Can NFTs Fix the Music Industry’s Broken Business Model?

An Inside Look with Cristina Spinei

“I am a firm believer in the ability of NFTs to transform the broken business model of the music world.” -Cristina Spinei

What are NFTs?

NFTs (Non-Fungible Tokens) are not cryptocurrencies, but NFTs are an innovation brought to us by the same technology powering cryptocurrencies, blockchain.

Bitcoin was the first blockchain, then Ethereum made NFTs possible. Now there are dozens if not hundreds of blockchains, including Bitcoin, providing support for NFTs. Some notable ones include Solana, Tezos, Chiliz, Theta, Harmony and Kusama.

Tens of thousands of traditional corporations, influencers, entrepreneurs and artists have entered the space so far in 2021.

Don’t get what it’s all about? Here’s a quick intro:

Definition
Non-fungible: adjective. Not fungible. Meaning not capable of being replaced by another identical item easily; not mutually interchangeable; unique.

This technology embraces many fields: digital art, collectibles, gaming, certifications and personal licenses, IDs, domain names, music, fashion, finance and insurance.