NFTs – Non Fungible Tokens – appear to be the next hot trend. Art dealer Christies just sold a jpg file by Beetle for $69m. Yes, million. A Jpg img would normally be worth very little due to the ability to easy copy the file. But when you fold blockchain and NFTs into the equation, things that were previously ephemeral (think images, music) suddenly have the potential for big value. Or at least big prices.
NFTs are also creeping into the music business – which is somewhat ironic as digital music (e.g. the mp3 file and streaming) arguably killed much of the multi-billion dollar recording industry. Kings of Leon announced their next album will be NFT with added features.
So is this the beginning of a new way of thinking about the value of something, or just another fad that will wax and wane? Time will tell, but aspects of blockchain likely are in it for the longer haul.