Music NFTs are the future and here’s why
The music industry will never be the same again thanks to NFTs. Find out how and why Music NFTs are the future.
The way the music industry works these days is far too advanced for what it once was. But what if I told you that thanks to Blockchains and NFTs, artist musicians will have much more control over their careers and their profits? Music NFTs are the future. Tag along and let’s discover why!
Music NFTs are the future
The music industry can benefit greatly from NFTs in order to revolutionize how they work. NFTs, or Non-Fungible Tokens, are a digital representation of an asset — which can be an image file, 3D models, music, or video files. They are fundamentally unique and have their authenticity valid because they have been registered via smart contracts in a public and immutable database, that is, on a blockchain.
Related: What are NFTs? The Beginner’s Guide to crypto-collectibles
How can the music industry use NFTs?
In the music industry, a blockchain can be used to track music or video files distributed over the internet, making sure that artists are paid for their work.
We’re talking about artist royalties. Blockchain technology has been designed in such a way that it is essentially secure and flawless, perfect for distributing files over the internet while protecting data.
Each Music NFT file registered on the blockchain is unique, which also helps to reduce piracy.
In addition, it is also possible, through smart contracts, for a blockchain to track playbacks on streaming services to distribute payments directly to the artists.
Types of NFTs in the music industry
There are different types of NFTs the music industry can benefit from. Get to know the best ones below.
Albums and songs
Even though nowadays it is not as common to buy or collect CDs or vinyl records as it was 20 years ago, true collectors do not miss opportunities to find those with original autographs. That is, with a very high value.
Likewise, the NFTs of specific albums or songs have a huge potential of reaching very high values, just like a physical album does. They would have unquestionable value and would be truly unique and rare — a highly prized privilege.
Furthermore, by being properly registered on a secure blockchain, these NFTs can still confer copyright on their owner, depending on the definitions given by the artist and label.
Tickets
The essence of an NFT is that it is unique and impossible to copy, therefore, physical concert tickets could totally be substituted by the digital ones. NFT tickets would be proof of pirated sales, of being lost or passed on to another person without proper authorization. Therefore, error proof.
Photos and videos
Video clips and concert footage can also be turned into NFTs, which would be highly sought after by the artists’ fans.
Famous musicians who have already started creating NFTs
In March 2021, Rolling Stone magazine published an article saying how ‘Music NFTs Have Gone Mainstream’.
Shawn Mendes, Grimes, Steve Aoki, and Tory Lanez are just a few celebrities who’ve jumped aboard the crypto train to release exclusive digital goods — turning the Internet into a futuristic, fine-art auction house on crack
It will be a matter of time before more global music artists embrace blockchain technology and NFTs to protect themselves, their music, and their profit.
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Originally published at https://ladynakamoto.com on March 18, 2022.
