NFTs: No mystery for artists and musicians making bank


NFTs offer a huge possibility to make money.

Stella Feinstein and Bailey McBride

It seems as though the day in which we will be passing down assets to our children through the Cloud has come.

Non-fungible tokens (NFTs) are unique digital assets ranging from digital art to music, images, collectibles and animations.

When an NFT is purchased, a unique token is transferred into the online wallet of the buyer, serving as proof of ownership. With a new, inventive way to be paid for their work, artists have made millions on NFTs, according to CNBC.

According to the Rolling Stone Magazine, Kings of Leon, a popular early-2000s alternative band, was the first group to release an album as an NFT. The release incorporated special benefits based on level of purchase, including unique album packages, live show perks and exclusive audiovisual art.

Evident since its emergence, the enticing nature of NFTs do not just encourage sales but also extreme bidding wars, a matter touched upon by both The New York Times and Forbes magazine. Even though NFTs are digital, their collectors treat them like rare, first-edition pieces.

Though NFTs are still in their infancy, they have moved beyond the simple shapes and art forms of the first NFTs to include animated digital art from companies like Marvel and Disney.

A CNBC Power Players column notes that investors like Mark Cuban see the possible uses for NFTs, such as being sold as tickets for sports events. And it seems as though the rest of the art and business world are in agreement. According to The Guardian, the value of the NFT marketplace has grown from $42 million to $22 billion in the past year.

While major production companies and the NBA have traded and created NFTs on their own terms, the consumer has always run the industry or more accurately, run down the industry. Many have developed a “right click mindset,” telling the masses that a simple right click could save an image worth millions to their own desktops.

Some with this mindset attempt to sell the exact same image while others save an image and slightly adjust details in color, size or shape to be able to claim a piece of art as their own. Though with no proof of ownership, re-sharing an identical copy of a piece will, at some point, reach its limit.

As a result of the disadvantages and market fluctuations that accompany NTFs, only time will be the true test of timelessness.

Though in spite of their flaws, NFTs have created a flourishing industry that has changed the culture of art ownership.