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NFTs and the Music Industry | SafeMoon Laughs | Food for Thought | Partner News
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NFTs and the Music Industry
by BSC News
Music artists can now monetize their work using Non-Fungible Tokens (NFTs), an asset created using blockchain technology. But can NFTs really revolutionize the music world? Let's explore!
Streaming services like Spotify and Apple Music have greatly impacted how musicians make money. About 80% of music industry revenue comes from streaming. Rolling Stone reports that 90% of streaming revenue goes to the top 1% of artists. Additionally,
“Before, being a musician was kind of almost mocked. [...] It's not a dream anymore. Now, if you are creative, not only with your music but also with your release structure, you can make some money, which is cool”
– Music NFT artist, @NiftySax
As a result of NFTs, music becomes more valuable because of its uniqueness and scarcity. Further, NFTs can be used as tickets for live events. This way, you don't have to worry about losing your concert tickets. It is also possible to use NFTs to reward fans for their support of artists.
Digital assets enable artists to provide fans special benefits, such as early access to new music. Music NFTs can be easily created in networks such as Binance Smart Chain, Solana and Ethereum using a variety of platforms today. [...] We could soon see more services that allow you to create and sell NFTs without programming. It would make NFTs and music more accessible.
We might see more artists using NFTs. Thus, artists would be able to better connect with fans. Finally, NFTs and music are both incredibly popular forms of entertainment. By combining the two, artists can reach more people and grow their brands.
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