Kaber Vasuki, a Tamil musician, just sold one of his original songs Vasanam, as a cryptocurrency – Non-fungible tokens in cryptocurrency for 50 ETH, valued at around Rs 1.5 crore at sale time. It is the world’s first reported sale of a non-fungible token by a Tamil artist. Being a musician, you need good finances to make music, according to the Tamil musician. Music is not commercial enough to appeal to a large audience. However, it is nice for a niche audience. For that matter, block chain technology is a good option, and when you get to realize the values, you would be able to auction for a non-fungible token of one of the songs, which was then bought by Metakovan, which is the Singapore-based founder of the Metapurse Fund, who alos bought the famous NFT created by Beeple for $69 million Dollars USD.
Ledger and Block Chains
According to the opinion of the singer, all of the financial institutions all over the world have proved that these are not infallible. This is among the major reasons why Kaber Vasuki invested in non-fungible tokens. Rather than a single government body that controls the ledger, in blockchain, the ledger gets distributed among a lot of computers in the globe, and it would be encrypted so that nobody might edit it.
However, at the same time, all of the transactions are highly transparent, and the entire process is automated. In locations where fiat money is not quite dependable, people have initiated utilizing cryptocurrency. For the first time ever in history, we get a technology that is capable of enabling us to go for an international running financial system that has the transfer of value across the borders and is not in control of any government or any kind of corporate entity. It will make the block chain quite powerful.
A non-fungible token or NFT in cryptocurrency is a kind of digital certificate of ownership that is stored on a distributed ledger. It is a kind of a unique digital certification. The singer sold a phone recording of his song Vasanam through this cryptocurrency. He can create an NFT, which is a kind of digital record that states that this music file was made by him. The buyer has gotten the music file and the music record stating that the music file has been conveyed to them.
The overall magnitude of the sale signals that the NFTs have come with a huge potential for affecting multiple industries that include media, art, music, and gaming. Also, with particular respect to indie music, in particular, non-fungible tokens come with a new avenue for auctioning rare material, fundraising, making limited edition packages, and making unique copyright deals and royalty splits.
A Gateway to Better Opportunities
It comes as good news for many musicians as they have been going through tough times in the last few years. Opportunities like these open for an avenue that is worth the exploration. Kaber also reported that he was aware of giving some value to the potential collectors, but he doubted if someone would ever get to purchase his NFT. His initial cost was set as 2 ETH, which was then dropped to 1 ETH.
Soon, any doubt would be changing to surprise and then to disbelief. Actually, the first bid coming from an unknown bidder was about 5 ETH, which was followed through a bid from Metakovan for around 50 ETH.
Metakovan comes with the insight that mainstream music primarily aims at mass markets that cater to the majority tastes, and in the procedure, small-sized markets get crushed, and it is where non-fungible tokens can play a huge role.
Even in multicultural places, culture might get forced to cater to some mass market. Through crypto, and especially NFTs, you get to have a new model for patronage, which is a micro-market model and an economy which prizes the actual music produced. The actual relevance of all of this is that art would no longer get produced for the sake of a mass audience. It might get produced at a high quality, and even for a specific audience – for people who strongly resonate with that kind of art.