Why is Everyone Talking about NFT’s for Arts and Entertainment Industry?
Have you heard the song Elon Musk Created about NFT’s? Is Elon Musk singing that song, and what is in it… NFTs?
Non-fungible tokens (NFTs) are becoming the new standard for arts and entertainment. NFTs are great for artists, musicians, athletes, and sports. NFTs allow for digital ownership of a digital asset. The first use case of NFTs was Crypto kitties, a game where you could collect and breed digital cats.
It is simple, but it’s tapped into a more significant trend of people wanting to own and manage digital assets. NFTs offer artists a way to license their work and offer it as a digital asset to fans. NFTs will also allow for new ways to monetize content. A solution for the art industry because an artist receives payment and royalties.
For instance, Mike Winkelmann Aka Beeple Crap is a digital artist. He sold his artwork in the form of a JPEG file for $69,346,250 on March 11, 2021, at an auction. Likewise, Basketball’s NBA made $390 million from NFT digital trading cards.
Similarly, football star Rob Gronkowski earnings worth $1.6 million on NFT. Kings of Leon also sold over $2 million rock band’s art, and music as non-fungible tokens on the open sea. Tory Lanez and lots of other music stars are on NFT.
A Journey with the Dogg is the Snoop Dogg’s memories from his early years with art collections. It was on Crypto.com/NFT. Furthermore, a boxing fight is scheduled for April 17, 2021. Ben Askren bouts Jake Paul, further recognized as Logan Paul’s younger relative. It is also on Crypto.com/NFT. Ben Askren is a two times undefeated NCAA Champion. Four times NCAA Finalist, and two times Hodge Trophy Winner with 153 wins. Boxers are now on NFT’s.
The crypto art market has a lot of potentials. It should be regulated because there is no moderation on who can or cannot create NFTs. People have been copying another person’s work. It’s an infringement seeing artists’ works sold at lower prices.