A new way of selling art on the web can change everything

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There are three letters that, according to an increasingly strong current in the sector of artistic production aligned with technology, can open the doors of the new world. A transformation in the relationship between fans and artists, or consumers and art producers, which establishes a direct form of remuneration for those who sell and a new concept of property for those who buy. The acronym NFT stands for “non-fungible tokens”. Token is the name of the registration of an asset in digital format, an investment in the impalpable universe of the web. “Non-fungible” would be non-perishable, but, here it is also indisputable and original. A song, a t-shirt, a photo, a text – all can be sold as NFTs. But not only that, and so it takes on a cosmic dimension: the bass line of a song, a selfie, a pair of sneakers, the laces of this sneaker or a phrase written in a tweet. Anything can become valuable in the world of NFTs.

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The deals, made without intermediaries between seller and buyer, show that there is demand willing to pay dearly for NFTs, even though this is a universe known for bubbles destined to evaporate. Canadian electronic music producer Jacques Greene, 31, based in Toronto, sold the rights to his single Promise with a bonus animation for $ 20,000. His fellow electronic producer, Justin David Blau, 3Lau, 30, a former finance student at Washington University in St. Louis, was more aggressive and offered 33 NFTs. Just for a remixed track, he earned the biblical figure of $ 3,666,666. That is, more than three and a half million dollars. And the Nashville rock band Kings of Leon made a good extra gravel by taking advantage of the release of the album When You See Yourself to place bonuses offered as NFTs. Twenty-five exclusive pieces, such as a single edition vinyl and the chance to win one of six live experiences for the next tour, no matter when it takes place. Good deals if no one knew that the artist Beeple sold an NFT art collection earlier this month for $ 69.3 million. Almost R $ 405 million.

Although some initiatives include physical products, the strong point of NFT logic is not palpable. And this is where, for its enthusiasts, the harbinger of the revolution is. Whoever bought the song Promise, by Greene, did not necessarily buy his copyright (which, in the simplest version of the NFT, remains the artist’s or a publisher’s) nor the phonogram (that is, the recording, which remains the artist’s or record label). Nor did he acquire exclusivity from the hearing. The song Promise is still available on Spotify, free to customers of the platform and paying their meager percentages to the authors. So, whoever buys an NFT buys exactly what?