![]() ![]() Grimes sold $6 million worth of digital art as NFTs /rJ8gsYEdU1- The Verge March 1, 2021Īs long as you’re okay with the purely speculative hype around these kinds of sales and stories - and the understanding that some investors, including people who don’t fully understand what they’re doing, are going to make a lot of money, and some will get burned badly (see: GameStop, and also Cryptokitties, an early NFT gambit/gimmick that was kind of hot in 2018 and then cooled off but may be hot again) - then this all seems. If they get it out fast enough - while NFT mania booms - it’s easy to imagine many more headlines like these, except you’ll replace “Grimes” with “Beyonce” or whomever: So you can picture the Jay-Zs of the world selling songs, or snippets of songs, or the digital version of a lyric scribbled on a napkin, as NFTs, in deals that let Square and the artist get part of the deal. Even if none of this makes sense to you, you may have heard about people paying real money - a lot of money - for digital ephemera like cartoon cat GIFs or animated trading cards of NBA players dunking or blocking. anything that investors and speculators and collectors are hoovering up at a crazy rate. NFTs (non-fungible tokens) are blockchain-enabled digital pieces of. More intriguingly, given Dorsey’s love of All Things Blockchain, and the current mania over NFTs, it won’t be surprising to see Square + Tidal work on their own NFT scheme. It doesn’t take much imagination to come up with Square + Tidal rollouts in the future: A Square-enabled way for artists to sell T-shirts on tour, or even when they’re not on tour, for instance. He'll now help lead our entire company, including Seller and the Cash App, as soon as the deal closes. I knew TIDAL was something special as soon as I experienced it, and I’m inspired to work with him. “There are tools they need to be successful and that we are going to build for them,” said Jesse Dorogusker, a Square executive who will run Tidal on an interim basis.I’m grateful for Jay’s vision, wisdom, and leadership. Square, founded in 2009, offers financial tools for small businesses, which will help artists to explore options such as receiving digital payments direct from fans. In 2017, Jay-Z removed most of his music from Spotify, but restored it in 2019 for his 50th birthday. Last month, Spotify announced its own high-resolution streaming option, which will compete against Tidal. While Tidal has carved out its niche, offering more than 70m songs and 250,000 high-quality videos, the global market is dominated by Spotify, Apple Music and Amazon Music. The service, which counts artists such as Coldplay and Daft Punk as owners, differentiated itself by offering high-quality audio and video and paying better royalty rates to artists than rivals such as Spotify. Square said it has taken a “significant majority ownership stake” in Tidal, which Jay-Z bought in partnership with other artists for $56m in 2015. New ideas are found at intersections, and we believe there is a compelling one between music and the economy.” “It comes down to a simple idea: finding new ways for artists to support their work. “Why would a music streaming company and a financial services company join forces?!,” Dorsey posted on Twitter, posing the obvious question as he announced the news. While the terms of the deal were not disclosed, the brand has been valued at $630m by Forbes. It is the second deal in as many weeks for the rapper after he sold half of his Armand de Brignac champagne company, better known as Ace of Spades, to LVMH, the luxury goods company. ![]()
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