Home
News
- Music NFT is a piece of data containing audio files on blockchain.
- Artists around the globe are using non-fungible tokens to better monetize their work.
- Some music NFT marketplaces allow the token owners to earn royalties through international sales.
Are NFTs Threat to The Traditional Music Industry?
With the emergence of NFT art, digital artists have found a new gateway to monetize and safeguard their authentic work. Though a non-fungible token can be anything which we can imagine digitally, it is more concerned with the creative individuals. With so many use cases surfacing across the globe, music NFTs have emerged to help out the musicians from several perils on the internet.
A music NFT is simply a token on blockchain storing audio data offering immutability to the file. This initiative allows the artists to better monetize their work. Today, anyone can easily copy a song and upload it on websites like torrent to make the file available for free, while generating income as others download the free data from website.
But the times have changed with blockchain technology disrupting the illicit players in the game. NFT platforms supporting or built using this tech allows the individuals to mint the token and earn from their work easily, sometimes from re-sale too. Marketplaces like Royal allow the creators different perks. Folks can own Music NFTs of artists like Chainsmokers, Royce Da 5’ 9”, NAS and more.
What’s interesting is that people do not just own a piece of music, they own an income element generating from the asset. In simple words, every time a band or singer produces a revenue stream through a concert, worldwide sales, or anything, the token owner will pocket some royalty in part for that music piece.
The token owners will connect at some personal level with the artist. The creator can provide initiatives like communication with the owners on a regular basis, event invitations, early access to albums, etc. Moreover, blockchain will keep a fine care of artists’ works, meanwhile, kicking the bad actors trying to exploit their income through piracy from the game.
Music NFTs can become a huge disrupter for the traditional music industry. How? Well, people are loving the booming NFT space and entering this arena constantly. Another reason is the global digitalization, the world has already witnessed artists like Snoop Dogg, Travis Scott, Ariana Grande and more performing in the metaverse.
Elvis On-Chain, an initiative by a web3 company — Run it Wild — in collaboration with Elvis Presley Enterprises, announced that they will “bring the legend back” through metaverse. Decentraland, Sandbox, Voxel Architects and more joined the mission to revive “The King” through the power of blockchain technology.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
