NFT stands for Non fungible Tokens. It’s a fancy word for assets in the digital real that are sold by the owner, normally with Crypto dollars. This means that the NFT can be sold or lent to others at a profit. What does this mean to the music industry? It means that the purchaser of the music NFT (their music) is in complete control! No labels! This idea is rapidly gaining traction among the new artists as well as some of the icons. It’s all part of the new Web3, where owners are king. No banks involved! Keep your eyes on this one….
