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7 Apr 3:10am

Cash ‘gifts’ and strong-arm tactics: music’s problem with NFTs

The Guardian
Blockchain technology makes non-fungible tokens unique, but uncertainty surrounds how the rights and ownership of songwriters, producers and session musicians apply in sales Just as livestreamed concerts moved from esoteric to ubiquitous at light speed this time last year, NFTs (non-fungible tokens) are suddenly everywhere in music. Artists including Gorillaz, Calvin Harris and Kings of Leon have all jumped on the bandwagon in search of an art-tech utopia – and a payout. At the end of February, Grimes sold 10 pieces of digital artwork as NFTs for $6m, while Deadmau5 has offered bundles including music and collaborative artwork. The Weeknd generated $2.2m by selling digital artworks with clips of a new track, as well as a single work that includes the full track, which he says will not be released anywhere else in the future.
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