Cryptocurrencies are all in the trend right now. Bitcoin? Check. Altcoins? Going up with insane prices. Non-fungible tokens (NFTs)? Well, Gorillaz has officially entered the market.
If you've not heard about NFTs you might be wondering what exactly are these exotic new digital goods? NFTs are essentially digital property which contains a special identifier located on a blockchain. Usually, these are run on the Ethereum network, but newer altcoins such as Cardano and Polkadots have the capacity to host NFTs on them. Imagine owning a piece of digital art that is unique because no matter how much other people replicate them, you own the original piece with it's unique identifier.
Being a virtual band, it is of no surprise that Gorillaz has recently begun to delve into the NFT space. In light of the 20th anniversary of their debut album, Gorillaz have announced a host of new products for fans to get their hands on.
Amongst these special anniversary merchandise and artwork is a range of art collectibles that will be made available as NFTs. The Gorillaz NFT collection is a collaboration with the company Superplastic, who the band has already worked with in the past. It is unclear where or when these NFTs will be released, but it can be assumed that they will be on sale in one of the major NFT marketplaces like Rarible or OpenSea.
Gorillaz's decision enter into the NFT market has been criticised by some fans and websites as "hypocritical". Fans claim that the band's environmentally conscious album "Plastic Beach" advocates preserving the environment. Yet, NFTs are plagued by climate controversies and sources claim that each sale of NFTs consume extremely high amounts of electricity.
On the other hand, cryptocurrency lovers and investors may be interested in purchasing these lucrative NFTs. Celebrities have embraced the NFT hype with fervour and artists have been making up to a few million in profits for a single sale of NFTs. Some view NFTs as a long-term investment, and who knows if Gorillaz's tokens will appreciate in value over the next ten years. One thing's for sure, NFTs are here to stay.
One can't help wondering- what's next? Will there be a Gorillaz cryptocurrency? Who knows.