The Future for Music and NFTs

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The Future for Music and NFTs

The music industry was one of the hardest hit during the lockdowns and let's be honest it really hasn't picked up much since. Sure there's been a few concerts but nothing compared to what it once was. On top of this there's been battles between record labels, artists and streaming platforms to start paying the artists more revenue but even that hasn't produced much in terms of results and so was born NFTs and Music. A new way for artists to make income from their works and again shows the power of a decentralized system and crypto.

On the flip side of this its the same as merch and memorial that would be sold at concerts. As investors or fans buy these items they can increase in value and worth as a artist becomes more popular. This makes it a possible investment for people as well as fans unite and start to trade these NFTs with each other.

Along with this we are seeing a shift where more value and control is given back to the artists. Many who buy these NFTs are happy to support their favorite artists and support them knowing that the music artists is actually getting a large majority of those funds and not some label company. What we are seeing is a DRASTIC shift where people are being restore their power and each person is valued at their value and not some company. It's truly one of the most powerful things shifting in the world we live in today.

Current Music NFT Options

NFTs have produced a number of options which include but not limited to

  • MP3 Music Tracks
  • MP4 Music Tracks with video/music
  • Pictures
    and above all else OWNERSHIP!

These are just the first steps for NFTs there are others that are starting to become supported as well such as selling tickets and offering a NFT with it or the opposite buying a NFT that acts as your ticket.

NFTs and blockchain are actually a powerful tool when it comes to ticketing. It's backed by the blockchain and proves you are the owner of that ticket which means no more fake tickets or a much easier way for vendors to detect fake tickets. What's really awesome is a decentralized system is now providing some of the best security to a venue and that's pretty epic I think.

The question I want to ask... Have you bought any music artists NFTs yet? If so what one and one what blockchain share the link in the comments if you like.

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I believe there is already a pretty big one tied into crypto as well called audius or audible or something along those lines.

I think a unique way I haven't seen yet or at least heard a big marketing push is for us the holder of say an altcoin i.e. ross token or dre tokens which would allow us to sort of be the agency to the artist.
That way as fans we can choose to support the artists and the dao can vote on things like direction of promotion (with a board of people already knowledgeable in space)

True ownership in not just a file or link to a file, but it allows fans to have a deeper relationship not just in a musical sense, but a sense of growth and wanting to see the artist grow as well.

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NFT as a proof of ownership might me be cool, as it might counter platforms as ITunes, that delete purchased songs if they want to. A crypto music service, that can compete with iTunes or Spotify can definitely disrupt the market.

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I haven't but I know Rising Star is doing a few nice things in regards to this. You can buy the record NFTs and they also have a special one where you can trade it in for the physical vinyl.

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