Born out of the visual art world NFTs can be used to prove ownership of a specific piece of music art or merch or secure access to live shows.

What is nft craze in music. The current craze is around NFT being the answer to selling digital art and collectibles and many artists and celebrities have joined this exploding industry by selling their own collectibles. The creation of the EtherRocks was inspired by the Pet Rock toy craze in 1975 and only 100 ETHRocks will ever exist. In a bit more words.

For the past few months the entire industry has been raving about non-fungible tokens NFTs which are digital collectibles stored on the blockchain and can represent anything from art to music and real-world assets. NFTs which are digital collectibles stored on the blockchain and can represent anything from art to music and real-world assets. It can essentially be anything digital from the audio file to an unreleased song and digital artwork to a video or 3-D sticker.

A moment is essentially an NFT which acts as a digital certificate on the blockchain that gives the asset holder authenticity and ownership over the asset. Its a new community he said. Over the past few months dozens of musicians have entered the NFT fray such as Grimes who in February sold some 6 million worth of digital artworks in one auction and the more mainstream.

The cryptocurrency space has repeatedly taught us that with time anything can be valuable even a collection of ordinary digital rocks with no real value or purpose. It was crazy because all the crypto guys said I want to buy it I want to buy it. Here is a classic example of a moment and its ownership.

It differs from a normal digital ticket or a downloaded file in that it cant be copied. A copy of an image a song a gif or anything of that kind can be shared in an unaltered state diluting the relevance of owning a token to the original. NFTs rely on the blockchain the same energy-intensive technology that underlies bitcoin and other cryptocurrencies.

What could NFTs do for the music industry. The NFT craze started because people think of it as a get rich quick scheme. Tons of money made with little to zero effort is the street term for speculation.