So you may or may not know this, but I'm a crypto nerd. I've been following the news on bitcoin since 2015, always researching, always peeking over and wondering if I should take a risk and get me a wallet, always checking the charts to see who's spiking. I got really deep into the research around 2018, right before the second big cryptocurrency crash, but I didn't take any action (like a big dummy).
At the start of this year, I finally decided it's now or never, and with the help of Youtube, or Youtube university as I like to call it, I'm all in mentally and financially. Okay, maybe not ALL in, but I've put a nice amount of my savings into the crypto space and I'm seeing some great results so far.
You may say, "But Yona, that crypto stuff is complicated and not FDIC insured, I don't want to play around with that until it's more widely adopted", but that's where you're missing out. That's like people in the 90s who were saying "But that internet and dot com stuff is complicated, I'll wait before I invest." Or me saying "But that bitcoin stuff is way too ahead of its time, I'm not trying to buy a whole bitcoin for $200 bucks" like a BIG DUMMY I tell ya!
Long story short, I recommend anyone reading this to invest in cryptocurrency. I know, it's a lot to learn, but if you're low on time and excited for this amazing new space that is making billionaires and millionaires every day, just throw some money in bitcoin and let it sit for a few years. You'll thank me later. If you want some details, I'm invested in BTC, BNB, ADA, XRP, ETH, and some other smaller altcoins that are soon to make me a gazillion bucks. Be jealous. (Or just join me!)
So to make a very long and complicated explanation short and easy to digest, cryptocurrencies are coins that are traded on something called a blockchain. A blockchain is a public ledger, a long list of documentation of sorts, that shows every single crypto transaction.
While most crypto gets value from the money worth, there is a new type of coin or 'token' called "non-fungible tokens". These tokens can include a digital copy of anything - artwork, music, a game, a blog, a video - anything really.
Here's the cool part: If an artist or musician wants to give away a few, exclusive amount of copies of something, sometimes even just one copy, they can now do so with non-fungible tokens.
What makes this different from getting a digital copy of anything another way?
The blockchain has all the proof.
The blockchain call tells you what buyer(s) have the official copies of something, in a place where everyone can see and nothing can be edited or changed. If you have the real copy of a piece of art, while others just have some poor bootleg copied version, it's obvious.
And exclusivity is the key to a lot of success in the creative world!
When the concept of NFTs first dropped a few months back, popular and non-popular musicians alike deciding to capitalize on the opportunity to make great exclusive products for their fans while getting an actually decent amount of revenue back from it. Remember, getting money from streaming sucks hard these days, and the pandemic made it pretty much impossible to tour, so it's been pretty hard to make a living for the last year or so if you solely rely on music.
Now for the honest truth here: It's very possible to make great money from NFTs when you have an established fan base. It's not so easy if you're looking to get discovered in this space. A few newcomers took advantage of the timing and were able to create NFTs that got visibility, but it was only because of the fact that they were all racing to create one of the first few hundred NFTs to ever exist.
Since this is still a new space ripe with new opportunities, it'll be wise to keep your eye out for innovative opportunities in the very near future. Celebrities in all fields are having a great and profitable time with this, including Snoop Dogg, Kings of Leon, and R&B singer Shontelle.
Regardless of whether the NFT space can profit you now or later, it is a great way for all musicians and artists to be paid for the magic they will be making in the future.