Unlike cryptocurrencies, however, the totally unique nature of NFTs means they are not interchangeable with any other asset. These NFTs can be purchased with cryptocurrency, without the purchaser owning the original file, so the artists retain copyright. NFTs are a way of commodifying digital assets such as music files, that are uploaded to a blockchain where copies are recorded on the digital ledger. This multi-faceted structure is what makes LiveXLive’s business model ideally suited for NFTs – a market in which transactions have ballooned 300% to $250 million since this time last year, according to (hardly an impartial source, admittedly). The latest NFT adopter to catch our eye is LiveXLive Media, which is best known as a Spotify rival, but also offers live audio and video streams, pay-per-view content, podcasting, vodcasting, merchandise, and even what it calls “mega events”. Widespread adoption of NFTs could shake pillars of entertainment to their foundations, as middlemen are increasingly cut out of monetization equations – but is this just another bubble set to burst? Last week, Faultline touched on a trending technology coined non-fungible tokens (NFTs) in the context of helping content owners wrestle back control of their creations – whether video, music, or any other artform that can be recorded onto a digital ledger blockchain.
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