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The Ledger is a weekly newsletter about the economics of the music business sent to Billboard Pro subscribers. An abbreviated version of the newsletter is published online. It seems everybody is getting — or wants to get — in on the NFT business. It’s reminiscent of the late ’90s when companies rushed to launch websites because, well, there was money to be made and everybody else was doing it. Many companies stumbled out of the gate, but the internet turned out to be a pretty good business opportunity. The jury is still out on NFTs but there’s obvious potential. It’s no surprise that people spend hundreds or thousands of dollars on digital tokens that confer rights to anything from digital art to fan club-like perks. Some fans spend dearly to support their favorite artists. And with NFTs, ...