Music NFTs shine by defeating and revolutionizing industry concerns
Alongside profiting the world of art, video games, sports and luxury goods, NFTs have shaken the music industry.
World-renowned musicians 3LAU, Snoop Dogg, Gorillaz, Grimes, Steve Aoki, Deadmau5 and Kings of Leon jumped on the NFT bandwagon, and boy, are they glad they did. 3LAU earned a market cap of $11.7 million through the digital assets alone.
But what exactly are music NFTs? Do they shape the music industry, or are they a dying trend?
REASONS BEHIND MUSIC NFTS
Music NFTs are non-fungible tokens consisting of an embedded music file, typically showcased by an original piece of digital art. In most cases, the tokens lead to an audio track once clicked on. The audio can then be listened to at any given time. However, there’s much more to music NFTs than meets the eye.
Third parties traditionally dominate the music sphere through corporate profit. Song creators rely on music publishers, record labels, and digital music distribution services to ensure their content frequently streams to valuable services in exchange for royalties.
By being dependent on third forces, they often lose income, face copyright risks, and are paid unfairly.
NFTs provide a limitless model for musicians to reach consumers independently. Through NFTs, musicians can release tracks while keeping all profits made—receiving all secondary sales earned from their projects via smart contracts and saving streaming charges.
On top of that, fans purchase NFTs to support their favorite artists and own a unique piece of content that only they can access. The higher demand for the NFT, the pricier the digital asset. But, once collecting an NFT, owners can reap benefits.
To entice buyers, the tokens usually support access to members-only platforms full of like-minded fans and where news is released ahead of time. Giveaway prizes are also dished out, including concert tickets, merchandise, records and more.
In short, defeating and revolutionizing music industry concerns is how NFTs shine. Through non-fungible tokens, artists can create NFTs embedded with unique musical content while taking home all profits and saving big bucks on streaming costs.
NFTs supply various ways artists can deeply connect with their fans, positively affecting music-making and personal experiences.
ARE MUSIC NFTS STILL HOT?
Artists continue to join the crypto trend, despite the market plummeting. Two days ago, the Beatles Ringo Star jumped on the NFT submarine. The Weeknd, Richie Hawtin and RAC also currently have music NFT collections on OpenSea.
Proving there is still money to be made through music NFTs, one of the most recent popular collections is Warp Sound’s NFTs, WVRPs. At this time of writing, the crypto project has a market cap of more than $7,000.
More Web3 platforms and protocols are working towards reshaping the music industry—all of which bear artists’ well-being in mind. Unchained Music, for example, is a music distribution platform that allows artists to distribute music at no cost while possessing all royalties.
Other notable Web3 platforms revolutionizing the music sphere include Audius, Sound.xyz, anotherblock and Catalog.
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