Definately one for the lawyers to read as it is all about copyright issues and properly drawn up contracts
Here’s the quick Wikipedia basics https://en.wikipedia.org/wiki/Non-fungible_token
Beware though …… A German conceptual artist compared the hype around NFT Art to the 17th century Tulip Mania and put a single transparent pixel on sale to make his point.[20]
Here’s the introduction
Verifiable digital scarcity is, suddenly, all the rage. NFTs — non-fungible tokens, or digital collectibles that use blockchain technology as authentication — are everywhere.
The centuries-old auction house Christie’s is getting in on the action; for the first time, it’s accepting cryptocurrency for a NFT piece by the digital artist Beeple. Artist Chris Torres just sold a one-of-a-kind, slightly modified NFT version of his famous GIF Nyan Cat – you know, the animated flying feline with a Pop-Tart body – for nearly $600,000. And earlier this month, Lindsay Lohan sold an image of her face as a digital asset; since changing hands a couple of times, it’s now valued at almost $50,000.
Last Friday, Linkin Park cofounder Mike Shinoda became the first major-label artist to launch a single — the bouyant “Happy Endings,” featuring iann dior and UPSAHL — via NFT auction. A 75-second clip of the song, accompanied by Shinoda’s animation of artwork by contemporary artist Cain Caser and the musician himself, was sold in an edition of 10 on the online marketplace Zora. Here’s number 10 of 10, which went for 4 WETH (around $6,600)
All of Shinoda’s proceeds from NFT sales — now and, since he retains partial ownership of works, in the future — go to ArtCenter College of Design in Pasadena, Calif. According to the terms of sale, NFT owners “have no right to license, commercially exploit, reproduce, distribute, prepare derivative works, publicly perform, or publicly display the NFT or the music or the artwork therein.” Or, as writer Matty Karas of MusicREDEF puts it, “you’re basically getting a digitally autographed MP3.” (However, it should be noted that early “Happy Endings” NFT owners will receive a physical print of the single artwork signed by Shinoda and Caser.)
The 44-year-old Shinoda, who also has a hip-hop side project called Fort Minor, recently spoke to Input via Zoom about his “Happy Endings” NFTs and what’s on the non-fungible horizon. The following conversation has been edited for length and clarity.
Read more at https://www.inputmag.com/culture/linkin-park-mike-shinoda-happy-endings-nft-interview
