After Twitter or Reddit, it’s now YouTube’s turn to consider adopting Music NFTs (“Non Fungible Tokens”). These non-fungible tokens, whose uniqueness is based on blockchain technology , best known for selling works of visual art, have always been linked to the market. Indeed, it allows new modes of remuneration and collaboration , and offers a form of indirect ownership of works .
The business of NFTs :
NFTs are more popular than ever in the music industry, as shown by the recent agreement between the Warner label and the NFT platform Block-party . But beyond allowing the virtual to be sold, NFTs also allow the public to own a small part of a song and thus to collect rights on it: this is the choice made by the artist Nas for 2 of his songs .
For NFTs that are authorized for commercial use, it is also possible to use them in videos. Thus, the very popular Bored Apes are on their way to becoming music stars thanks to their appearance in music videos.
Artists are also capitalizing on this technology by selling NFTs of souvenirs or photographs: Snoop Dogg did this himself a few months ago . An interesting business for families of artists, including that of John Lennon: Julian Lennon can sell NFTs without physically separating from his father’s memorabilia .
Technology not so secure?
But NFTs haven’t conquered all artists, and some like Brian Eno regret the business that has been created around this virtual economy . They haven’t fixed the piracy issues either, and even created new ones .
Moreover, this technology, which is still recent, suffers from a lack of regulation and still encounters several problems, including theft and copying of works . Long promoted as a fairer and more respectful method of remuneration for artists, it sees its reputation tarnished by the sale of stolen works, on which artists therefore receive no profit and which they struggle to remove from platforms .
NFT trading is not immune to the scams that flourish on the platforms . And when the scam does not come from the sales site, it can be accidentally promoted by the artist himself, as evidenced by the recent controversy surrounding singer Ozzy Osbourne .