The future of musical NFTs: are they the savior of an artist?
Technology can both transcend and deteriorate the music industry. Consumers pay quickly video games, merchandise and other goods, but Gone are the days of buying records and CDs as people often opt for music piracy, thus harming artists. According to a 2021 Hacking investigation, over a third of music consumers admitted to pirating music. Even listening to music through paid streaming services like Spotify and Apple Music can harm artists and musicians because it Was found that Spotify pays $ 0.003 per stream.
How NFTs Help Artists in the Music Industry
Right now, NFTs are in a unique position to change the way we listen to music, as it is a smooth entry point into the blockchain ecosystem and it is the first time the music industry has interacted with blockchain with commercial success. With music becoming a digital asset, creators and artists will now be able to sonically interact with blockchain as a new medium of expression, connection and distribution. NFTs provided a simpler layer to monetize music to fans on a continuous, fair and transparent basis outside of broken major label and DSP models.
With artists like Grimes, RAC, Mike Shinoda, Monster cat, Kölsch, and many others selling their creative art through NFTs, they provide access to an exclusive micro-community in the music industry. Building these communities will pave the way for widespread adoption of blockchain and crypto use in the near future, as we will most likely see. NFTs used for box office, fractional ownership of music videos, cross-platform virtual merchandise, rods for producers, charitable initiatives, multi-collaborative sound experiences and AR / VR pairing such as avatars are published as NFT. All of this will be based on a model of rarity, proof of ownership and exclusivity that will bring back the collector mentality like that of the vinyl market, albeit for a predominantly younger population.
To look forward
It is the beginning of the possibilities of artistic expression with many key players who have yet to enter the space. Fractional ownership of NFTs will pave the way for exposure of music copyright revenue to fan and institutional levels, resulting in a new form of connection and
conversation between artists and their supporters by allowing them to participate in the success of music, a bit like that of the stock market. This in turn will raise the question of what kind of music and genres will be most attractive to investors and how quickly these artists will react to the potentials of the NFT space. We will also most likely see video clips posted in sections as NFT as well as exclusive NFT touring, ticketing and cross-platform merchandise content existing in heavily populated virtual worlds and Metaverse platforms.
What if the hype died down?
As a tool, once the hype has passed, we will end up with a very strong community and platform for expression that will be standardized in tandem with the integration of Web 3.0. Digital assets have long been available in the video game industry, so it was inevitable that the music industry would enter space and was likely accelerated by the current pandemic forcing artists to be more conceptual and creative than never.
NFTs are the savior of artists and fans
Beyond the million dollar sales hype, it is important to recognize that NFTs provide an art support system that benefits both artists and consumers / fans by building community and supporting art. allowing undiscovered artists to showcase their talents on a larger platform. Although the technical innovation is very impressive, we must not forget that it is all about the human instinct to listen, to move, to enjoy and to connect.