Why NFT Sales in the Music Business Are Still the Wild West — and How It Might Be Tamed

When the music industry’s NFT craze hit its fever pitch earlier this year, it seemed nearly everyone was rushing to mint the crypto collectibles in one form or another. The non-fungible tokens, known colloquially as their acronym “NFT,” have captured the industry’s fascination in 2021 for their promise of fan engagement and a new source of income. After an already difficult moment for musicians, with nearly all touring canceled or at limited capacity due to COVID-19, this use of cryptocurrency became a welcomed and fast-growing opportunity.

Read More: https://variety.com/2021/music/news/nft-sales-imusic-business-wild-west-1234970419/