Charlie Wall-Andrews is a Trudeau Scholar, vice-chair for Music Canada’s Advisory Council, and is the executive director at SOCAN Foundation. In her spare time, she whipped up this rad guide for musicians who are ready to dip their digital toe into NFTs. Some highlights:
Artists from Beeple to musician Grimes, tech entrepreneur Jack Dorsey and a horde of other low-key players are cashing in on this trend.
Grimes, for instance, sold her NFTs (10 digital images) for over $6 million in February. A few weeks before, the legendary animated “Nyan Cat” of comic artist Chris Torres brought in nearly $600,000 at an auction.
In February, Lindsey Lohan made headlines when she sold a Daft Punk NFT for $15,000. She also sold an image of her face initially put up for sale at $17,000, but it was resold for $59,000. Recently, Twitter’s founder, Dorsey, turned his first-ever tweet into an NFT. As we speak, bids for the tweet have reached an unbelievable $2.5 million.
If you think NFT trading is only a hit for celebs and big-time artists, you’re sorely mistaken. According to recent estimates, the market is worth over $338 million, having grown 705% within the last three years.
‘The ABCs of NFTs: A Musician’s Guide’ is published on FYI Music News and you can read it in full here.