How would you like to be the exclusive owner and sole proprietor of a new work of art, music, or video? A story on NPR’s Morning Edition revealed how a new trend in “crypto collectibles” is manifesting in the arts world, and how Dallas choral group Verdigris Ensemble is hoping to cash in on the movement to monetize their latest recording.
In an era when digital technology has all but obliterated artists’ ability to control the dissemination of their work, it seems that digital technology might provide a new source of control and perhaps even serious income for some tech-savvy creatives. Blockchain is the technology behind cryptocurrencies like Bitcoin, but unlike currency applications, where the value can be easily transferred, blockchain technology can be applied to artwork to create a unique non-fungible token (NTF) that cannot be traded or exchanged. That exclusivity has a lot of appeal for some music fans, and NTFs for specific works are garnering big bucks at auctions.
Follow the links above to get into the nerdy details, but read or listen to the NPR story to hear how a choral group is hoping to make this innovation work for them.