Interest in, and excitement about, non-fungible tokens (NFTs) exploded in 2021 and the first few months of 2022. According to Billboard, NFTs are a digital collectible that serve as its own proof of authenticity. This pretty much means whatever you are looking to sell can be authenticated into a collectible item and purchased through a blockchain. NFTs have the potential to disrupt a wide array of industries. Many experts expect NFTs to prove especially transformative in shaping the future of music. Devan Dineen is a former record label executive at Sumerian Records, Co-Founder of the BleuFi NFT Marketplace and developer of the Rappears believes we’ve already started to see the changes in music happen. One look at the NFT music charts and you may start to agree. We recently saw Snoop Dog release Snoop’s Stash Box as an NFT and this week alone resale trading volume of those NFTs are close to $50,000.
Devan says despite these modest sales numbers we are still early in the music NFT space and that it’s actually uphill battle trying to get people to understand that NFTs are more than just art or playable music. He believes once the NFT community understands that NFTs can also contain ownership of rights such as licensing/remixing, fan experiences and even ownership in the songs that pay the fans royalties earned on the music the fans of these artists will join in on the NFT space.
Devan created Rappears and the Rap DAO with the purpose of aiming to help grow and stimulate the early and slow moving music NFT economy. When you buy a Rappears NFT those initial sales will be used to purchase music NFTs on the open market from artists like Snoop Dogg who have already released music NFTs in addition to funding and launching new music NFTs by artists that the Rap DAO community votes on to support. If you are a holder of a Rappears NFT you will be able to vote on how the money gets spent via the DAO, but also receive payments on the royalties earned from the NFTs
purchased or launched from those decisions. This provides fans and investors exposure to multiple music NFTs without having to find and purchase everyone on their own. It also a great way to help new artists get discovered and funded.