Non-Fungible Tokens: Digital Deliverance Today and Tomorrow
3:00 PM - 4:00 PM, Ballroom B
Moderator: David Hazan
Music is always in search of new revenue streams – especially while live shows are in stasis. Non-Fungible Tokens, an outgrowth of blockchain (which the industry already embraces), could represent either a fad or a fortune. Put simply, NFT is digital “ownership” of a product or piece of work, though people can still copy it. It’s made sensational headlines with, for example, the sale of art by Beeple for nearly $70 million. But in music, it’s like owning the master of a widely-downloaded song. While artists like Grimes, Deadmau5, Portugal, The Man and Shawn Mendes have sold “rights” to collectible merch, Kings of Leon just became the first band to release an album in NFT, versions of which include backstage passes and other sweeteners for an eventual post-pandemic tour. YellowHeart has joined in with complete VIP-experience KoL concert tickets in NFT form. This panel will suss the value of virtual ownership, and its potential, real or imagined, as a revenue source and connector between artists and fans.