The billion-dollar music industry has shown recent interest in nonfungible tokens (NFTs) as musicians everywhere are beginning to understand the power of moving away from centralized business models.
This concept is currently being demonstrated by early innovators like the popular rapper Snoop Dogg, who recently acquired Death Row Records with plans to transform the company into the first NFT recording label in the Metaverse. Country music icon Dolly Parton also recently launched her first NFT collection dubbed “Dollyverse,” which consists of tokenized artwork and music as part of a promo for her album Run, Rose, Run.
NFTs: A topic of discussion during the 2022 Grammy Awards
While notable, the intersection of music and NFTs was brought to fruition during the 64th Annual Grammy Awards, which took place on April 3, 2022, at the MGM Grand Hotel and Casino in Las Vegas. The Grammys may very well be one of the most important events for the United States music industry, as a series of awards presented by the Recording Academy are given to recognize outstanding achievements within the music sector.
Given the rise of NFTs, nonfungible tokens were hot topics of discussion during the 2022 Grammy Awards. Trevor Noah, comedian and host of the 2022 Grammy Awards, joked mid-way through the event, “You know it’s been rough when your favorite artists go from trying to sell you music to pictures of digital monkeys.” The remark was referencing the Bored Ape Yacht Club NFT collection. But, NFTs proved to be more than just a chuckle during the Grammys this year, as industry experts expressed interest in nonfungible token use cases.
Cointelegraph made it to the red carpet at the #Grammys!@Rachelwolf00 and @BY_DeFi are excited to talk #NFTs with all the artists.
Coverage coming soon pic.twitter.com/AG7lzsGZC3
— Cointelegraph (@Cointelegraph) April 3, 2022
For example, Tia Smith, Grammy governor and co-chair of the Music Video Committee, DC Chapter and the owner/executive producer and director of talentedSOL…
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