COMBO Board member Jamie Krutz (Photo by Chuck Phillips; from Jamie’s website)
COMBO Board Member Jamie Krutz sent a few articles that deal with the entertainment business in Colorado and elsewhere. We felt the information contained in these articles could be relevant to musicians and hope that you will take the time to read them.
(From the Washington Post Article): “What is an NFT?
An NFT is a type of digital crypto asset. They represent a specific version of any digital file — whether it’s a song, a video game or a simple image. Using the same technology that bitcoin uses, people can “mint” NFTs, creating a record of ownership that’s spread across thousands of computers around the world that cannot be changed by anyone except the owner. It’s a way of turning a digital file into something that can be bought and sold like a physical object.
Here are some more articles about non-fungible tokens:
Kings of Leon Will Be the First Band to Release an Album as an NFT
Why NFTs Will Become The Great Next Revenue Stream For Filmmakers
https://www.cnn.com/2021/03/14/tech/nft-art-buying/index.html
https://www.washingtonpost.com/technology/2021/03/12/nft-beeple-christies-blockchain/
Some quotes to explain what NFTs are…
NFTs are not tangible — you can’t hold them or touch them (unless, of course, you decided to print a copy of one, like you might print out an art image). The knowledge in the owner’s mind that they own the original or “real” version of the digital file is what makes them valuable.
NFTs are traded on digital marketplaces, but unlike bitcoin or other “fungible” tokens, they are individually all unique. They’re not money, but rather unique assets.”
“What do you do with an NFT?
Probably the same thing you would do with a beloved collectible baseball card: treasure it. The assets have become a sort of Internet-savvy status symbol and are attracting a certain brand of techie celebrity.
Twitter chief executive Jack Dorsey is selling his first-ever tweet as an NFT now on a platform called Valuables.
The tweet, from March 21, 2006, reads: “just setting up my twttr.” The bid to own its blockchain-minted copy is up to $2.5 million.
The singer Grimes has also gotten into the NFT game — the artist sold a number of her digital artworks for about $6 million total on Nifty Gateway, a marketplace for NFTs. The rock band Kings of Leon sold their latest album as an NFT, too, netting $2 million.”