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!
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Name that Tune with NFTs
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.