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Grammy-winning rap icon Kanye West is the latest artist associated with the ever-growing phenomenon of Non-fungible tokens (NFTs) in music.
But his association comes from his utter disregard for the digital imprint of audio and visual items that artists, both big and small, are venturing into.
Kanye broke his Instagram radio silence to post a picture with the following caption:
"STOP ASKING ME TO DO NFT’s I’M NOT FINNA CO-SIGN … FOR NOW I’M NOT ON THAT WAVE I MAKE MUSIC AND PRODUCTS IN THE REAL WORLD"
The whirlwind saga of artists and NFTs
Musicians and non-fungible tokens have developed a unique connection, as independent artists are using the digital medium to reclaim ownership of their art in the streaming era. These tokens have hit a sweet spot, which combines ownership and community with financial stability.
While streaming services only pay a fraction of a dollar to every artist per stream, tokens help musicians capitalize on the unique nature of their art and brand. Many tech-savvy mid-tier musicians make over 80% of their living via sales of unique tokens.
On the NFT-selling platform Catalog, 140 artists have sold over 350 records for more than $1 million combined. Artists pushing for change aim to have an industry outside the domination of the record labels.
Of course, the coin has another side. Many mainstream artists are making half-thought efforts to cash on this trend to enhance their brands, owning the tokens as statement pieces, and making profitable investments.
Justin Bieber recently bought a 'bored ape' non-fungible token for $1.29 million. The picture features the ape donning a black t-shirt with tears in its eyes. The singer paid over 300 percent of the valued price for this fairly simplistic piece.
The Canadian star isn't the only one to hop onto the Bored Ape Yacht Club bandwagon. Eminem, Travis Barker, Gunna, and Paris Hilton have all purchased BAYC tokens. Eminem even launched his own beat-inspired animated collection of Stans in April 2021.
Nonetheless, Kanye's tirade against non-fungible tokens looks pretty short-sighted, as if he were claiming to love selling music in physical copies instead of making it available on streaming platforms.
While some decisions regarding the tokens by musicians have been devoid of creativity, the concept itself holds infinite promise.
