Wonders Of NFT In Music Industry
The concept of NFT is vastly different. Once it gets on your mind, it’s difficult to get off. Recently, the NFT is on hype because of the music industry. In February 2021, Grimes sold an art piece worth $5.8 million. To be more specific, she sold her NFTs. Then, the same month electronic musician 3LAU sold NFTs worth $11.6 million, along with Latin-trap star Ozuna sold NFTs worth $ 800,000. And, now, Rock band Kings of Leon is in the headlines as they are releasing their first album as an NFT.
This is all the reason that the buzz of NFT is so loud and clear. It was estimated that the music industry had earned 22 million dollars profit in the month of February 2021. The possibility of blockchain technology and cryptocurrency has been enhanced with the evolution of NFTs. If this is your first time hearing these things, they are at the right spot.
Let’s First Understand What Are NFTs?
In a most simplified and rational way, NFTs are a cryptocurrency with some special and unique features. How are they different from any other cryptocurrency? When general cryptocurrency holds money, NFTs hold assets like art, tickets, MusicMusic, etc. NFTs are a kind of digital certificate that provides authenticity and ownership. It is different from a traditional digital ticket that cannot be downloaded and copied.
NFT In Music Industry
The best way to understand what NFT is doing in the music industry is to the examples that I have already mentioned in the introductory part of this blog. And if the stats are to be believed, the sale of the music industry has grown over 150 times in the last six months. If we take a deep look at the music industry, there is huge scope for NFTs, including ticket sales, sample packs, previews of unreleased songs, art, etc. And, therefore it can be concluded that the music industry holds a huge scope for NFTs.
What Future Holds For NFT In Music Industry?
A new wave has crashed the market. The wave claims to commercialize artists artwork and get huge profits out of it. This new wave is of NFTS. Your community can now monetize tickets, subscriptions, interviews, live streams, and an uncountable list of collectibles. Everything is done on a blockchain network.
It is quite similar to signed records in terms of value- just the way they get value for their rarity and symbolic representation. The NFTs offer you exactly the same. This is a new way to become a part of your favourite artists’ project, and if you become a part of it, you feel closer to the art and the artists. Josh Katz, the CEO of YellowHear, said, “In the future, I think this will be how people release their tracks: When they sell 100,000 [NFTs] at a dollar each, then they just made $100,000,” after developing tokens for Kings of Leon band. It is an experiment and an invention.
Being a part of the industry, earning money becomes easy through NFTs. If you are a musician and sold the one million copies of your new single for $1 each, that’s $1000,000 banked, direct in your pocket. After selling a single piece of art, that also includes a song, Linkin Park’s Mike Shinoda earned $30,000. She explained on Twitter, “Even if I upload the full version of the contained song to DSPs worldwide (which I can still do), I would never get even close to $10k, after fees by DSPs, label, marketing, etc.”
Problems Of The Music Industry
- Presence of multiple layers of middlemen
- Delay in payments as it still follows the traditional banking methods- cheques.
- Licensing issues
- Remixes and derivations are censored
- Lack of Transparency
- Lack of charge of ownership
- No traceability about the resale of songs
Solutions NFT Can Offer To Music Industry
- Boundless and global accessibility
- Secure ownership & Transparency
- Traceability & Royalty
- Instant Payment in BNB / ART
- Eradication of any intermediaries
- No issue of censorship for remixes, derivatives, and covers.
- No issue of licensing
Different NFT Ideas
- Limited cover edition
- Passes for a live show
- Special unreleased tracks
- Music videos
Creating NFTs is very simple. You don’t need a basket full of tools, or you don’t have to be a techie. Take a look at these three simple steps, and create your own NFT.
Build A Wallet
You need a wallet to safely store your NFTs. Therefore, create an account on an NFT marketplace, and create a wallet to store all your NFTs. Thus, buying, selling, and trading of NFTs become easy.
Buy From A Network
You will need a small number of cryptocurrencies. Buy it from Ethereum or choice of your network. To cover the fees associated with creating your content into NFT, you need to buy some from the network.
Connect Wallet To An NFT Platform
Now that you have created your NFT pick a marketplace to create, list, and connect with your wallet.
How Can Cryptocurrency Exchange Script Help?
The marvellous expertise in the field of cryptocurrency and blockchain technology has made us what we are today. The cutting edge technology, productive results, and on-time delivery of projects has made clients all across the world. We succeeded in every crypto and blockchain project. That’s what made us confident that we can do NFTs too! And, here we are offering different NFT services and solutions. Get your customized NFT marketplace for MusicMusic today!