Musician Mike Shinoda, guitarist and founder of the American rock band Linkin Park, has auctioned his first non-fungible token (NFT) for charity.
The NFT, a piece of digital media titled ‘One Hundredth Stream’, has raised more than $ 30,000
Musician Mike Shinoda, guitarist and founder of the American rock band Linkin Park, has auctioned his first non-replaceable token (NFT).
– Mike Shinoda (@mikeshinoda) February 6, 2021
According to a tweet from Shinoda’s Twitter profile, $ 30,000 of the money raised will go to the Michael K Shinoda Endowed Scholarship at the Arts Center College of Design to “ benefit students based on artistic merit and financial needs. ”
– Mike Shinoda (@mikeshinoda) February 8, 2021
The NFT was a piece of digital media entitled ‘One hundredth stream, ‘with a 37-second animation, accompanied by music written by Shinoda. It has been uploaded to the exchange site Zora, specializing in buying, selling and trading limited edition art and goods.
Unlike standard digital tokens and cryptocurrencies such as Bitcoin, Ethereum and Litecoin, NFTs represent something unique and are not interchangeable. This model makes NFTs particularly suitable for digital media and artworks, the value of which is usually determined by the market and the creators themselves. Shinoda was criticized by fans for valuing an item that could be given away for free on social platforms, and took the opportunity to inform his followers about NFTs in a series of tweets.
Unlike the art industry, counterfeiting NFTs is nearly impossible because they are powered by blockchain technology. Another advantage of NFTs is that the ownership rights of the relevant NFT file are retained; however, in the case of digital media such as Shinoda’s piece containing a song, the purchaser “does not own the” song, “” master “or” copyright. ” Without these restrictions, the purchaser of Shinoda’s NFT would be legally entitled to sell the music within the media, such as licensing a commercial or uploading it to a digital music platform.
Shinoda is the latest celebrity to join other notable names such as Soulja Boy and Logan Paul respond to the hype around NFTs. A record number of NFT art was sold in January, according to figures from cryptoart.io, with more than $ 11.5 million in sales. The majority of NFT sales are paid for using Ethereum and with Bitcoin’s value climbing again, it is possible that the excitement around cryptocurrency will lead more members of the general public to discover NFTs.
With over a million followers on Twitter, Shinoda’s tweets on NFTs have caught the attention of various organizations. Zilliqa, a blockchain platform that previously partnered with Soulja Boy, responded to one of Shinoda’s tweets saying they “would love to work with him” on an “exclusive NFT.” The social enterprise organization Harmony has a similar request to collaborate on an exclusive NFT.
Although Sinota has now raised more than $ 30,000 thanks to his NFT, bids can still be placed on the item by going to his Zora profile here.
What do you think of NFT as a future art item? Let us know in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Twitter
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