crypto auction, crypto charity, Linkin Park, Mike Shinoda, NFT art, Non-fungible Token, Non-fungible tokens, Rock Band

Musician Mike Shinoda, guitarist and founding member of the American rock band Linkin Park, has auctioned his first non-fungible token (NFT) for a charitable cause.

The NFT, a piece of digital media titled ‘One Hundredth Stream,’’ raised over $30,000

Musician Mike Shinoda, guitarist and founding member of the American rock band Linkin Park, has auctioned his first non-fungible token (NFT).

According to a tweet from Shinoda’s Twitter profile, $30,000 of the money raised will go to the Michael K Shinoda Endowed Scholarship at the Arts Center College of Design to ‘benefit students based on artistic merit and financial need.’

The NFT was a piece of digital media titled ‘One Hundredth Stream,’ featuring a 37-second long animation accompanied by music written by Shinoda. It was uploaded onto the exchange site Zora, which specializes in the buying, selling, and trading of limited-edition art and goods.

Unlike standard digital tokens and cryptocurrencies such as Bitcoin, Ethereum, and Litecoin, NFTs represent something unique and are not mutually interchangeable. This model makes NFTs particularly well suited for digital media and art pieces, the value of which is usually determined by the market and the creators themselves. Shinoda picked up some criticism from fans for attaching value to an item that could be given away for free on social platforms, and used the opportunity to educate his followers on NFTs in a series of tweets.

Unlike the art industry, it’s near-impossible to create counterfeits of NFTs as they’re powered by blockchain technology. Another benefit of NFTs is that ownership rights of the NFT file in question are preserved; although, in the case of digital media such as Shinoda’s piece which includes a song, the buyer ‘does not own the ‘song’, ‘master’ or ‘copyright.’ Without these restrictions, the buyer of Shinoda’s NFT would be legally entitled to sell the music within the media, such as licensing it for a commercial or uploading it onto a digital music platform.

Shinoda is the latest celebrity to join other notable names such as Soulja Boy and Logan Paul capitalizing on the hype around NFTs. A record-breaking number of NFT-art was sold in January according to figures from cryptoart.io, with over $11.5m generated in sales. The majority of NFT sales are paid for using Ethereum and with the value of Bitcoin climbing once again, it’s possible that the excitement around cryptocurrency will lead to more members of the general public discovering NFTs.

With over one million followers on Twitter, Shinoda’s tweets on NFTs have captured the attention of various organizations. Zilliqa, a blockchain platform that’s previously worked with Soulja Boy, responded to one of Shinoda’s tweets saying they ‘would love to work’ with him on an ‘exclusive NFT.’ The social enterprise organization Harmony issued a similar request to collaborate on an exclusive NFT.

Even though Sinota has now raised over $30,000 thanks to his NFT, bids on the item can still be placed by visiting his Zora profile here.

How do you feel about NFT as a future art commodity? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

RELATED NEWS

Sandbox Games and NFTs: Microsoft and Enjin Issue Minecraft-Compatible Blockchain Collectibles

Players who enjoy the best-selling video game Minecraft will be able to transfer blockchain-based non-fungible token (NFT) assets into the game. Microsoft and the company Enjin have issued Minecraft-compatible NFTs in order to celebrate the International Day of Women and Girls in Science. Minecraft-Compatible Non-Fungible Tokens The video game Minecraft is the most popular game […]

Xem chi tiết: Sandbox Games and NFTs: Microsoft and Enjin Issue Minecraft-Compatible Blockchain Collectibles

All-Star Celebrity Line-Up Launches Ethernity – A Debut Collection of NFTs

Winklevoss Twins, Swish DJ Alesso, and 76ers owner Michael Rubin debut digital artworks alongside an all-star celebrity line-up. The non-fungible tokens (NFTs) are a collection of NFTs distributed by the art collective Ethernity. Ethernity Provides a Way for Stars to Support Philanthropic Causes A star-studded line-up of celebrities and influential figures has launched its first […]

Xem chi tiết: All-Star Celebrity Line-Up Launches Ethernity – A Debut Collection of NFTs

Lindsay Lohan Tweets ‘Bitcoin to the Moon’- Celebrities Are Flocking to Crypto in Great Number

