Over the past few months, music stars have been scrambling to cash in on
the latest craze in collectibles by selling art, merch and even albums in
the form of non-fungible tokens, or NFTs. But this week, the phenomenon
became more confusing than ever for the music industry, when many of the
top artists went on sale as pseudo-NFTs themselves.
The culprit: BitClout, a new platform that promises to allow creators and
musicians to monetize their celebrity. The decentralized social network and
marketplace has been quietly bubbling under the radar, with backers rumored
to include big-name venture capital firms. Over recent weeks, the platform
had uploaded the top 15,000 influencers from Twitter and issued coins for
each, allowing early site users to buy and sell them. Prices for the coins
of celebs like Billie Eilish and Elon Musk soared.
See the full story here: https://www.billboard.com/articles/business/digital-and-mobile/9539942/bitclout-bitcoin-celebrity-nft-social-network/