NFTs have been a widely talked about buzzword in the music industry. I’m sure by now you’ve heard the term NFTs. NFTs or Non Fungible Tokens are taking the music industry by storm. NFTs are digital currencies like cryptocurrency used to buy digital collectibles. For instance, tickets, e-books, digital music, and paintings can all be purchased with NFTs.
Technology is Changing the Game
Since the emergence of this technology, the music business has been going hard in selling its digital recordings online. Artists like Snoop Dogg, Torey Lanez, Lil Pump, Weekend, Shawn Mendez, Ja Rule, and many other artists sell their music in NFTs formats. Artists, through NFTs, are gaining more control over their music. Artists typically have to go through their respective labels to distribute music. But with this no form of distribution and selling, they go straight to the consumer. Non-Fungible Tokens add additional value to an artist’s catalog. The ability of these artists to improve the value of their music by offering NFTs makes it attractive.
Selling Pieces of the Artist To the People
Selling different pieces of the artist to their fans is a brilliant idea. For instance, music, artwork, sound recordings, videos, tickets, and other formats give these artists control. The music business 360 model is designed to get money off all music endorsements. Well, with NFTs, an artist may gain some of that power back from the label. Fans crave their favorite musician in any way they can have them. The music industry is so controlling that NFTs may be a Godsend for those independent artists who want a leg up.
NFTs generated an impressive $25 billion in overall sales in 2021. – Billboard
These numbers will only increase as more artists come aboard and sell their music. The music industry will reach a market cap of twenty-five billion by 2025.
Technology always drives the direction of any industry, and the music business is no different. NFTs will level the playing field for an artist like Snoop Dogg, the new owner of Death Row Records. A lot of artists get beat out of their royalties. By selling their music through NFTs, it may increase their bottom line.
The future is bright for artists in the music business with NFTs. Hopefully, we will continue to hear good things about this new way of selling music.