The Non-Fungible Token market has been on fire in 2021, from Mike “Beeple” Winkelmann making history by selling his digital art piece for $69MM to digital homes and other digital assets being sold at astronomical prices. The question comes into play, is it that crazy?
Well if you think about it, ownership in a piece of real estate carries a title but how many times have we seen swindlers forge a persons name and snagged their property from underneath them?
If these titles were registered on some type of blockchain platform then it would be immutable and this would prevent things like this from ever happening to anyone.
Same thing holds true in the world of music, NFT’s are giving a way for recording artist to monetize their business in a way that prevents fraud, piracy and more. The music industry has evolved and really has knocked down the earnings potential of up and coming artists due to the landscape changing. So technology is the key.
Russell Simmons has been a leader in the world of Hip Hop from the beginning and his collaboration with Tokau may be a catalyst to many more artist joining the party. His NFT collection titled “Masterminds of Hip Hop” may well be a high grossing effort with the likes of being DJ Hollywood, Grandmaster Caz, MC Lyte, and Busy Bee jumping in with Simmons.