Crypto art and collectibles have been very popular last few years. Last year was undoubtedly the year of non-fungible tokens better known as NFTs.
An NFT can be many things and it has been in our cultural zeitgeist for a while now. Today I want to talk about music NFTs and their potential. How they can change things up.
For those who are new to NFTs let me give you a quick sum-up of the well-known term. An NFT is a one-of-a-kind cryptographic token that symbolizes a digital or physical item and is recorded on a blockchain. An NFT can't be altered or replicated after it's been generated.
Furthermore, NFTs can be written in such a way that royalty payments to the creator are possible, making them an intriguing technology for musicians. As many of our favorite artists don't actually own their music.
When it comes to the music industry, there are many different types of music NFTs. It can be an audio or video file, an album cover, a concert ticket, or signed items. The possibilities are quite a lot.
The following are the way it can change and revolutionize the music industry, it can make it easy for musicians and their listeners to
Cut out the middlemen
Build an active fanbase
Provide opportunities to new artists
Anyone who purchases NFT music becomes the proprietor of the work of their favorite musician. They can then save the music NFTs in their crypto wallets and sell them to a higher bidder in the future if they are interested. Despite owning and being able to sell the one-of-a-kind NFT, the musician who produced it can profit from resales. Which establishes a new type of relationship for both buyer and the artist.
What do you think? Would you buy a favorite song of yours as a Music NFT? I know I definitely would.