Mike Shinoda, the musician and co-founder of rap-rock band Linkin Park, launched an auction on Rarible last night for “Zora,” a nonfungible token (NFT) music clip from a forthcoming song.
For those of you who aren’t familiar with NFT, they stand for Non-Fungible Tokens and are a special type of cryptographic token which represents something unique; non-fungible tokens are thus not mutually interchangeable. This is in contrast to cryptocurrencies like Bitcoin that are exchangeable for other cryptocurrencies and cash. Shinoda joins an ever-growing throng of celebrities and influencers who are dipping their toes into NFT tech — and bringing their considerable fanbases along for the ride.
In a follow-up thread Shinoda described the auction as an “experiment,” and seemed to be impressed with the value proposition of provable scarcity and ownership: “Here’s the crazy thing. Even if I upload the full version of the contained song to DSPs worldwide (which I can still do), i would never get even close to $10k, after fees by DSPs, label, marketing, etc,” he wrote. He ended the thread with a link to a “beginner’s guide” explainer on NFTs, inviting his followers to learn more.
Shinoda isn’t the only celebrity who has been toying with NFTs. YouTuber Logan Paul released a set of 44 NFTs styled as Pokemon cards to promote his upcoming celebrity boxing match. Likewise, billionaire investor Mark Cuban released some halfhearted animations on Rarible, and today is releasing another set where buyers can request personalized videos from the Shark Tank host. Rounding out the big names trying to pawn some tokens is one-hit wonder Soulja Boy, who has been selling collectibles on Rarible throughout the last week. He currently has 30 ETH worth of animations for sale, and is experimenting with other non-blockchain content platforms, having recently set up an OnlyFans account.