Most people believe NFTs are great since they help launch a creator economy. They’ve allowed thousands of creatives to publish and market their works on their terms. However, the impact of the NFT creator economy might be seen in many other areas outside the arts.
DJ 3LAU was the first artist to tokenize an album, generating $11.6 million from the 33 NFTs of the album he sold. His next project, Royal, will aim to revolutionize the music streaming industry.
Royal aims to tokenize music so that its ownership may be transferred to the buyer with the help of $16 million in investment. These song NFTs may then be fractionalized by artists, allowing them to sell a portion of the song’s ownership to fans and investors while keeping the majority share.
The multiple shareholders of the fractionalized asset would then split the streaming royalties equally.
Consider this scenario: a musician you like creates a new song that you believe will be the next great smash. They’ve minted it as an NFT, fractionalized the NFT, and are selling shares in the song via Royal. You buy up 30 percent of the music. A month later, the song became viral. The masses are streaming it, TikTok stars are grooving to it, and Coca-Cola is considering licensing it for an ad.
You and the musician who created the song might cash in on its success if it becomes viral. You’d be able to play the music at parties and tell your pals that you’re a co-owner. You may even make money off of selling your portion of the song.
Thus, listeners may take an active role in helping musicians succeed. They can show appreciation for their most devoted fans by sharing a portion of their future earnings if and when such earnings materialize.
NFT movies and TV series
The voices of Mila Kunis, Chris Rock, Jane Fonda, Seth MacFarlane, and Vitalik Buterin can be heard in the latest episode of the NFT cartoon series Stoner Cats (the creator of Ethereum).
As of this writing, a Stoner Cat would set you back roughly $1,000 (0.3 ETH), and there are only 10,400 of them in existence. Fewer than 5,000 cat owners are allowed to watch the show.
Many people, including yourself, would wonder why someone would spend $1,000 to see an animated show. Buyers, however, get further benefits.
Also, you now own something that may increase in value as time passes and the program or project becomes more well-known.
And this is just the beginning of NFTs’ forays into the realm of popular culture:
- Fox is investing $100 million into numerous NFT initiatives, including a new blockchain-based animated series.
- Along with the release of the film Dune, Warner Bros created collectible NFTs.
- One of Vuele’s newest releases is an NFT featuring Anthony Hopkins.
- Steve Aoki has successfully raised money for a new NFT show.
- Disney is introducing digital collectible NFTs in conjunction with Disney+ memberships.
- Jambb now allows comedians to sell jokes and comedy specials as NFTs.