What the heck is an NFT?
I bring up the topic because last week the Sejong Soloists, an established chamber ensemble with international acclaim, released a series of NFTs called the Stradivarius Violin "Cobbett" NFT collection. It's their second series of NFTs.
If you haven't heard of NFTs, or if you have heard of them but remain baffled about what they could possibly be, you are not alone. "NFT" stands for "Non-Fungible Token" - think crpyto art. It's a "digital asset" that comes in the form of art, music, videos etc, that is sold online and has a unique identifying code that makes it a sort of "limited edition." It's often bought and sold using cryptocurrency.
My first reaction to this is - "???" However, if artists are making money from something (and that's a big if - more on that later), then I think it's worth learning something about it.
To elaborate on the Sejong Soloists project, they will release 350 NFTs called "Cobbett" No. 2. The NFTs feature the Fuga from Bach’s Solo Violin Sonata No. 1 in G minor, performed by violinist Stephen Kim, a member of the Sejong Soloists, on the 1683 "Cobbett" Strad. They also feature visual artwork by Amy
Kang, who is a cellist and a painter. It's not exactly a music video - "as the music plays, the artwork develops in tandem."
Around the same time as this release by the Sejong Soloists last week, The Guardian published an article about a new service called "Unsellable," which helps people sell their "totally worthless" NFTs for a tiny fraction of what they paid, so they can report the loss as a tax write-off. Of course, if the NFTs do suddenly start skyrocketing in value, "Unsellable" will have all kinds of holdings.
The big questions is: where do artists musicians stand in this game? Is it worth the time and energy, to create this "digital asset" form of art? Will artists and musicians benefit in any way from NFTs? Is there a chance these NFTs will somehow gain traction and increase in value? Please participate in the vote, and then share your thoughts on the subject.
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