You’ve definitely heard of NFTs before, but are you familiar with NFT music? With the music industry constantly evolving over the years, it’s no surprise that many musicians and artists and taking advantage of the provenance of NFTs and incorporating it into their work. In this article, we’ll explain more about NFT music–what it actually is, how it works, and how it will pan out over the next few years.
What is NFT Music?
Non-fungible tokens, or NFTs, are unique digital assets located on a specific blockchain where these assets cannot be altered or duplicated. So if we combine NFTs and music, we obviously get NFT music! Sounds simple? But it gets more complex than that.
There are many artists nowadays who are releasing their own NFT music collections. And owning a piece of those collections means you have total ownership over it while still allowing anybody else to listen.
When you purchase an NFT, you are handed a digital certificate that serves as proof of ownership.
Many individuals find it valuable to be able to own one-of-a-kind, authentic goods. However, when it comes to music, some may question purchasing it when you can already listen to it. Investment in NFT music can appreciate in value when the artist becomes well-known as time passes.
NFT music can appear in forms such as snippets, songs, albums, music, and even lyrics. Image files such as JPG or GIF formats can seamlessly blend with music, resulting in a completely unique art style.
How Does NFT in the Music Industry Work?
How NFT music works is actually much simpler than you think. It pretty much follows the same process of minting a typical NFT. The NFT is minted and stored on a blockchain where it is kept safe, and fabrication is completely impossible.
Fans of that artist purchase their digital collectibles through NFT marketplaces or digital storefronts.
Nowadays, musicians are taking advantage of blockchain technology and uploading NFT-exclusive songs for fans to own forever.
How are NFTs Shaping the Music Industry
Whether you like it or not, NFT music has started its emergence and is not going away anytime soon. So, how exactly is NFT music shaping the industry as we know it?
A change in the dynamic
Unlike traditional releasing music, NFT music has shifted the dynamic between musicians and their fans.
Fans can invest in their favorite artist directly to show support and devotion. The NFT also has the potential to increase its value as time passes.
Additionally, if a lesser-known artist puts out an NFT and someone decides to buy it, then it’s highly likely that that individual will do everything it takes to increase the value of the NFT and promote the artist along with it.
Furthermore, artists can include extra benefits in every NFT music purchase. NFTs can be costly and risky to buy; because of this, musicians can include special perks that the buyers can redeem in real life.
Cuts out the middlemen
It’s no secret that artists cannot wholly support themselves from the profit they get from online streaming sites since they only receive a small percentage from their work. With NFT music, musicians keep their profits without compromising the quality of their work and their fans’ happiness.
New opportunity for generating revenue
NFT music allows artists to keep all of the revenue without compromising their total creative freedom. As mentioned earlier, artists don’t get to keep all the income from online streams, so through NFTs, you can support your favorite musician directly.
Besides the actual audio file, artists can link their NFTs with exclusive merchandise to make them more attractive to their fans. These extra benefits can be through the forms of signed CDs, backstage passes, one-of-a-kind merch clothing, and many more.
Artists can also venture into NFT tickets for their live shows, which is a whole other topic that needs its own separate discussion.
Establishes an active community
Musicians create their own platforms, building ecosystems around them that make it easier for fans to access and browse through.
The Future of NFT Music
While the concept of NFT music is relatively new, and not many have fully delved into this, there’s no doubt that this concept is here to stay and will gradually boom in the coming years. NFT has the ability to make the future of the music industry more transparent and open while providing musicians with financial independence.
