- The music business has been inextricably linked to technology since the discovery of sound recording in 1877
- NFTs and fan tokens have the potential to transform the music business as a whole. We are witnessing a dramatic and long-lasting shift in how musicians create music and interact with their audience
- Kings of Leon’s release of When You See Yourself is an early example. In March, the album was published as an NFT, along with an animated cover and a limited-edition vinyl
The music business has been inextricably linked to technology since the discovery of sound recording in 1877. From the earliest discs to streaming services like Spotify and Apple Music, from record changing to the birth of current electronic sound, technical advances have impacted how music is created, played, kept, disseminated, and enjoyed. Non-fungible tokens (NFTs) swept the music industry this year. Hundreds of singers and musicians, including youthful multi-hyphenate artists like Grimes and iconic bands like the Rolling Stones, were drawn to the new technology. Some of these artists have increased their earnings by selling tokenized copies of their songs, digital art, or bundles of virtual and real-world products.
NFTs and fan tokens have the potential to transform the music business as a whole. We are witnessing a dramatic and long-lasting shift in how musicians create music and interact with their audience. The uniqueness of non-fungible tokens is one of its distinguishing characteristics. There can’t be two NFTs that are the same. Another element that appeals to modern artists is their versatility: NFTs may be configured for particular automatic activities using smart contracts, eliminating the need for a go-between in many circumstances.
They may let the early numbers speak for themselves using NFTs. Anywhere if they upload the complete version of the enclosed music to DSPs globally, they would never collect even close to $10k, after fees by DSPs, label, marketing, etc, Linkin Park’s Mike Shinoda recently tweeted. There isn’t much that can’t be tokenized. Music tracks, artwork, text, applications, files, and even physical items, such as concert tickets or one-of-a-kind goods, may all be accompanied by their own NFTs, allowing artists and content providers to provide new experiences to their fans.
Kings of Leon’s release of When You See Yourself is an early example. In March, the album was published as an NFT, along with an animated cover and a limited-edition vinyl. Those who purchased the package for $50 were instantly entered into a lottery to win VIP concert tickets and other bonuses. Emery Kelly, a Hollywood actor, and aspiring musician will release his album Some of My Emotions in November, along with an NFT collection of digital objects representing pleasure, fear, sadness, and other emotions.
Emerging fan-fueled equity crowdfunding is one of its most visible expressions. Essentially, it is a music investment made accessible to the general public. Consider investing in a Kickstarter campaign for your favorite musician in exchange for a share of the proceeds rather than goods or concert tickets. As with NFTs, it works like a charm for huge musicians with millions of fans, allowing them to fund songs and albums with a single social media post. There is a great desire for new revenue models and the democratization of the sector as a whole. When combined with NFTs and democratization via blockchain technology, the fan-funding model has the potential to drive a profound shift in how music is generated, funded, and marketed. This has the ability to enable musicians to achieve full freedom and usher at the end of the era of large labels.
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