Music NFTs — A Revolution in the Streaming Industry
It’s hard to look anywhere online without hearing some chatter about NFTs. There seems to be equal discourse given to NFTs being the next big thing in, well, everything, to NFTs being nothing but a scam ready to fall apart at the seams. Regardless of which side of the fence one falls, one thing is clear; NFTs are here, and they are having an impact.
But what are NFTs, exactly? How are they changing the digital art landscape? And how might they be used to disrupt the music industry?
Let’s take a look.
What Are NFTs?
NFT stands for Non-Fungible Token — a digital token that cannot be interchanged for another. It can be bought, sold, traded, modified, but it will always remain unique. Compare that to a 5-dollar bill, which can be replaced by any other 5-dollar bill — or five ones, or 25 quarters, etc. — and still hold the same function and value.
A “token” in the crypto sense is a piece of data stored on a blockchain. Every token is encrypted with a unique ID that cannot be changed, and is permanently registered into the blockchain. When the token moves, its unique ID moves with it. Since no two tokens can share the same ID, the tokens are non-fungible — truly irreplaceable.
