NFT takes art world by storm, music industry hopes to cash in on the digital goldrush
In the music world, NFTs offer hope of a valuable new revenue stream.
By AFP | Updated:
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Several music stars are already tapping the opportunity.
PARIS: "NFT" is quickly becoming the acronym of 2021, offering a new way to sell digital art online, and music stars including Kings of Leon and Grimes have been quick to jump on the bandwagon.
For many, it remains a baffling concept, but a NFT ("non-fungible token" -- pronounced "nifty") essentially offers collectors proof that they "own" a digital artwork by logging that ownership on the blockchain, the online database that underpins cryptocurrencies such as Bitcoin.
In no time, it has taken the art world by storm. Just last week, a collage by digital artist Beeple was sold at auction for $69.3 million, reportedly the third highest-ever sale for a living artist in any medium.
Many see an opportunity to monetise digital art of all kinds, offering wealthy collectors the bragging rights to ultimate ownership, even if the work can be endlessly copied. For investors, it's also a new commodity to be traded.
In the music world - an industry which has seen its value shredded by digitisation over the past 20 years - NFTs offer hope of a valuable new revenue stream.
Earlier this month, US rockers Kings of Leon raised more than $2 million by auctioning off NFT versions of their new album "When you see yourself", according to Rolling Stone magazine, of which a quarter went to a solidarity fund for live event workers.
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Their NFTs offered more than just the abstract notion of owning something rare. They came with tangible benefits: access to photos by band member Matthew Followill, collector's editions of the vinyl, and at the top end, a lifetime "golden ticket" to front-row seats at their live shows.
Gold rush Josh Katz, CEO of YellowHeart, the NFT auction platform used by Kings of Leon, claimed it was "ushering in the new music era".
"Through the use of NFTs and blockchain technology, we'll begin to see the industry start to move toward a more decentralised model that fosters symbiotic relationships between music lovers and artists," he told AFP.
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"Artists will monetise their content again and fans will have transparency when buying both content and concert tickets."
Several stars are already tapping the opportunity.
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Mike Shinoda, of US rap-metal group Linkin Park, recently sold an NFT version of a single which came with an animated visual created by artist Cain Caser.
Canadian singer Grimes, who has always had a strongly visual component to match the futuristic, dystopian vibes of her music, recently sold an audiovisual collection as NFTs for some $6 million.
Not everyone is entirely convinced, however.
"If this technology is put to the service of artists, that's great. But if we aren't very careful, they risk being stripped of their copyright," said Emily Gonneau, French author of a book on music in the digital age.
"Anyone can sample anything off the internet and claim to be the creator of an NFT... Then we're on a gold rush where anything is possible," she said.
'Democratised' Indeed, several digital artists, including one who goes by the name Weird Undead, have already found their work being ripped off and sold on NFT platforms, according to online magazine Decrypt.
The anonymous, decentralised nature of the blockchain makes it hard to counter these copyright infringements.
But the flipside, argues blockchain investment consultant Eloisa Marchesoni, is that NFTs make it much easier to verify items issued by the real artists, since each artwork, concert ticket or collectible has its own digital signature logged on the blockchain that cannot be falsified.
The best opportunity for artists, she said, is the ability to sell add-ons that boost their income.
"You can grant access to a whole variety of perks," she told AFP.
"Let's say you buy a rare shoe from an artist. The NFT guarantees its authenticity, but also grants you access to a contest where you can win some special experience with the artist.
"It's no different from the traditional art market: people with spare time and capital looking for that sense of exclusivity," Marchesoni added.
"But now it's being democratised -- anyone can easily go online and buy an NFT."
From Rare Pokemon Cards To Empty Frames, Bizarre Pieces Of Artwork That Were Sold For Millions
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An artwork called ‘Comedian’ created by an Italian artist Maurizio Cattelan, which was recently sold for a whopping $121,000 (approximately Rs. 86.07 lakhs), has become the talk of the town.
The artwork, to everyone’s surprise, was a mere banana held against the wall using a duct tape. The rather puzzling piece of art being sold for such a massive amount, left the netizens scratching their heads in amazement. Things took a rather dramatic turn when performance artist David Datuna ended up taking the banana off the wall and eating it while the artwork was on display at an international gallery, Perrotin, at Art Basel in Miami.
However, the banana-duct tape ensemble is not the only bizarre piece of artwork that has made a massive amount of money. Several ridiculous and weird pieces of artwork have been sold for millions of dollars in the last decade. Here are some of them.
An artwork called ‘Comedian’ created by an Italian artist Maurizio Cattelan, which was recently sold for a whopping $121,000 (approximately Rs. 86.07 lakhs), has become the talk of the town. The artw..
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It is a popular saying that when you look at the world through rose-tinted glasses, you might end up missing out on some red flags. Gerhard Richter, a German visual artist, created a unique piece of artwork, which was essentially a mirror, painted in red.
In October 2012, Richter's Abstraktes Bild set an auction record price for a painting by a living artist at £21m ($34m, approximately Rs, 3.4 crores). This was exceeded in May 2013 when his 1968 piece Domplatz, Mailand (Cathedral square, Milan) sold for $37.1 million (£24.4 million, approximately Rs. 2.44 crores) in New York.
Seems like Richter wanted to paint the town red, after all!
It is a popular saying that when you look at the world through rose-tinted glasses, you might end up missing out on some red flags. Gerhard Richter, a German visual artist, created a unique piece of ..
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Pokemon is the global phenomenon that has taken the world by storm and back in the previous decade, several people were fond of collecting Pokemon cards and tazos. However, there was one sought-after, coveted card which was sold at an auction for $224,500 (approximately Rs. 1.59 crores) according to gaming news site, Kotaku.
