A token gesture

While musicians and producers around the world bemoan the lack of remuneration that’s generally provided in the streaming world, the rise of NFTs (non-fungible tokens) potentially opens up new financial opportunities for creatives of all stripes. NFTs are essentially digital tokens of ownership for certain pieces of artwork (including tracks and albums) with ownership certified on a virtual ledger, called the blockchain. Using cryptocurrency, fans can bid to own the ‘original’ version of a digitally released track or album, despite the fact that the music can still be copied. Though it’s a little bit of a rich kid’s playing field right now, the concept of artists making revenue from fans who bid to own NFTs of original tracks is actually a sound idea – it could lead to a more democratic and financially healthier music industry.