SCOPE OF MUSIC NFTS BY NFT CRITICS
NFTs could effectively make Music a more intimate human experience. Deep, right?
This blog we will talk about the scope of Music as an NFT and how it’d bring changes in the industry,
Non-fungible tokens (NFTs) brought in a storm in the world of Music this year. The new technology caught the attention of several singers and musicians, including young artists and legendary artists, by selling tokenized versions of their tracks, digital art, or bundles of virtual and real-world merchandise.
NFTs and fan tokens can reform the entire music industry. A profound, lasting change in how artists produce Music and engage with their fans is witnessed today.
Music was never easy to record, distribute and listen to. It’s been challenging to make a career out of Music. The creators rarely hold power and influence on the commercial side, while the middlemen and streaming services dominate the industry by optimizing corporate profits.
Through NFTs and other cryptographic tools, that may change.
With nearly 400 million active users on Spotify, half of those paying, it is the most widely embraced famous music streaming service. About 8 million artists on Spotify fight for attention daily, only to be overpowered by more renowned counterparts.
Technology hasn’t yet cured the ailments of musicians. It’s made things worse for artists by depriving the uniqueness and scarcity away and standardizing everything almost to the point of no return.
Until NFTs came along.
NFTs will inevitably change everything about music distribution and rewire the foundation of the music industry. What does that mean in practice? More power to the creators is driven by enhanced authority over distribution.
NFTs reintroduce scarcity back to Music and enable musicians to be in total power over the subsequent distribution of their work. On top of that, NFTs open many ways for artists to unite with their audiences on a deeper, more meaningful level and form the most vibrant communities around them, effectively making Music a more intimate human experience.
Transformational, to say the least.
Thus, more artists, more Music and more experience. The reimagining of the music distribution model may direct a renaissance for musicians and fans alike, forming extensive possibilities across the board, resulting in novel revenue models.
Next year could be critical for Music NFTs. Multiple protocols and platforms are coming online and ready to put music center stage. NFT brands, like Bored Apes and CryptoPunks, are signing media deals, and albums are in the works. It’s a technology-driven revolution driven by creators.
Let us look forward to seeing some miracles happening in the Music NFTs!
