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On December 30th, Elon Musk made a post mocking music NFT on Twitter. The post comes with a picture showing the music album Demon Days created by the virtual band Gorillaz, and the words in the picture says “NFTS MADE AN ALBUM???” “No Way”.
NFT stands for non-fungible token. Its name pretty much reveals its nature: unduplicatable. Similar to a numbered fiat currency, and there would not be two USD coins with the same number. Compared with fungible Token, the key innovation of NFT is that it provides a method of marking the ownership of cryptoassets. This ownership can exist outside the centralized service or centralized database.
Therefore, in the world of NFT, there is a growing community of visual artists. They use blockchain technology, such as the ERC-721 token on Ethereum, to mint NFTs and reflect the digital provenance in their art. At the same time, a much smaller community consisting of music artists is also experimenting in this field. The NFT collections they cast are usually called “NF Audio” or “Crypto Music.”
It is worth mentioning that Musk’s girlfriend, Canadian musician Claire Boucher, whose stage name is Grmies, sold ten songs in an album called WarNymph in the form of NFT this year, those music NFTs were sold for $5.8 million.
In addition, Christie’s auction house successfully auctioned digital works in the form of NFT for the first time, and accepted cryptocurrency payments, with a final price for over $69 million USD.
LuckyHash comment: Due to its non-fungible and inseparable characteristics, NFT can be bound to some commodities in the physical world. Currently trending NFTs are used to sell digital artworks, such as paintings and music.
Encrypting the artist’s signature on blockchain can effectively verify the authenticity and ownership. Therefore, NFT does not capture information to hide it, but discovers the relationship and value of captured information with all other onchain information. For Elon Musk’s release of [NFT can’t be made into an album], it may not merely be a mockery, but also an admiration of music NFT to some extent. That’s why people want to have their own music NFT album.
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