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VIDEO: How NFTs add value to music and empower creators

Jenny Crawford

NFTs were the top trending thing the world searched on Google to create in 2021, and although they’ve been around since 2014, they just started making big headlines this year. NFTs are the latest iteration in the world of blockchain and cryptocurrency. As our CEO Rasty Turek said recently while speaking at A2IM’s Let’s Get Digital event, “NFTs are to blockchain, what websites are to the Internet.” 

You can watch the full “NFTs 360” panel below. Here are some highlights from the panel discussion:

NFTs are creating new value for music

NFTs have created scarcity in a world of abundance, and as a result, are creating new value for music, art, and other types of content. For example, the average price of a CD album is around $11, but thanks to NFTs, DJ and music producer 3LAU recently sold an NFT album at auction for $11 million. For content creators and artists, who are bound by the monetization rules and rates of the platforms they post on, NFTs are a new and more accessible way to earn revenue from their music.

What does the future of NFTs look like? 

We’re in the early stages of audiences buying into NFTs, and it will be up to the community to push the boundaries. But the hype around NFTs is really about what the technology is bringing, and less so what it’s being manifested as right now (a tweet selling for millions of dollars, for example). 

Why do NFTs matter when it comes to copyright? 

NFTs may provide a new, lucrative way for creators to get paid, but they also pose risks; anyone can create an NFT and sell it, even if they use content that someone else owns. One benefit of NFTs we may see extend into other areas of content and copyright…artists being paid directly every time their work is shared or used.

At Pex, our ultimate priority is the proper attribution of content online, regardless of whether it’s an NFT or not. Through our copyright solutions, we are empowering a more transparent internet, and helping rightsholders and creators receive attribution – and payment – for their work.

Check out the full panel discussion video below to learn more. Interested in working with Pex? Contact our team today.

 

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