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 is a digital currency like cryptocurrency, used to buy digital collectibles. For instance, tickets, e-books, digital music, and digital paintings can all be bought with NFTs.
Technology is Changing the Game
Since, the emergence of this technology, the music business has been going hard in selling their digital recordings online. Artists like Snoop Dogg, Torey Lanez, Lil Pump, Weekend, Shawn Mendez, Ja Rule, and many other artists are selling their music in NFTs formats. Artists, through NFTs, are gaining more control over their music. They typically have to go through their respective labels to distribute music. But with this new form of distribution and selling, they go straight to the consumer. Non-Fungible Tokens are adding additional value to an artists’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 a ton of control. The music businesses 360 models are 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 artist come aboard and sell their music. It’s expected that 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 cheated 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.