What’s so special about the card, you ask? The card was special because it was handed out as a prize in the competitions in the year 1998. Only 39 of these cards were made, making them very rare.
Pokemon is the global phenomenon that has taken the world by storm and back in the previous decade, several people were fond of collecting Pokemon cards and tazos. However, there was one sought-after..
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Being away from home for long durations can be quite a daunting feeling. To cure us of overpowering feelings of homesickness, British artist Tracey Emin came up with an artwork called ‘My Bed’ in 1998.
‘My Bed’, consisted of Emin’s bed full of soiled bedsheets stained with bodily secretions, condoms, knickers with menstrual blood stains and everyday objects like slippers. ‘My Bed’ was bought by Charles Saatchi for £150,000 (approximately Rs. 1.4 crore) and displayed as part of the first exhibition when the Saatchi Gallery opened its new premises at County Hall, London.
Being away from home for long durations can be quite a daunting feeling. To cure us of overpowering feelings of homesickness, British artist Tracey Emin came up with an artwork called ‘My Bed’ in 199..
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If you feel bizarre pieces of Modern Art were a rarity in the 20th Century, you’re wrong. In 1961, an Italian artist Piero Manzoni, created a piece of art that raised several eyebrows. Called, ‘Artist’s Shit’, the artwork by Manzoni consists of 90 tin cans filled with feces.
Each can weighs around 30 grams. The most bizarre and confusing fact about ‘Artist’s Shit’, is that a single tin of the ‘artwork’ was sold for €124,000 (approximately Rs. 97.57 lakhs) on Sotheby, one of the largest brokers of fine and decorative art on May 23, 2007.
Another can was sold in October 2008 for £97,250 (approximately Rs. 91.12 lakhs). Needless to say, the buyers spent a humongous amount on..err...a piece of crap.
If you feel bizarre pieces of Modern Art were a rarity in the 20th Century, you’re wrong. In 1961, an Italian artist Piero Manzoni, created a piece of art that raised several eyebrows. Called, ‘Artis..
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Venus de Milo is a popular ancient Greek statue located in Louvre Museum. Zhu Cheng, one of China’s most renowned sculptors, helped nine art students recreate Venus de Milo’s statue using excrement. It is placed in a transparent box at Henan Art Museum in Zhengzhou city, China, so that the spell of poop doesn’t drive everyone away.
The statue was purchased by a Swiss art collector for a staggering 300,000 yuan ($45,113 approximately Rs. 32.09 lakhs).
Venus de Milo is a popular ancient Greek statue located in Louvre Museum. Zhu Cheng, one of China’s most renowned sculptors, helped nine art students recreate Venus de Milo’s statue using excrement. ..
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Every piece of artwork, it is often argued, should push the boundaries of what is deemed acceptable in the society. The piece of artwork called ‘Piss Christ’, by the American artist and photographer Andres Serrano, pushed the boundaries a little too far.
‘Piss Christ’, is essentially a photograph of the Crucifix,a holy Christian symbol submerged in the artist’s urine. To no one’s surprise, the piece of ‘art’ caused a massive outrage and major controversy, with Serrano receiving death threats and hate mail. However, the bizarre artwork received a funding of $15,000 (Rs.10.67 lakhs) from the taxpayer’s money.
Several others alleged that the government funding of the artwork violated the principle of separation of Church and State.
Every piece of artwork, it is often argued, should push the boundaries of what is deemed acceptable in the society. The piece of artwork called ‘Piss Christ’, by the American artist and photographer ..
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If you are a fan of big blank walls in your home and workspace, chances are, you would absolutely adore the ‘non-existent’ art sold by Museum of Non-Visible Art, based in New York. The people behind the museum, call the art ‘non-visible’.
If you haven’t figured it out by now, the artworks are essentially pieces of empty frames. The art exists only in the imagination of the artist. As per a report by npr.org, a woman in 2011, paid $10,000 (Rs. 7.11 lakhs) for a piece called ‘fresh art’ by the museum.
Looks like the museum took the popular quote ‘beauty lies in the eyes of the beholder’ too literally.
If you are a fan of big blank walls in your home and workspace, chances are, you would absolutely adore the ‘non-existent’ art sold by Museum of Non-Visible Art, based in New York. The people behind ..
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This piece of artwork was created out of a bet placed among a bunch of friends. Justin Gignac, was a New York-based artist who was often belittled by his co-workers because he stood for the importance of package design. That was when Gignac took it upon himself to prove his co-workers wrong.
Gignac came up with a souvenir which is essentially a nicely-packaged cube containing garbage from New York City. In no time, people started viewing the souvenirs as a piece of art, thereby proving Gignac’s point. The cubes were sold for as high as $50-$100 (approximately Rs. 3,550- Rs. 7,113).
This piece of artwork was created out of a bet placed among a bunch of friends. Justin Gignac, was a New York-based artist who was often belittled by his co-workers because he stood for the importanc..
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Everybody loves snacking on Cheetos, but for Andy Huot, a mechanical engineer from Louisville, Kentucky, every bag of Cheetos contains uniquely shaped curls which can be used to re-enact creative scenes. Whatever scenes Huot creates, he shares it on his Instagram account, which has 40,000+ followers.
The artist recently recreated the scene where ‘The Three Wise Men’, come to shower baby Jesus with gifts. The scene of Christ’s nativity was created entirely using Cheetos cheese puffs and gained massive appreciation from Huot’s fans.
Everybody loves snacking on Cheetos, but for Andy Huot, a mechanical engineer from Louisville, Kentucky, every bag of Cheetos contains uniquely shaped curls which can be used to re-enact creative sce..