What Does a Live Gig NFT Mean for the Music Industry? Viberate First to Test the Concept

The upcoming “NFT drop” (the release and subsequent auction of non-fungible tokens) will start on April 29 and run for 24 hours and feature the work of world-renowned Techno DJ UMEK. Specifically, three exclusive remixes of UMEK’s 1999 hit track “Lanicor”, one livestream performance, and one live gig. The buyers of UMEK’s NFT will thus either purchase the rights to one of his original remixes, book him for an exclusive online event, or book him for a real-life live performance.

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The ABCs of NFTs (Understanding "Non-fungible tokens")

NFTs are suddenly headline news! Artists and musicians are using NFTs as a new way to release their products into the marketplace. NPR reports that the artist Grimes recently sold several NFTs for over $5 million and an NFT video clip of LeBron James making a historic dunk for the LA Lakers earned more than $200,000. Rolling Stone reports that the rock band Kings of Leon is releasing its new album in the form of an NFT. At the auction house Christie’s, bids on an NFT by the artist Beeple are already reaching into the millions. It appears that what started as an online hobby among a certain group of tech and finance geeks is now being catapulted into the mainstream.

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