We’ve been writing about NFTs (nonfungible tokens) recently, and thinking about their potential for the music industry. But other entertainment sectors are doing the same, games in particular – the pioneer industry in terms of creating collectible digital items that people are willing to pay money for.
What they’re paying money for this week are nine plots of land in a blockchain-powered game called Axie Infinity. They were sold to what news site Decrypt described as an ‘entity’ called Flying Falcon (Twitter bio: “Digital land owner: soaring through the Metaverse”) for 888.25 ETH – which is around $1.5m. “The. Largest. NFT. Sale. Ever,” as Axie Infinity put it on its excitable tweet about the transaction.
Flying Falcon offered its own explanation in a series of tweets. “We’re witnessing a historic moment; the rise of digital nations with their own systems of clearly delineated, irrevocable property rights. Axie land has entertainment value, social value, and economic value in the form of future resource flows.”
It’s another nudge for artists and music companies to think creatively about how NFTs might work for our world. Or to give up music in favour of careers as digital landlords, of course…
Music Ally’s next Learn Live webinar will help you understand what’s required for artists to thrive in new international markets!