NFTs next hit may be music industry, former manager for Elton John, Beyonce says

As a former music manager who once counted Elton John, Beyonce and Guns N’ Roses as clients, Merck Mercuriadis has an eye for talent and a knack for identifying trends.

Now he is looking at another emerging technology for music: non-fungible tokens, one-of-a-kind digital assets - frequently artwork, photos, videos or digital files - that are traded on the blockchain. Mercuriadis said the blockchain, which keeps a ledger of transactions across a network of computers, can bring a new level of transparency to music royalties.

NFTs also could provide a new type of collectible for music fans, such as music or videos, for the same price as a traditional tour book sold at concerts, Mercuriadis said. These more engaging experiences are “an important part of the future,” Mercuriadis said. “Once the pandemic hit, it really proved the point that Merck made about those songs, as far as being a reliable asset,” said Rodgers, a Grammy-winning singer, songwriter and record producer who advises Hipgnosis. The opportunity has attracted institutional investors, including Investec Wealth & Investment, Aviva Investors and the Church of England.

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