These NFTs have been going on sale during the Miami Art
Week, which started on Dec 1. Several NFTs related to Houston’s career have
been released, which are available to buyers depending on the tier that they
have bought in on the platform.
For example, gold and platinum tier users have access to
rare, archival photos of the singer. Diamond tier users can obtain artwork by
Diana Sinclair based on some of Houston’s most famous songs.
OneOf calls itself an “eco-conscious NFT platform built
specifically for the music vertical.” It has received support from celebrated
producer Quincy Jones. The platform wants to list NFTs at affordable fixed
prices, and it intends to have thousands of NFTs on its platform.
There has been a lot of discussion about how NFTs could
transform the music industry by increasing the amount of revenue that goes to
artists. This seems to be the sentiment of the crypto community in response to
the announcement of the Houston NFT sale. Sure enough, an increasing number of
musicians and artists in other industries are strongly considering working with
NFTs.
NFT format finding a place in artists’ hearts
NFTs have received criticism for sometimes being pointless,
but sales like the one made for the Houston recording shows that there’s a lot
of potential. The list of artists that have announced NFT releases or have
already released NFTs grows by the week.
Eminem, Grimes, Snoop Dogg, The Weeknd — these are only a
few musicians who have released NFTs in recent times. In many cases, the
proceeds from the sales of NFTs linked to artists go to good causes, like the
Freddie Mercury-inspired NFTs that were released to benefit an AIDS research
charity.
It’s understandable why NFTs would be such a big hit.
Artists not only receive more payments, but they can also engage directly with
their fans. It’s still early days for NFT adoption, but it looks good as far as
the music industry is concerned.