Although non-fungible tokens (NFTs) can be used almost with any type of art, there's no way you should mix them with different forms of media, says 3LAU, an American DJ and electronic dance music producer.
In a recent interview on the TechCrunch podcast Chain Reaction, 3LAU explained that NFT-related use cases with visual art might not work the same way with music. It's all because of behavior, says 3LAU, adding that he found his own framework for modeling the need for NFTs:
I think the music example is specifically the most interesting, where collecting an actual audio file for thousands and thousands of dollars just doesn’t seem to make sense, because no one would do that in the real world.
According to 3LAU, if that abstract bond between an artist and his fans exists in the real world and can be replicated with NFTs, it will likely be a success. However, if it doesn’t work in reality, it is unlikely it will work even with the help of digitization.
The idea of Web3 and ownership can play a crucial part in an artist's self-development as intermediates like record labels used to take a significant cut. For instance, 3LAU once declined an offer that would give him $15,000 for 50% ownership of the "Is It Love" song. That decision eventually ended up generating upwards of $700,000 in revenue, 3LAU recalls.
My fans probably would have given me a better deal. They probably would have been willing to pay more than the $15,000 … and should that song have succeeded, they all would have had some sort of return — both from a pure asset value appreciation standpoint and from a cash flow standpoint.
The crypto-savvy DJ has been trying to boost blockchain-related topics for a long time now. Previously, the DJ made headlines by paying off a student loan debt in ether (ETH) after finding out his fellow is also a Web3 enthusiast. 3LAU also raised $16 million from Paradigm and Founders Fund for his own NFT-focused music startup called Royal.
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