Introduction
A new music digital economy is rapidly emerging. Artists, labels and music companies are increasingly embracing new revenue streams that open up new opportunities for creativity and collaboration while offering fans the chance to be more involved in the artist’s creative process.
Let’s start with some definitions:
A new music economy is one in which artists and listeners participate at the same level of engagement, rather than artists being seen as “the talent” and listeners being passive consumers.
Non-fungible tokens or NFTs are unique tokens that exist on blockchains like Ethereum, where they can be verified by anyone who has access to them (for example, through an app). They’re not interchangeable like traditional cryptocurrencies like Bitcoin or Ether; each token has its own identity within the system — a fingerprint if you will — and cannot be duplicated or altered in any way without invalidating its original characteristics (such as rarity).
The Promise of a New Music Digital Economy
In the new music economy, artists will have a better chance of getting their work heard and making money from it. The Internet has made it easier to get your music out there, and many platforms are putting an increasing amount of effort into connecting artists with listeners. You no longer need to be signed by a major label or distribution company in order to reach millions of people around the world; you just need a good song and some smart marketing strategies.
For example, streaming services like Spotify or Pandora allow users to listen for free while also supporting artists with their listening habits (by adding songs they enjoy on playlists). They also offer paid subscriptions that provide extra features in exchange for a monthly fee — but this still doesn’t guarantee success: while these sites do give exposure to many independent bands, they don’t necessarily help them make much money at all.
The 21st-century music economy is different from the 20th-century music economy and that’s why this new music economy is so promising.
There are several key characteristics of the 21st-century music economy that set it apart from its 20th-century counterpart.
First, in this new era of digital scarcity, artists can leverage their work as an asset and store value while they’re creating it. This means that artists have a vested interest in making sure their music isn’t copied or reproduced without their permission because doing so devalues their art — and by extension, their ability to make a living off of it.
Second, many musicians aren’t always looking for monetary compensation; instead, they’re looking for an audience and validation from fans who appreciate what they do. Digital tokens can help facilitate this kind of relationship by providing fans with an opportunity to support an artist directly through the purchase of merchandise or access to exclusive content (like behind-the-scenes photos). In return for such contributions, fans receive NFTs (non-fungible tokens) representing ownership rights over certain pieces within the artist’s portfolio. These NFTs act like tickets: each token is unique in some way and only one copy exists at any given time — so if someone else buys one before you get there first?
It’s no secret that the music industry is changing, but it can seem like there are so many options and opportunities that it can be hard to decide what path is right. The good news is that whether you’re an artist or a fan, there are plenty of ways to get involved with NFTs and digital tokens in 2021.
For more up-to-date information, consider joining our communities:
Website: https://www.zimrii.com
Discord: https://discord.com/invite/hQCH2D4
Twitter: https://twitter.com/zimriimusic
Facebook: https://facebook.com/zimriimusic
LinkedIn: https://www.linkedin.com/company/zimrii-music/
Reddit:https://www.reddit.com/r/zimrii_music
Youtube:https://www.youtube.com/c/ZimriiMusic
Instagram:https://www.instagram.com/zimriimusic
