This browser is not actively supported anymore. For the best passle experience, we strongly recommend you upgrade your browser.
viewpoints
Welcome to Reed Smith's viewpoints — timely commentary from our lawyers on topics relevant to your business and wider industry. Browse to see the latest news and subscribe to receive updates on topics that matter to you, directly to your mailbox.
| less than a minute read

Name that Tune with NFTs

Gregor Pryor, my colleague, provides some realistic advice on the prospects of NFTs (non-fungible tokens) in the music industry.  NFTs are the new shiny penny that everyone seems to want to exploit yet most don't understand what they are or how they are monetized.  Gregor puts it into perspective for music and offers advice that applies to NFTs in markets other than music, with appropriate caution on its reliance on crypto.  Listeners beware!

Whilst hypothetically, NFTs are an attractive proposition for consumers and artists alike, presently NFTs are not understood by the majority of users. They are not yet ‘mass market’. There are several hurdles to mass adoption, including the fact that NFTs are reliant on cryptocurrencies, which are notorious for suffering value volatility. Ethereum leads the pack as the most volatile crypto at the start of this year.

Tags

nfts, crypto, entertainment & media, emerging technologies