But around the same time, Aoki was getting into selling his own collectibles. “I got, like, the Michael Jordan rookie card for $85,000. So Aoki did what a lot of people did during lockdown: He got into collectibles. The pandemic nixed the endless stream of live shows that was his life, not to mention his biggest source of income.
Like most other musicians, Aoki had some unexpected downtime in 2020. Or just ask that annoying co-worker who won’t shut up about Burning Man. If you’re unfamiliar with EDM, it stands for electronic dance music … ask your kids about it. Steve Aoki is one of the most famous EDM DJs on the planet. The Grammys’ NFT announcement is the latest example of how the technology underlying the brave new world of crypto is influencing how musicians make their money … for better or worse. A sneak preview could be the “Crystal Token” recently released by the rapper Doja Cat on OneOf, seen below. Music superproducer Quincy Jones is behind OneOf, the company partnering with the Grammys to create them. There are no signs yet of what exactly the Grammy NFTs will look like or how much they will cost. NFTs allow creators of digital items to make those digital items scarce and hence, more valuable. But they’re most commonly a combination of digital art and digital receipt - proof from the seller of a digital item that the buyer is the only authentic owner or one of a limited number of authentic owners. A staple in the crypto world, NFTs can take the shape of just about anything: original tweets, video game features, basketball cards.
The Grammy Awards announced this week that next year’s show would be commemorated by, what else, a series of nonfungible tokens. At this point, your favorite musician likely knows this stuff better than you do. If you’ve been trying your best to ignore this whole crypto thing, it’s probably time you started paying attention.
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