Former T.O.K member Bay-C is the first Jamaican recording artist to sell his music as an NFT.
NFT, which means non-fungible token, has grown in popularity over the last couple of months with a spike in interest in March. Popular figures have been making millions off digital “art” like Twitter CEO Jack Dorsey who sold his first tweet as an NFT for more than $2.9 million, and EDM producer 3LAU who made more than $11 million from album sales and digital goods sold as NFTs.
His first NFT was sold yesterday for US$230, more than the average music-selling price on popular streaming platforms like Itunes, for which publishers and other third parties get a percentage, often leaving artists with the small piece of the pie.
Through his label Bombrush Records, Bay-C says he is “Pioneering the space
for reggae NFTs and will be launching new NFTs on a regular basis.” The label will also be offering this service to other reggae and dancehall creators through a partnership with blockchain partner Caricoin.
What’s the big deal?
The main concept of NFT is that it allows artists to sell digital goods including music, drawings, photos, videos, GIFs, and just about anything that can exist digitally.
This creates a bidding atmosphere where buyers (through cryptocurrency) stand the chance of getting ownership of the non-fungible items, which pretty much means they’ll own the original, unique “work of art” which cannot be replaced with something else. Think of it as fine art collecting except done digitally.
The authors will sustain copyright of the work but the buyers will gain ownership of the digital goods which they can keep or resell at a later date when the value of the items increase.
Other artists who have joined the NFT craze include digital artist Beeple whose “Everydays – The First 5000 Days” JPG file was sold for $69 million last month. In February, Canadian singer Grimes sold around $6 million of digital artworks while the artist behind Nyan Cat cashed in on almost $600,000 for the sale of the iconic meme.