Davido probably has no idea what he just trialed lol.
In a few years:
~a musician will create an album
~make the album limited edition
~sell that album to ONLY 1,000 fans (or 10k or 100k… whatever). Let’s call these fans “backers”
~issue ‘certificates of original ownership’ to these backers
~these certificates are held securely in a place called blockchain and can’t be corrupted or stolen
~you can brag to your friends about the exclusive ownership
~the monetary value of the ‘certificate’ will also go up and down, depending on factors like demand and supply, the artistes growing street cred, etc. So you can sell your certificate when the value peaks.
~record labels and promoters are removed from the equation and content creators make more money
“But won’t the music be available for free on YouTube? Why waste money on some certificate?”
Yes, it’ll be. But what you’re buying is the feeling. The same feeling that the fans who sent Davido N1,000 are feeling right now. Yes, that feeling is innate in all humans.
It’s the same reason you buy coins in a car racing game on your mobile phone, just so you can pimp your car up.
This is the future of content creation and art. This future will be powered by the blockchain technology, just as streaming was powered by the internet.
And that, ladies and gentlemen, was Introduction to Non-Fungible Tokens (NFTs) 101.
Author: Rilwan Akeyewale