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Head-spinning examples abound. Rapper Snoop Dogg sold an NFT attached to Bacc on Death Row, his latest album, that reportedly generated more than $40mn in sales in just five days. DJ Steve Aoki claims he has made more money through NFTs than he did from a decade’s worth of advances from record labels.
After spending more than half a billion dollars buying the copyrights to Bob Dylan’s songbook, Universal and Sony are now working with the musician to sell Bob Dylan NFTs. Spotify has been drawing up plans to add blockchain technology and non-fungible tokens to its streaming service, the FT reported earlier this month. “There’s been a lot of waxing and waning of irrational exuberance around this space”, said Jonathan Dworkin, senior vice-president of digital strategy at Universal. “As the smoke now starts to clear, there’s some really interesting opportunities . . . there’s a real revenue opportunity” he said, pointing to the ways tokens can directly connect fans with artists.
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