[Ads-l] Non-fungible token NFT

[ADSGarson O'Toole]

NFT is one of the latest linguistic oddities (from my perspective). A
better name is needed and a better explanation.

Date: March 3, 2021
Website: Rolling Stone
Article Title: Kings of Leon Will Be the First Band to Release an
Album as an NFT
Article Subtitle: The band’s revolutionary tokens will unlock special
perks like limited-edition vinyl and front row seats to future
concerts
Author: Samantha Hissong

https://www.rollingstone.com/pro/news/kings-of-leon-when-you-see-yourself-album-nft-crypto-1135192/

[Begin excerpt]
On Friday, Kings of Leon will release their new album, titled When You
See Yourself, in the form of a non-fungible token (NFT) — becoming the
first band to ever do so.

The band is actually dropping three types of tokens as part of a
series called “NFT Yourself,” people involved in the project tells
Rolling Stone. One type is a special album package, while a second
type offers live show perks like front-row seats for life, and a third
type is just for exclusive audiovisual art. All three types of tokens
offer art designed by the band’s longtime creative partner Night After
Night; the smart contracts and intelligence within the tokens were
developed by YellowHeart, a company that wants to use blockchain
technology to bring value back to music and better direct-to-fan
relationships.

A quick rundown: NFTs are a type of cryptocurrency, but instead of
holding money, they can hold assets like art, tickets, and music. NFTs
operate on a blockchain, which is a publicly accessible and
transparent network — meaning anyone can see the details of any NFT
transaction. Computers involved in the transactions become part of the
network, which keeps updating and can’t be hacked due its nature as
many-headed hydra. In the case of NFTs, their value becomes subjective
and therefore fluctuates, kind of like stocks. (To learn more about
the subject, read Rolling Stone‘s guide to crypto in music.)
[End excerpt]

Garson

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