Musician Mike Shinoda, guitarist and founding member of American rock band Linkin Park, auctioned his first non-fungible token (NFT) for charity.
The NFT, a piece of digital media titled “One Hundredth Stream,” raised over $ 30,000
Musician Mike Shinoda, guitarist and founding member of the American rock band Linkin Park, auctioned his first non-fungible token (NFT).
I did something: https://t.co/nxirMUsCvb #NFTs #Cryptoart @ourZORA
– Mike Shinoda (@mikeshinoda) February 6, 2021
According to a tweet from Shinoda’s Twitter profileUS $ 30,000 of the money raised will go towards the Michael K Shinoda Scholarship at the Arts Center College of Design to “help students based on artistic merit and financial needs.”
$ 30,000 goes to the Michael K Shinoda Scholarship at @artcenteredu to help students based on artistic merit and financial needs. https://t.co/sMy9tPrWV1
– Mike Shinoda (@mikeshinoda) February 8, 2021
The NFT was a piece of digital media entitled ‘One hundredth stream, ‘with a 37-second animation, accompanied by music by Shinoda. It has been uploaded to the exchange site Zora, which specializes in buying, selling and trading limited edition art and goods.
In contrast to digital standard tokens and crypto currencies such as Bitcoin, Ethereum and Litecoin, NFTs are unique and are not interchangeable. With this model, NFTs are particularly well suited for digital media and works of art, the value of which is usually determined by the market and the makers themselves. Shinoda took on some criticism from fans for placing value on an item that could be given away for free on social platforms, and took the opportunity to educate his followers about NFTs all in one Series of tweets.
In contrast to the art industry, it is almost impossible to create counterfeits of NFTs as they are powered by blockchain technology. Another advantage of NFTs is that they retain ownership of the NFT file in question. However, with digital media such as Shinoda’s piece that includes a song, the buyer does not own the song, master, or copyright. Without these restrictions, the buyer of Shinodas NFT would be legally entitled to sell the music within the media, for example by licensing it for a commercial or by uploading it to a digital music platform.
Shinoda is the latest celebrity to join other big names such as Soulja Boy and Logan Paul use the hype to NFTs. A record breaking number of NFT art was sold in January, according to data from cryptoart.iowith sales in excess of $ 11.5 million. The bulk of NFT sales are paid for using Ethereum, and as Bitcoin’s value rises again, it is possible that the excitement about the cryptocurrency is causing more members of the public to discover NFTs.
With over a million followers on Twitter, Shinoda’s tweets on NFTs have caught the attention of various organizations. Zilliqa, a blockchain platform that previously worked with Soulja Boy, answered on one of Shinoda’s tweets saying they would like to work with him on an “exclusive NFT”. The corporate social organization harmony issued a similar request to work together on an exclusive NFT.
Although Sinota has now raised over $ 30,000 thanks to its NFT, bids for the item can still be placed through its Zora profile Here.
How do you feel about NFT as a future art asset? Let us know in the comments below.
Photo credit: Shutterstock, Pixabay, Wiki Commons, Twitter
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