But NFTs can be digital collectibles in the same the way vinyl, merch and concert tickets are coveted by music fans, says Ian Rogers , who has been chief experience officer at Ledger, a maker of cryptocurrency security products, since December Trending on Billboard.
Rogers is nearly six years removed from the music business but knows digital technology intimately. He was later hired as the first CEO of Topspin Media, the developer of direct-to-consumer tools for artists seeking a path around iTunes, Amazon and Ticketmaster. He subsequently got the job at Apple, where he worked for a year before leaving to become the chief digital officer for luxury brand LVMH in What if we had a digital collectible of that?
What happens to that three years from now? Ten years from now? The answer is no one knows. Artists are gravitating to NFTs in part because they can control the art and terms of the sale β two factors not available in streaming. There is no royalty paid on the sale of a used CD, nor does a songwriter receive a royalty when a publishing catalog is flipped for a profit.
Taken to an extreme, a visual artist gets nothing when a collector sells a painting at auction for tens of millions of dollars.
It reminds Rogers of his days at Topspin, where he witnessed first-hand the desire of fans to support artists. Daily newsletters straight to your inbox.
