It might no longer be the STONK-tastic tidal wave it was in February, but NFTs keeps lapping against the shore of the music biz (the latest stars to “drop” their debut NFT art collection: Bauhaus), and now some NFTs from that first wave of mega-sales are re-emerging, and we can all grab a slice.

It’s essentially a re-sale of sorts: Otis is a company that allows users to buy fractionalised shares of a piece of art. It owns work that you can then buy – for instance, a 1/100th slice – via the Otis app. It’s similar to the approach of the popular US investment app Robinhood, where users who can’t afford to buy a whole share in their company of choice can instead purchase a small piece of one share instead.

Otis is offering Newborn 1 & 3 – which were both released as part of Grimes’ first NFT drop, “WarNymph Collection Vol. 1.” which sold for a total of $5.8 million. The Newborn series were released in editions of 100 and originally sold for $20 each – now you can buy a slice of one of them for less than that.

The long-term use of NFTs is becoming a bit clearer: and one use is that NFTs will be a place where ordinary fans can buy something affordable to show off their fandom – perhaps owning a small piece of a famous NFT will scratch that itch.

Music Ally’s next Learn Live webinar will help you understand what’s required for artists to thrive in new international markets!

Joe Sparrow

Joe SparrowEditor

Editor, Music Ally

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