BLAU Addresses the Importance of Musical NFTs
In many people’s minds, the initial use of NFTs is likely to be visual art. Visual art has been the most popular use case for NFTs, owing to the near resemblance between NFTs and conventional fine art investment,. Many customers are confused about what they’re getting when they purchase digital art because of the ease with which it can be seen and duplicated on the internet.
“The notion that someone can just declare, ‘Hey, this is now mine; I just saved the picture to my laptop and am using it as my wallpaper,’ — it seems so self-evident. However, when there is a genuine, legitimate owner and that ownership can be verified on-chain, it makes the other party seem silly, certainly within the web3 world,” says DJ and NFT art collector Justin Blau.
Must read, NFT music: Will it change the Music Industry
Blau’s Crypto Firm
With the help of 3LAU, Blau developed a firm called “Royal,” which lets people buy “shares” of songs through its marketplace and receive compensation as those songs gain popularity. After securing $16 million in seed financing led by Founders Fund and Paradigm in September, Andreessen Horowitz’s crypto investment arm invested $55 million in the company’s Series A round in November.
Blau said that the sale of NFTs on Royal represents two things: For one thing, they symbolize the inherent worth of copyright ownership, and for another, the emotional value of possessing something rare that is linked to your favorite artist. As far as Blau is concerned, NFTs may be useful in other industries, but he doesn’t believe the same form factor and expression apply to all diverse media.
Because music, unlike visual art, is intangible, he argues that NFTs cannot be applied to it in the same manner as graphic art.
“It is not a commodity asset. CDs and vinyl were the only methods of acquiring music in the past, and streaming services are the sole method of obtaining music now. Isn’t everyone’s choice of music theoretically identical? Blau said that as long as you pay the monthly fee, you have access to everything.
While Blau believes that each NFT project should be evaluated based on whether or not it’s possible to mimic a real-world behavior in the digital world, this isn’t always the best approach. The greatest embodiment for NFTs, according to him, probably doesn’t exist yet if the behavior doesn’t already exist.
There are many examples where collecting a genuine audio recording for thousands of dollars doesn’t make sense since no one would do it in the real world. I believe the music case is particularly fascinating.” Blau remarked.
Check out, Pitbull’s take on Music NFTs
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