Ever since bitcoin and a number of other digital assets started seeing price gains 11 months ago, a great number of celebrities started jumping on the cryptocurrency bandwagon. More recently famous people like Kiss frontman Gene Simmons, the retired American rapper Logic, hit record producer Murda Beatz, and Game of Thrones actress Maisie Williams have […]

Xem chi tiết: Lindsay Lohan Tweets ‘Bitcoin to the Moon’- Celebrities Are Flocking to Crypto in Great Number

Rock Legend Gene Simmons Talks Bitcoin: Musician Believes China Is Behind the Ripple Lawsuit, Dollars Are Based on Nothing

The American musician, co-lead singer, and bassist for the rock band Kiss, Gene Simmons, has been very talkative about cryptocurrencies during the last two weeks. Just recently, Simmons sat down with Bitcoin.com’s podcast host, Dustin Plantholt and the two discussed a variety of subjects like the Ripple lawsuit, and why the rockstar thinks cryptocurrencies are […]

Xem chi tiết: Rock Legend Gene Simmons Talks Bitcoin: Musician Believes China Is Behind the Ripple Lawsuit, Dollars Are Based on Nothing

Youtuber Logan Paul Releases a Limited Edition of His NFT Artwork Ahead of Mayweather’s Fight

A famous Youtuber and now boxer is making inception into the non-fungible token (NFT) industry to promote his artwork. Logan Paul will gift NFT-based cards as part of an auction of the rare “Pokemon 1st Edition Booster Packs†game collection. NFTs Feature Logan’s Holographic Image With His Boxing Gear According to the announcement, Paul acquired […]

Xem chi tiết: Youtuber Logan Paul Releases a Limited Edition of His NFT Artwork Ahead of Mayweather’s Fight

Rock Legend Gene Simmons Talks Bitcoin: Musician Believes China Is Behind the Ripple Lawsuit, Dollars Are Based on Nothing

The American musician, co-lead singer, and bassist for the rock band Kiss, Gene Simmons, has been very talkative about cryptocurrencies during the last two weeks. Just recently, Simmons sat down with Bitcoin.com’s podcast host, Dustin Plantholt and the two discussed a variety of subjects like the Ripple lawsuit, and why the rockstar thinks cryptocurrencies are […]

Xem chi tiết: Rock Legend Gene Simmons Talks Bitcoin: Musician Believes China Is Behind the Ripple Lawsuit, Dollars Are Based on Nothing

Youtuber Logan Paul Releases a Limited Edition of His NFT Artwork Ahead of Mayweather’s Fight

A famous Youtuber and now boxer is making inception into the non-fungible token (NFT) industry to promote his artwork. Logan Paul will gift NFT-based cards as part of an auction of the rare “Pokemon 1st Edition Booster Packs†game collection. NFTs Feature Logan’s Holographic Image With His Boxing Gear According to the announcement, Paul acquired […]

Xem chi tiết: Youtuber Logan Paul Releases a Limited Edition of His NFT Artwork Ahead of Mayweather’s Fight

Sweet Launches Broad-Scale NFT Solution in Partnership With Bitcoin.com

PRESS RELEASE. February 4, 2021 – New York, New York – Sweet, in partnership with Bitcoin.com, has announced the launch of a highly-scalable Non-Fungible Token (NFT) platform for the broad distribution of digital collectibles and digital merchandise. Leveraging Simple Ledger Protocol (SLP) and the Bitcoin Cash network (BCH), blockchain digital collectibles provide consumer and entertainment […]

Xem chi tiết: Sweet Launches Broad-Scale NFT Solution in Partnership With Bitcoin.com

Rockstar and Kiss Bassist Gene Simmons Tells Fans He Bought Bitcoin and Other Cryptocurrencies

Hip-Hop Star Soulja Boy Examines Crypto, Considers Creating His Own NFT Collectibles

$8.2 Million Worth of NFT-Based Artwork Sold in the Last Month of 2020 as ETH Prices Rally

NFT Art Sales Reached All-Time High of $8.2M in December

Barcelona FC Player Gerard Piqué Invests in Ethereum-Based Fantasy Football Platform Sorare

Survey: There Is ‘Significant Room’ for the NFT Market to Grow Despite Widespread Lack of Knowledge Among People

DeNations, a Blockchain-Powered Metaverse, Launches the First INO – Initial Nations Offering

BCH Collectibles: RPG Blockchain Game Built on Bitcoin Cash Completes Flipstarter Campaign

Other Articles