Musician Mike Shinoda, guitarist and founder of American rock band Linkin Park, has auctioned off his first unreadable token (NFT) for charity.
NFT, which is part of a digital media initiative called Hundred Streams, has raised more than $30,000.
Musician Mike Shinoda, guitarist and founder of American rock band Linkin Park, has auctioned off his first unreadable token (NFT).
I did something: https://t.co/nxirMUsCvb #NFTs #Cryptoart @ourZORA
– Mike Shinoda (@mikeshinoda) February 6, 2021
According to a tweet on Shinoda’s Twitter profile, $30,000 of the money raised will go to the Michael C. Shinoda Scholarship at the Art Center’s College of Design to support students based on artistic merit and financial need.
30,000 is earmarked for the Michael C. Shinoda Scholarship from @artcenteredu to support students based on artistic merit and financial need. https://t.co/sMy9tPrWV1.
– Mike Shinoda (@mikeshinoda) February 8, 2021
NFT is a digital media work called Hundred Stream, which features a 37-second animation accompanied by music composed by Shinoda. It was uploaded to the exchange site Zora, which specializes in buying, selling and trading limited edition art and consumer items.
Unlike standard digital tokens and cryptocurrencies like Bitcoin, Ethereum and Litecoin, NFTs are something unique and are not redeemable. This model makes NFT particularly suitable for digital media and works of art, whose value is generally determined by the market and the creators themselves. Shinoda received some criticism from fans for placing value on an item that can be given away for free on social platforms, and took the opportunity to educate his followers in a series of tweets about NFT.
Unlike the art industry, NFT forgeries are almost impossible to create because they use blockchain technology. Another advantage of NFT is that the ownership of the corresponding NFT file is preserved. In the case of digital media, such as B. a Shinoda work that contains a song, but the buyer does not own the song, master or copyright. Without these restrictions, the purchaser of Shinoda’s NFT, for example, would have the legal right to sell the music in the media. B. by licensing for commercial use or downloading on a digital music platform.
Shinoda is the latest celebrity to join big names like Soulja Boy and Logan Paul to capitalize on the NFT craze. According to cryptoart.io, a record amount of NFT art was sold in January, with sales exceeding $11.5 million. Most sales of NFT are paid for with Ethereum, and with the rising cost of Bitcoin, it’s possible that the hype surrounding the cryptocurrency will lead more people to discover NFT.
With more than a million followers on Twitter, Shinoda’s tweets about the NFT have caught the attention of several organizations. Zilliqa, a blockchain platform that has previously collaborated with Soulja Boy, responded to one of Shinoda’s tweets by saying they would love to work with him on an NFT-exclusive track. A similar request to work on our own NMT came from Harmony, a social enterprise organization.
Although Sinotah has already raised over $30,000 with his NFT, you can still bid on this lot by visiting his Zora profile here.
How do you see the NFT as a future artistic product? Let us know your comments in the section below.
Photo credit: Shutterstock, Pixabay, Wiki Commons, Twitter.
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