NFTs are changing the music industry
Over the past three weeks, the music industry constantly talked about NFT and how it may change the way artists create music and make money.
NFT is also known as “Non-Fungible Token” are Crypto-collectibles or “digital assets transacted and recorded using blockchain, which ensures no asset can be counterfeited or duplicated.” That is the main reason why professionals from different kinds of market shares love NFT.
NFT was born with Ethereum, the second most popular cryptocurrency following Bitcoin.
NFTs cannot be removed, destroyed, or duplicated because the data is stored on the Ethereum Blockchain thanks to Smart Contracts. Smart Contracts allow the counterparts to exchange money or valuable assets efficiently and clearly without the need and dangers of working with an intermediary.
How NFTs affect music artists? Mixmag explained, “NFTs could be revolutionary for musicians, giving them a lot more control over their output and its pricing, and offering a direct revenue stream between themselves and fans that are not reliant on third parties such as streaming platforms and concert promoters.”
Also, it has to be taken into account that Ethereum is a decentralized Blockchain, meaning that behind an artist’s NFT, there is none behind it, so the artist does not need to share his/her income with a third party.
This type of Crypto Art can be considered a perfect occasion for emerging artists and well-established artists. For example, the creation of secret songs or NFTs representing their new EP. There are endless opportunities for artists to connect with their fans in a unique and innovative sphere.
Many artists as Steve Aoki and Deadmau5 have already immersed themselves in the world of NFTs. Crypto art can be considered a new beginning for the music industry and how artists make money.