Gibson is preparing to sell NFTs of its most famous models

[journeybear]

Well, if it ain't already no part of nothin', I reckon it will soon be. NFT's have been around for a few years, and I have yet to feel any effects of their presence nor notice any effect on the cultural world in general.

The wiki sayeth:

Ownership of an NFT does not inherently grant copyright or intellectual property rights to whatever digital asset the token represents. While someone may sell an NFT representing their work, the buyer will not necessarily receive copyright privileges when ownership of the NFT is changed and so the original owner is allowed to create more NFTs of the same work. In that sense, an NFT is merely a proof of ownership that is separate from a copyright.

It thus seems someone owning an NFT of an instrument's image isn't going to impinge on someone else using that image. This supports what many people have been saying around here, and I imagine elsewhere - they're a waste of time and money. Unless I'm missing something.

Also, this is all the wikipedia article has to say about NFTs in music:

In February 2021, NFTs reportedly generated around $25 million within the music industry, with artists selling artwork and music as NFT tokens. On February 28, 2021, electronic dance musician 3LAU sold a collection of 33 NFTs for a total of $11.7 million to commemorate the three-year anniversary of his Ultraviolet album. On March 3, 2021, an NFT was made to promote the Kings of Leon album When You See Yourself. Other musicians that have used NFTs include American rapper Lil Pump, Grimes, visual artist Shepard Fairey in collaboration with record producer Mike Dean, and rapper Eminem.

Not much. I dareay, an insignificant minority. That may change, but I don't see it becoming the Next Big Thing.

[maxr]

How hard is it to sell digital snake oil?

[OldSausage]

I have noticed and been commenting on sampling for years. What struck me was how often it was used, and how often samples came from rock and soul songs from the 60s. Digital samples of analog recordings. I wonder whether this was done because those samples had a certain resonance, be it melodic or sonic, ie, just their sound was so moving or compelling or recognizable. Bob Seger said it well enough: "Today's music ain't got no soul; not like that old time rock and roll." That's a generalization, of course, and all generalizations are false, including this one, but there is much truth in it.

People always love the music from the prime of their life the best. In 30 years time everyone will be desperately trying to recapture the sound of classic iPhone apps from 2022.

[journeybear]

People always love the music from the prime of their life the best.

Not my point. I was talking about the era of music that samplers seem to mine the most, and offering a conjectured theory as to why. Correlation is a coincidence.

Back to NFTs: A mention of an NFT restaurant in a Stephen Colbert monologue led me to investigate. The pertinent part begins at 3:45.



What little I thought I understood about them has gone by the wayside. I don't get this at all.

Flyfish Club (FFC) is the world's first member's only private dining club where membership is purchased on the blockchain as a Non-Fungible-Token (NFT) and owned by the token-holder to gain access to our restaurant and various culinary, cultural and social experiences.

Token availablity:

Flyfish (FF) 2650 NFTs
1 Design / Cost: 2.5

Flyfish Omakase (FFO) 385 NFTs
7 Designs / Cost: 4.25

What is the point of having so many of them? I thought uniqueness was their main selling point. And the cost is in what denomination - some diamond-shaped icon precedes these figures. I don't understand!

[mandocrucian]

End-stage parasitic capitalism. Soon to be followed by mass extinction. Have a nice day!

[Charlie Bernstein]

Okay. You didn't want to tell us, so we had to look it up. But it doesn't make sense.

First I looked up NFT. It stands for non-fungible token.

Then I looked up fungible. (I'm literate, but I'm not that literate!) It means "able to replace or be replaced by another identical item; mutually interchangeable."

So I won't be able to swap my Les Paul (if I had one) for an identical Les Paul. But why would I want to? And why does Gibson care?

Or — Gibson will sell me a token I can't swap. Token of what? And why would I want one?

=O.

[Charlie Bernstein]

Okay…. Here’s my attempt at understanding.

NFT = Non-Fungible Token
In general, it is a one of a kind “digital” asset that can’t be replaced.

Non-Fungible = Unspecific merchandise that cannot be replaced.


