What a week! The NFT scene is seemingly garnering more mainstream attention with each passing day. As an OG in the NFT and overall crypto space, itâs been quite amazing to watch the adoption of the technology happen in real-time. Iâve never seen this much NFT conversation happening on Twitter, let alone national television.
Currently, much of the conversation has been around NFT trading cards like NBA Top Shot, original collectibles like CryptoPunks, generative art projects like Art Blocks, and digital art drops from established artists like Beeple. While big NFT sale numbers from these projects capture the headlines, the underground NFT Art and Music scene continues to innovate. Many of us have been on the NFT grind for years with the knowledge that this technology has the power to liberate creators both big and small, and itâs happening!
In this brave new world of tokenization, NFTs should matter to every creative. Why? Because tokenizing (the process of making an NFT) your work effectively gives you superpowers!
Itâs true. Blockchains like Ethereum and Flow enable us to have true digital ownership over our creations in the form of scarce, cryptographic tokensâNFTs. But not only does tokenizing provide a permanent record of provenance and ownership, but the NFT itself is also an asset that is easily tradable around the world 24/7/365.
Basically, the tokenization of media is forever changing the way we distribute content, monetize content, and connect with a global audience.
As a creator of both art and music, I personally think the music/audiovisual category of NFTs is really exciting and has tremendous promise. Not only does the technology give artists another potential revenue stream by selling NFTs, but it can also give us a perpetual revenue stream in the form of royalties each time one of our NFTs trades hands. Like I said, superpowers!
Itâs a digital renaissance. The programmability and collectibility of NFT Art and Music provide us the ability to make a living on our own terms, without middlemen. Blockchain technology empowers us to experiment and try things with art and music that were never possible before.
In my personal exploration of NFT Art and Music, Iâve tokenized 3D and animated artworks, MP4 song visualizers, a lyric video, and more. Because I decided to turn my work into NFTs, I was able to digitally monetize beyond advertisements and streaming services. Additionally, my tokenized work has the benefit of compatibility within the Metaverse.
What the hell does compatibility within the Metaverse mean?
Good question. All it means is that my NFTs can be used inside blockchain-based virtual worlds like Cryptovoxels, Decentraland, or Somnium Space. The term âMetaverse” simply refers to this collection of open, persistent, and shared virtual space and economy.
Today, a fun way to appreciate an NFT collection is to interact with it inside a virtual gallery, night club or storefront within the Metaverse. This virtual world component serves as a unique, more engaging type of listening and viewing experience. People around the world can visit such a virtual destination on their web browser in one-click. Once in-world, visitors can stream music, browse an NFT Art exhibition, and potentially purchase a new NFT for their collection.
Like I said, superpowers!
Itâs truly amazing how early we are. The NFT economy has seen a boom from Q4 2020 into Q1 2021. The eyes and ears coming into the scene now will undoubtedly bring lots more innovation. That said, expect more excitement. Expect tons more experimentation; expect more legacy institutions to take notice; expect artists to lead the way.