NFTs, Explained
Like a lot of people, you might be wondering, what the hell is an NFT?
What does NFT stand for?
NFT stands for Non-fungible token. Non-fungible means that it’s unique and can’t be replicated.
A non-fungible token (NFT) is a unique digital asset that represents ownership of real world items such as music, art, podcasts, tweets, and more.
NFTs, given their unique set of properties, aren’t worth the same as other similar tokens.
They exist on a blockchain; a digitally distributed, decentralized, public ledger that facilitates the process of recording transactions and tracking assets across a network.
Rapper Snoop Dogg is taking his record label into the Metaverse by converting Death Row Records into the first NFT music label.
Snoop who recently acquired Death Row Records, wants to be the first “Major label in the Metaverse.”
Snoop released his latest album – BODR (Bacc on Death Row) – as an NFT through blockchain gaming platform, Gala Games.
Limited to 25,000, each ‘box’ includes 1 of 17 songs as an NFT, as well as three exclusive bonus tracks.
The NFTs offer both physical and digital rewards, including VIP access to exclusive concerts, parties at Snoop’s mansion, and more.
At $5,000 a pop, Snoop stands to earn a cool $125,000,000.
At this time, over 10,000 boxes were sold.
This NFT sale creates an interesting debate about where artists will earn their most money in the future: live, recorded music, and web3.
So what do NFTs mean for musicians, artists, content creators, and others?
NFTs are cutting out the middle man.
This blockchain technology has the power to change the game in favor of artists and fans.
But don’t get discouraged, anyone can create their own NFT, and you don’t need to be a mainstream artist.
Interested in learning more? Listen to our latest #OnTheStacks Podcast episode with Connor Scalleat.
Connor give a breakdown of NFTs, blockchain technology, web3, and explains the value of NFTs and how they are going to change the future of how we communicate with one another, buy and sell goods/services, and transmit information.
*NFTs are highly speculative and you should never buy NFTs with money you can’t afford. Do your own research, invest wisely, and make sure it’s money you can afford to lose.
Listen on YouTube (link below) or search #OnTheStacks on your favorite podcast platform.
Have more questions?! Email us at letstalk@onthestacks.com
