The recent crash has had a significant impact on all aspects of cryptocurrency, including the world of NFTs. Most NFT floor prices have fallen by almost 80% during the last three months. Nonetheless, in the midst of the chaos, artists are searching for innovative ways to use non-fungible tokens. Let’s look at three examples: revenue rights, digital passes and VIP membership, and NFT-based charity efforts.
NFTs are still on the rise despite the crypto downturn; from Madonna and Justin Bieber joining the trend, to model Bella Hadid releasing her own collection, Hollywood has caught the fever. But as digital collectibles become even more popular, it is imperative that all creators, even the less known ones, have a shot at success.
As news outlets struggle to adapt to shrinking budgets during the digital age, tech companies have grown bigger, wealthier, and more entrenched in all aspects of daily life. The uneven playing field leads many to question if Big Tech should subsidize the news they use, which is the focus of new research by the Center for International Media Assistance (CIMA) at the National Endowment for Democracy (NED).
Patrick Quinn lives with his wife and four-year-old daughter in a yurt in West Cork, Ireland, a long way from the global media hubs where an aspiring screenwriter might find community or opportunity. But nearly every night, Quinn logs on to Decentralized Pictures, an unusual new platform where he can earn and spend a proprietary cryptocurrency known as FILM.
Standards, like RSS for podcasts, have enabled emerging technologies to spread far and wide in the information age by making it easy for them to plug into existing ecosystems. But the blessing of standardization eventually comes at a cost, and innovation suffers as a result. As an example, this is why the podcast format has remained mostly stagnant over its 20 year history.
Source: The Standards Innovation Paradox
Con Raso, Co-Founder and MD of specialist B2B music technology firm Tuned Global, cited licensing as one of the biggest challenges for the growth of the Web3 music service sector, but also highlighted opportunities in the space for artists and rightsholders, and revealed where the company’s Web3 growth is coming from.
The immersive, distributed platforms that many are touting as the next level of the internet could bring about new ways for artists and fans to connect in the metaverse. And the new breed of applications and platforms that it enables could allow songwriters and performers to tap into new funding models.
Source: Web3 And The Future Of Music
A blockchain sleuth was able to trace the funds obtained through the sale of Seth Green’s stolen NFTs. ZachXBT wrote that he was able to trace the movement of the crypto that the scammer obtained by selling the stolen NFTs, even though the hacker laundered “large amounts of crypto through small transactions,” a technique known as “peel chain.” After that, the scammer sent the funds back to their wallet.
What is the value of an original Leonardo Da Vinci masterwork? What about a “Leonardo” whose authenticity is disputed? And what if the work is also languishing in a Swiss vault, inaccessible to experts and the public, and the item on sale is actually a digital copy that has been purchased online and beamed onto a holographic screen encased in expensive crystal? Does it have any value at all?
Warner Records UK has teamed up with audio company Bose to offer a collection of 5,000 “utility-enabled” audio-visual NFTs entirely for free (if you buy a Bose product, that is). In a press statement announcing the NFT release, Warner Records claims that it “is the first major label to give collectors full creative and commercial freedom through ownership of the copyright”.