The broader part of the music industry can be a bleak space for aspiring artists, and NFTs are the new hope.
Non-fungible tokens or NFTs have taken over the world and are steering it towards multiple revolutions. It is slowly disrupting every industry from how we have witnessed them so far. From tech to fashion, NFTs have made their way everywhere. And one such industry that is undergoing a massive overhaul due to NFTs in the music industry.
The music industry is on the trajectory of exponential growth for decades. In 2020, the recorded music industry churned out the revenue of $23.1 billion globally. While the numbers paint a happy picture for any artist striving to make a lyrical career, there is another side that is, unfortunately, not so pretty.
This is the industry that has given global icons to the world and is yet thriving in a parasitical fashion on a larger scale.
Unhappy Insiders of Music Industry
In 2020, Kanye West made headlines for calling music industry “modern day slavery“.
However, he was not the first to do so. Akon earlier said :
Throughout my career, I have always believed that artists never really got their fair share of the profits for the work they produced and people listen to.
But the voices from within the music industry against the exploitation of artists goes back to 90s. In 1996, Prince protested against Warner Bros by writing “slave” on his face.
And there are plenty of reasons that justify the anguish.
To begin with, the entry barrier to the industry for the new artists, especially the ones without any professional network, is immense.
Even if they make an entry, musicians most often end up getting underpaid. The complex contracts with the record labels, outlining overly disproportionate monetary deals are a common reality. Despite the advent of platforms like YouTube, Spotify, Instagram, etc., there are still long strides of the large scale music production and release to be covered.
Another problem with the traditional record labels is the compromise with creativity that artists have to suffer from due to predefined contracts.
Music NFTs- Solutions Artists Might Have Been Looking For
NFTs serve as the perfect entry gate for musicians, both new and established. Music artists can directly extend their work to the world in the form of non-fungible token to the world on blockchain.
These NFTs once prepared can be easily marketed on NFT marketplaces and be sold directly to the fans and enthusiasts.
This not only provides an easy but also an autonomous access for the music artists worldwide. Not only artists get a platform but they also earn the price they quote for their work. The platform eliminates the middleman fee, by the record labels for example, letting artists make a fair income.
Another huge benefit that NFTs serve to the artists is better control over the distribution of the work. The work is secure and safe due to smart contracts on the blockchain. Moreover, the artists continue to earn royalties for every subsequent sale that buyer makes in the future.
What is an NFT Music?
NFTs are non-fungible tokens hosted on decentralized blockchain that are unique in nature. These NFTs can be created in different forms- artworks, paintings, tickets, avatars, and also audio files with songs, lyrics, music, etc. Music NFTs are nothing but soundbites hosted on the blockchain to be sold to the enthusiasts and fans.
Despite the popularity of NFTs, there is still a long way to go for the full-fledged development of necessary infrastructure and implementation of NFT era. However, the revolution has already begun and sailing on an early tide is always a good option.