Basically, Gibson trademarks the shapes so nobody else can use them digitally and then sells the trademarked images, since they’re not available elsewhere. Urban Dictionary comes trough again:

https://www.urbandictionary.com/defi...term=NFT&=true

Sorry, but Urban Dictionary says "PNG," which I hereby deem not worth looking up.

[Steve Finlay]

Referring back to CarlM's comments: Yes, there were far more people making their own music 70 to 120 years ago. I have two pieces of early 20th century sheet music for songs (they came out of an old attic), and looking at them is informative. One is "Smilin' Through", published by Witmark in 1919, and the other is "Home on the Range", published by Schirmer in 1930.

Both are clearly produced for the mass market. The price, printed on the front cover, was 60 cents for Smilin' Through and 50 cents for Home on the Range. This was a little more than the price of a pound of bacon, which indicates to me that the people who bought them intended to use them. The cover of each one also lists which keys each song is available in, and shows the range of the melody for each key. This shows that people were going to be singing along with the pianist: You would buy and play the version or versions that the singers were comfortable with. It also means that the average pianist was assumed to be able to play competently in any key; one of the available keys for Home on the Range was G flat (6 flats!).

[journeybear]

Sorry, but Urban Dictionary says "PNG," which I hereby deem not worth looking up.

Eh? As far as I know, .png is just an image format, similar to but different from .gif, .jpg, and others. One of the few things in this discussion I understand. Sort of ...

[Hudmister]

Is there only one NFT for each famous model Gibson product or can everyone buy one?

[Mandolin Cafe]

As an example of how this plays out financially, Julian Lennon, John Lennon's son is selling NFTs of various Beatles memorabilia but keeping the originals. So, digital versions of each item, some with audio comments from him. Article on Rolling Stone.

From the article:

The sale includes such items as the black cape John Lennon wore in Help! and Paul McCartney’s handwritten notes for “Hey Jude” (originally titled “Hey Jules,” McCartney wrote the song for Julian Lennon when John and his wife, Cynthia, divorced). Potential bidders should keep in mind, though, that the items up for sale are only those one-of-one blockchain tokens — the actual coat, McCartney’s actual notes, and all the other actual items are not for sale and will remain in Julian Lennon’s possession.

Additionally, the sale includes NFTs of John’s Afghan coat from Magical Mystery Tour, and NFTs of three Gibson guitars John gifted his son. As far as prices, the “Hey Jude” NFT is expected to fetch the biggest price, with an estimate of $50,000 to $70,000, while clothing item NFTs could go for $8,000 to $20,000; the three guitar NFTs are estimated to sell for $6,000 to $8,000 (a portion of each sale will be donated to the White Feather Foundation).

So what will several thousand dollars get you in this sale? The NFTs were minted with images of the physical items, as well as an accompanying audio clip in which Julian shares a personal memory tied to the item. So while you may not get to play John Lennon’s guitar or wear his cool Help! cape, the winner will get to “share in that exclusivity of Lennon history as the sole owner of the NFT” (per the Julien’s Auctions website).

From a Yahoo article, a direct quote: Julian told Yahoo Finance Live he has no intention of selling the physical items.

Interesting video of Lennon talking about the NFT sales on Yahoo.

Apparently some of the minimum bids for these items have already been reached.

[catmandu2]

None of this is surprising - iconography has always been a dominant human preoccupation, religious fervor a prevalent emotion. In the old days it was relics; today it's the same, but transposed in contemporary form - media. Same old humans; new toys.

[Minorkey]

"NFTs are all the rage right now in the industry, with both guitar heroes (Steve Vai and Keith Richards are two examples [of people who have tons of money to throw away])

[nickster60]

It seems NFT’s are also being used as a money laundering avenue, since there is little regulation.

[DaveGinNJ]

It seems NFT’s are also being used as a money laundering avenue, since there is little regulation.

Isn't that what Bitcoin is for?

[nickster60]

Good point

[Greg Connor]

NFT’s I just don’t understand the significance of NFT’s. Gibson has always been in the news for some less than flattering activities. I thought with the new CEO, some of that might be behind them. I guess not.

I think I’ll wait until they come out with an NFT that features a spruce top.