New possibilities for NFT music and musicians

 

While many associate NFTs with visual works such as photographs and paintings, another type of NFT that is beginning to develop and attract artists is the songs, albums, lyrics, etc. that musicians use as digital works. NFT music. Can be. What exactly is NFT music, its benefits and who are the musicians who make NFT’s work? Check the answers below.

Understand NFT music
NFT Music is a piece of music that has been converted to NFT and can be in the form of singles, albums, lyrics, musical instruments, and more. NFTs are published on the blockchain where buyers have songs, as well as listen to songs like iTunes and Spotify.

Why do I need an NFT when I can listen to songs directly in the music app? This question can often arise in people’s minds.

The answer is the value of the property achieved. This value can be associated with the proximity between the fan and the musician.
For others, this could be a new money-making tool. Because having NFT music by a well-known musician whose work explodes on the market can be an advantage when it is sold on the market.

Benefits of NFT music

compensation
For decades, musicians haven’t been fairly paid for their music. This is especially seen in the music industry.

As Fortune reported, the typical revenue structure is 50/50, with only 50% of revenue being sent to entertainers and the rest being shared among agents, lawyers and distributors.

The reality is even more annoying when musicians deliver content via streaming services. Overall, Spotify’s top 0.8% of artists earn less than $ 50,000 in streaming revenue. NFTs have the potential to ensure that musicians are more rewarded for their work

Community access
In NFT art, the boring Monkey Yacht Club has special access to connect with other owners who can foster future connections for the community.

You can also achieve this by having an NFT Music Idol. Visit communities and fan clubs to take advantage of a variety of benefits online or offline. This allows fans to get closer to the musicians they admire.

inspection
According to Rob Horning, author and editor of Real Life, when people need online validation, it can be a viable NFT.

By owning a digital asset, the owner can prove that he or she owns something that no one else has. In addition, NFT music is becoming more valuable and may be resold for profit.

Musician selling NFT music
As with any type of NFT work, if you want to sell music in NFT format in a fairly straightforward way, the difference is that musicians choose audio when uploading their work.

Kings of Leon
The Rock Group project NFT Kings of Leon NFT Yourself helps to showcase the possibilities of the world of musicians and cryptocurrencies. The band sells a limited digital copy of their latest album, When You See Yourself as NFT, featuring digital art and collector’s LPs. A variety of other album-themed artworks are also on sale, some with special perks such as frontline tickets to the Kings of Leon show. Total sales of NFT albums were about $ 2.5 million.

Grimes
Grimes has launched an NFT titled War Nymphs, a collection of digitally created art and video for music, as well as NFT music. A unique piece called Death of the Old was auctioned at the NFT Ifty Gateway market for about $ 389,000. The Grimes NFT project has generated about $ 7 million.

3LAU
DJ Justin Blau, better known by his stage name 3LAU, made music history by releasing his first blockchain -based Ultraviolet album in early 2021 and grossed $ 11.6 million, although he did not yet have a strong following and only auctioned 33 LPs tied to NFT. .

Mike Shinoda
Linkin Park singer Mike Shinoda is one of the most active people in promoting and implementing NFTs. Shinoda has also created a variety of artwork in NFT, including the exclusive NFT clip series Happy Endings.

Tony Lanes
A Canadian musician has released an NFT music album titled Playboy. This album contains three new songs that have never been released. NFT-style albums are available at Bondly Finance. Lenz has also re-released a new album titled “When it’s dark” that includes seven songs and costs about $ 1,000 for an NFT album.