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A fungible asset is something with easily interchangeable units, such as money. For instance, exchanging a Rs 20 note for two Rs 10 notes without value loss.
Non-fungible is an economic phrase used to describe items such as your furniture, a music file, a picture, or a house. Due to their distinct qualities, these things are not interchangeable with other objects.
Even when an artwork can be duplicated or photographed, the original is still more valuable than the duplicates. Therefore, NFTs symbolize the ownership of unique goods like as artwork, collectibles, and even real estate.
They can only have one legitimate owner at a time and are protected by the Ethereum blockchain; no one can change the ownership record or create a new NFT.
According to USPTO-licensed trademark attorney Mike Kondoudis, Sony Music Entertainment, a prominent record label, has submitted trademark applications for non-fungible tokens and the Metaverse.
The behemoth of the music industry intends to provide digital audio and video records of live music concerts. These recordings are validated with the use of non-fungible tokens.
According to the application, Sony Music intends to distribute music tracks as NFTs. Entertainment and marketing services for artists and their records are listed in a separate filing.
Non-fungible tokens are comparable to conventional cryptocurrencies, except they are used to store artwork, video, music, and tickets rather than cash. Already, they are revolutionizing other industries, including the music industry.
On the blockchain, NFTs can be sold as music tracks that are represented by unique tokens. Numerous musicians have already joined the NFT scene. Kings of Leon was the first band to release an album in the form of an NFT in March.
Muse made history earlier this month by becoming the first act to top the UK music chart with a limited edition NFT release of their album "Will of the People." Notably, the record was also available on conventional formats.
After forming a partnership with the Binance exchange, the Weeknd incorporated NFTs and Web3 components into her global tour.
According to U.Today, Universal Music Group, another major company responsible for Taylor Swift and other A-listers, purchased an NFT from the Bored Ape Yacht Club NFT collection in March.
However, why are NFTs so prevalent?
Non-fungible tokens are collectible digital assets that are created utilizing blockchain. The blockchain, which is also utilized by cryptocurrencies such as bitcoin, generates a permanent, publicly accessible record of decentralized data that is timestamped.
NFTs, often known as nifties, represent real-world goods such as art, music, and in-game stuff. They are primarily purchased and sold online with cryptocurrencies, and are generally encoded with the same underlying software as the majority of cryptocurrencies.
Typically, NFTs are purchased with the cryptocurrency Ether or with US dollars, and the blockchain maintains a record of all transactions. While everyone can view NFTs, only the purchaser has the official ownership status - a type of digital bragging rights.
