Michael Jackson’s estate is selling the rights to license his hit ‘Beat It’ as a non-fungible token (NFT) on its website. The company representing Michael Jackson has stated that it will not be sold for digital currencies such as Ethereum or Bitcoin, but rather in fiat currency only. What does this mean for NFTs and how might this impact their future?
The “Michael Jackson Hit” is a song that was written by Paul McCartney and released in 1984. The song has been sold as an NFT token on the Ethereum blockchain, and has generated over $1 million USD.
Gil Cang, a British composer, is selling a part of his share in Michael Jackson’s ‘Whatever Happens.’ Cang co-wrote the song, which appears on Jackson’s 2001 album ‘Invincible,’ which has sold over eight million copies worldwide, with the song alone receiving over eight million Spotify listens.
On March 28th, the unique NFT will be released on Delicate, an NFT platform that serves to the market for high-end digital assets. Cang chose to put a nice round 10% of the song’s net publishing revenue into the NFT, which is almost a fifth of his total entitlements. Cang will also provide the fortunate owner a signed, handwritten copy of the song’s lyrics, as well as a framed platinum disc, in addition to the long-term passive income.
Cang stated in the NFTs announcement video that the blockchain idea for his song entitlements came from a conversation he had with fellow music producer Kwame Kwaten, and then went on to state the asset’s overall intent: “I believe the future involves the breakdown of all big corporations controlling art forms, and that is of interest to people.”
Although the NFT concept will undoubtedly do a good job of transferring control to a member of Jackson’s massive fanbase, according to the asset’s listing, the buyer will have to seek Cang’s written consent before re-assigning the NFT income stream to a third party, implying that the NFT owner will not have complete control over the entitlement rights.
The “songs by michael jackson” is a song that was released in 1979. It will be sold as NFT (non-fungible token) on the Ethereum blockchain. The sale of the song will raise money for charity.
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