What is the future for NFT and cryptocurrencies in rap?

5 mins read

Since the dawn of time, the rappers have been seeking to expand their influence in one or another way. This time they are doing that thanks to some NFT ideas

Since the dawn of time, rappers have always sought to expand their field of influence as much as possible. This time they are doing that thanks to some NFT ideas. We cannot neglect the fact that, to some point, some of them have become, well beyond music, intractable businessmen, in addition to being heavyweights in the music industry. Whether it’s streetwear, sports, and so many other areas, no sector has escaped the watchful eye of our favorite rappers.

As evidenced by this video from youtube TPZ, the approach has already been embraced by many American artists, from Snoop Dogg to Akon via Eminem, Tory Lanez and The Weeknd.

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How can we be sure the NFT is unique?

But then, how can we be sure that the NFT we have is unique and that we are indeed the sole owner? That is possible thanks to a technology called “blockchain”. While it is impossible to explain what this system means, here is a short overview: “*Blockchain is a technology that allows information to be recorded in a ledger__. It is a completely tamper-proof register since all those who use it have access. Thanks to the blockchain, we can thus verify that an NFT is unique, consult its characteristics its traceability and thus see who owns it. No one can modify this register. Otherwise, it would be too easy, and everyone could say that they have the unique NFT of the rapper they love.

So, don’t expect to be able to listen to the Duke’s new sound on traditional streaming platforms. You will have to play the cryptocurrency game and invest to find out.

Nevertheless, the arrival of this new system in the game raises questions. With the fashion effect it generates, are there no risks of seeing opportunistic drifts appear or, on the contrary, will NFTs allow us to make music useful for the development of the industry and of the society?

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NFT in music: the revolution underway?

As we can see, NFTs are a trend right now. And as with all fashions that are on the rise, many are trying to ride the wave just to make money. This is the flip side of artistic NFTs: they have the value that people give them, and their prices are governed by the law of supply and demand. Anyone with influence can make anything valued, and the price of an artistic NFT can very quickly reach exorbitant amounts without necessarily having a real utility. That’s how artworks. If someone is willing to pay 50,000 for an NFT from Drake, that will be their value. Afterward, you are free to pay, but do it after reflection and fully knowing the facts.

It will be impossible to know whether the prices will be abused or not. It is also too early to say if the sale of this sound will have any use or if it will only serve to further enlarge the Duke’s wallet.

It is true that so far, there have been very few, if not any, truly useful NFTs on the initiative of the music world. That said, cryptocurrency specialists are convinced that this technology, if used well, could be beneficial for the future of the music industry. There are many ways to imagine the potential revolutions that NFTs could bring to the sector. If only in the financing of artists. Let’s imagine an artist issuing NFTs saying, “I’m going to put 10% of my album revenue into 100 NFTs”. Understand that a bit like crowdfunding, the sale of NFTs will give money to its author, but in addition, if the project is a hit, it will be a virtuous circle, and people will receive money.

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