In true crypto fashion, Non Fungible Tokens (“NFT’s”) are the most recent revelation to shake the industry sphere with stormy, celebrity endorsed volatility. Most notably, 2021 saw an NFT by an artist named Beeple, auctioned at Christies for $69.3 million. A sale that most within the industry will be tired of hearing about, however, it is impossible to deny that the transaction will certainly be very well referenced throughout the future.
The ‘NFT Boom’ mirrored the slightly earlier ‘DeFi Boom’, which saw the decentralised finance craze erupt. This was in light of the fact that it became evident that DeFi has the facilities and capacity to replace the current financial system, with a more efficient and fair application of services. Whilst NFTs function differently altogether, they are an equally exciting concept due to their functional versatility. To some, NFTs represent simple digital art. To others, non fungible tokens represent an entirely new system of establishing commercial ownership and intellectual property. This has been combined with an ease of transfer never seen before, without the requirement of the archaic middle men we somehow still function with today, for example, lawyers, conveyancers, courts, and auctioneers… the list goes on. These are historically key components to commercial development which technology now has a very exciting answer to.
With regards to the NFT market’s stance on commercial rights, the music industry is on high alert. The initial sentiment was that of disapproval, however, evidently that stance has shifted, with the likes of Eminem and Sony taking part in a $30M funding round for an NFT Marketplace, the soon to be released OneOf platform on Tezos raising $63 Million to sell NFTs from globally famous artists, and the statement by Method Man who recently announced that he intends to sell his unreleased music as NFTs.
The opportunistic movements being made by music artists serve as a present example of musical use cases in the NFT sphere, however, if the overall decentralised ideology is incorporated into commercial ownership, gone will be the days where artists are owned by their demanding fat cat record label contractors. Thus, a new era of musical ownership and enjoyment through the fractionalisation of rights will begin. The big record labels scrambling to become partners in equity of the NFT marketplaces is a massive indicator of how times are rapidly changing.
For most, even those well versed in the crypto space, it’s quite easy for all the talk of commercial rights and fractionalisation of assets to go straight over your head. There are some platforms out there that allow an easy, straightforward interaction with a diverse range of NFT products.
CoinBurp is integrating with platforms such as OpenSea and is collaborating with DeFi projects such as The Sandbox, Avastars, NFT Boxes, Polkamon, Ethermon, ChainGuardians, CryptoProphecies, with more to come. It is clear that in order for true mass adoption of such an approach to commercial activities and ownership is to occur, the onboarding process of new users needs to be simplified. There are those who would point to CoinBurp as leading the charge.
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CoinBurp is the cryptocurrency platform partner for the $BURP ecosystem and suite of DeFi tools. The tokens are not issued or controlled by CoinBurp.
Cryptocurrencies and crypto tokens are generally not regulated and investors do not have access to recourse or compensation schemes such as, for example, in the UK, the Financial Ombudsman Service or the Financial Services Compensation Scheme. Investing in cryptocurrencies and purchasing crypto tokens can be high risk and investors should carefully evaluate their appetite for risk and their understanding of trading cryptocurrencies prior to entering into a transaction.