yeh this definitely seems like a major bubble to me. will see if anything remains when the dust settles.
the best take i saw on it was this tweet about how buying an NFT is a bit like buying a certificate that says you've got a star named after you.
this website is about to launch -
https://catalog.works/ - that tries to apply NFTs directly to music. if i understand it right, all it does is mint a token that verifiably points or links to the piece of music. the actual music can be released on streaming sites and bandcamp etc as usual. so one person just gets to own this virtual certificate that doesn't give them any rights in the music itself (neither the recording or publishing rights). they can hold it in their wallet or whatever to say they own it. seems lame as fuck.
the most annoying thing about this NFT hype for me is that some ppl are going on as if this is genuinely going to benefit musicians, artists, music culture, or society at large, or that it's a better form of capitalism than what we've got at the moment. ppl are referring to other applications of NFTs and saying that there's a more useful or radical thing they can do in music and art than this way to enrich a few early adopters, but then i don't see any of these other options and i don't even see the ppl saying there are other options doing anything other than talking about NFTs.
i think maybe Audius is one of the more interesting applications of crypto and decentralised web that i've seen in music -
https://audius.co/ - (it looks horrible and the music on it on the whole so far is not good) - but i don't think it has anything to do with non fungible tokens.