or early access to new music. Additionally, as NFTs are bought and sold on the secondary market, the artist could potentially earn residual income from these resales through smart contract royalties.
However, it's worth noting that NFTs are still a relatively new technology and there is some uncertainty around their long-term viability and potential adoption. It's possible that the hype surrounding NFTs could fade, or that new regulatory or technological issues could arise. Nonetheless, NFTs have the potential to revolutionize the way artists engage with their fans and monetize their work.