Can NFTs Change The Music Industry?

            NFTs are very popular nowadays, and they are affecting the art field. Digital artists can sell and show their precious artworks through NFTs, and consumers can buy the NFTs by blockchains, like Ethereum and WAX. Also, the digital arts provide artistic ideas and monetization. Hence, artists and consumers can encounter the positive effects of NFTs for their budgets and opinions of aesthetics.

            We can find NFTs in different versions, such as a picture and video. For instance, there was a popular video called Charlie Bit My Finger in which baby Charlie bit the finger of his brother, and the funny video was sold as an NFT one month ago. Moreover, there is a platform called NBA Top Shot in which unforgettable moments from NBA world are sold as videos. Alright, we can find video NFTs, photo NFTs, and game NFTs. What about the musical part of NFTs? Do digital artworks affect the music industry? Let’s learn about the relationship between non-fungible tokens and the music industry!

            Without a mediator, digital artists can sell their digital arts and show their abilities in the art field. In addition to the situation, musicians can also utilize NFTs and blockchains in order to release their songs and melodies. The globalized music industry shaped its current appearance with some platforms, like Youtube, Apple Music, and Spotify. Musicians can produce their songs by utilizing the platforms, but they could not reach the monetization model without a mediator. Therefore, the music industry is affected by NFTs for success without mediators.

            Musicians could not reach their listeners and sell their arts without recording companies and music brands in the past, but now they can attain their listeners easily over blockchains by creating NFTs. For example, the popular rock band Kings of Leon sold their new album called When You See Yourself as NFTs, and the group members earned $ 2 million from their digital work! The NFTs of Kings of Leon include MP3 music files and an animated image of the album cover. In addition to these amazing musical NFTs, the group sold some gold tickets that give a big opportunity to the fans of the band. With the tickets, people can reach the front-row seats in the concerts of the band, and they can meet the members of the band!

            There is not only one example of musicians who release NFTs! The feminist punk rock band Pussy Riot provided four NFTs, and Mike Shinoda from Linkin Park sold the small teaser of an unreleased song as an NFT. Therefore, we can say that NFTs found their places in the music industry. They help the musicians to interact with their fans, and musicians can sell their artworks without the difficult process of music platforms and recording companies. NFTs provide a new and not-complicated way for getting revenue, and musicians can utilize NFTs for their digital purposes, like other digital artists. In the future, there will be concert tickets and lifetime fan club membership as NFTs in addition to the cover pictures of albums and the previews of songs! You should wait for the new musical versions of NFTs.

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