NFTs AND THE MUSIC 3.0 REVOLUTION
From cassette players to streaming services, the music business has had its fair share of technology advances that have transformed the industry in profound ways over the previous few decades… and with no indications of losing steam! As a result, it is unsurprising that non-fungible tokens (NFTs) have begun to disrupt the music business in a variety of ways.
Regardless of the conjecture and skepticism around NFTs’ ostensibly volatile and uncontrolled nature, one thing is certain: they are here to stay. NFTs have grown in popularity, especially among millennials and Gen-Z, as a means to engage with their favorite artist and creators.
The power of music NFTs
NFTs are going to be the most consequential change in music since streaming music, this landscape is evolving and it's evolving fast and what looked like just a trend will turn into being a lifestyle.
Musicians have not been adequately rewarded for their work for decades. This is particularly noticeable in the music industry.Music NFTs will take the power away from record labels and put it back into the hands of the artist
NFTs have the ability to ensure that artists are compensated appropriately for their efforts. Consider Linkin Park’s Mike Shinoda, who raised around $11,000 for his first NFT.
But one of the other reasons this is so consequential and as a result will see musicians dive into this as fast as possible is it offers income that pays for years, aside from the initial sale the NFT goes for, the real game-changer is the money an artist can make from royalties as they receive a designated percentage of all future sales! This means that they get a percentage of the sale, every time the original NFT is resold. So as their fan base increases and demand rises, for example, an NFT gets sold for a $100k, the artist or the original creator of the NFT gets $10k at a 10% royalty.
And even if the artist releasing an NFT collection is not a household name, those who understand the business can bet on promising talent and become early believers who buy the NFT for cheap and when the artist has a breakthrough and starts to gain clout and stardom, the same NFT can potentially be valued at a lot more.
How NFTs will become a big part of the music industry and how musicians will make money from them.
NFTs are a method of gaining actual ownership of an object, a song, playlist, or album. They have unique identifying numbers and act as the establishments of digital scarcity. As a music composer, blockchain technology may support NFT rarity and functionality across many facets of music interaction, including tracks, playlists, tickets, merchandising, and even customised VIP packages .Musicians can sell art, this can be their logo, album cover, or some other iconic art.
As a result, NFTs provide musicians with the opportunity to engage with their audience on a more fundamental and granular level with authenticity, form communities around them, and have complete autonomy over their work.
Artists retain full rights to their music even when their NFTs are sold on the secondary market, and they also earn a royalty on each transaction of the NFT that they choose. As a result, there is a global market for music NFTs.
What is an NFT Music Marketplace?
An NFT music marketplace is a decentralized application (dApp) where artists and fans can buy and sell NFT music products. Artists can upload tracks to NFT music platforms and distribute them on the blockchain. Also, fans can gain access to exclusive and rare material. Plus, limited edition NFTs can sometimes come with real-life experiences such as artist meet-and-greets!
An NFT music marketplace provides a secondary market for rare collectibles and other NFT music products. Popular musician Snoop Dogg has released a range of NFT music collectibles, including rare artworks and 10,000 unique avatars for The Sandbox metaverse gaming platform. Fans can buy these NFTs from an NFT marketplace for use in-game or for resale. Accordingly, these marketplaces play an essential role in NFT music distribution.
Polygon X Token||Traxx
Polygon, an Ethereum scaling platform onboarding millions to Web3, today announced a partnership with NFT music platform Token||Traxx™ ahead of its Token Generation Event (TGE) this month. The collaboration will allow Token||Traxx to leverage Polygon’s low-cost and interoperable infrastructure to build out its music NFT marketplace.
Through the use of proprietary NFT technology, Token||Traxx will empower and transform artists to easily tokenise songs, albums, and merchandise — revolutionising the way fans engage with the artists they love.
Token||Traxx is pioneering the NFT space in the music industry by being the first platform that rewards the unique symbiosis of music creators, curators, and collectors.
Indias pivot into music NFTs
India-based media and consulting firm One Mercuri has formed a music and entertainment non-fungible token (NFT) marketplace called WishWorld.
Built together with blockchain company Aqilliz, the marketplace is intended to provide creators and artists a platform to connect with their fans through experiences and interactions.
Its approach toward treating the content as a coveted asset that keeps the consumer at the center. More than 8,000 songs composed in nine languages were released as digital collectibles with the original soundtrack, along with interesting anecdotes, features, and even musical notes from these compositions.
JetSynthesys, a digital entertainment and technology company, has teamed up with singer Sonu Nigam to develop the first-ever NFT series in the Indian music industry.
T-Series, Asia’s largest music label, music publisher, and India’s largest film studio, marked its presence in the NFTverse in collaboration with Hefty Entertainment, a branch of Hungama Digital Media Entertainment.
This industry-first venture for the global digital entertainment sector will see the two leaders increase the threshold of entertainment development and consumption through various Web3 initiatives.
Some Popular Music NFT Protocols:
- Fragsy (music royalties platform)- Fragsy enables everyone to own pieces of music and get passive income from what this music generates. Fragsy aspires to democratize music ownership.
- Audius (music streaming platform)- Audius, a fully decentralized music streaming protocol built with public blockchain infrastructure and other decentralized technologies. Audius allows artists to distribute to and get paid directly from their fans
- Yellowheart (concert tickets platform)- YellowHeart is a made-in-NYC, NFT live event ticketing and blockchain collectibles platform powered by distributed ledger technology and built exclusively for the benefit of artists, teams and their authentic fans.
- Nina (music editions platform)- Nina is a Web3 marketplaces, offering the benefits of blockchain and NFT technology to musicians and artists. But now, the introduction of Nina Hubs will allow a whole new way of thinking about what the Web3 music industry could be.
- Gala music - is more than some music streaming service. It’s a decentralized world for music that empowers artists, supporters and fans by allowing them to actively participate in the music experience like never before.
When Revolutionary tech meets symphony — What lies ahead?
The traditional music industry is being disrupted by NFTs. NFTs enable artists to maintain control over their songs and careers. NFT music marketplace services also allow fans to purchase and sell music, goods, special experiences, and rare works. NFTs also allow musicians to blend visual art, music, rare collectibles, and fan involvement experiences. Combining such a diverse range of items into a single format would be practically impossible without blockchain and NFTs.
Asset tokenization allows a large number of individuals to possess assets on the blockchain. In this way, even casual fans are immediately immersed in the value and ethos of the artist or creator they support, without the need for an intermediaries such as a streaming site or a record company. As a result, fan groups may now engage in the evolution of their favourite creators like never before.
Autographed physical copies of collectibles, perpetual music royalties, backstage passes, exclusive remixes, and private parties are only the tip of the iceberg in terms of honouring fans that invest in the musician’s production. The opportunities for artists to engage with their audience and investors are almost limitless. Music NFTs are connecting artist and fans like never before and its a win-win. Artist finally have complete control and maintains majority of profit, as we begin to transend into this revolutionary paradigm we welcome you to Music 3.0. Que the outro!