NFT’S & THE FUTURE OF MUSIC

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I am not “Crypto Savvy” enough to properly dissect and explain NFTs, what they mean and how they work. I have however become increasingly curious about NFTs as it relates to music both now and in the future.
From what I’ve read so far, NFTs are essentially one-of-a-kind digital assets that are often bought with cryptocurrency, they allow the owner exclusive access to different kinds of content ranging but not limited to artwork and music.

So if you bought a song as an NFT, you get the song, a certificate that says the song is yours and depending on the kind of NFT, certain rights as far as how the song is used and royalties from using it. (It’s a little more complicated than that but this is the general idea).
What this means is that instead of artists sending their songs to digital streaming platforms to help them distribute and gather revenue from the streams, they can instead create an NFT from the content, auction directly to the fans and keep all the profit without having to forfeit a cut to the DSP’s. It is common knowledge that artists don’t get properly compensated by streaming platforms so this revolutionary development would even the playing field and allow artists to directly benefit and control the revenue generated from their work.

NFTs would also allow independent artists to sell royalties or percentages off certain projects to generate funding to promote said content, for example, if I wanted to put out my album as an NFT, I could auction royalty percentages like shares as an NFT to select people, these would allow them exclusive access to content generated from the creation of the project, unreleased pieces of music, and a certain percentage of whatever royalties is generated from the use of the music!!! This could change the game for artists and almost completely phase out the need for record labels.

NFTs can also allow emerging artists directly benefit from their core fan base without the hassle of struggling for milestone streams in a bid to raise their revenue, if your core fan base keys into your NFT release it should provide the artist with enough funding to work towards his next project or at least eliminate operational costs like studio time.

Music NFTs can also be rewarding for the fans, holders of an artist NFT’s can be entitled to Tour and virtual concert tickets, Exclusive private parties with the artist, exclusive merch, and early access to projects. The only con to music NFTs is the expensive “gas fees” that come with them but the pros outweigh the cons.
They are several platforms for music NFT’s including Binance NFT, Open sea, Noizd.com e.t.c

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The world is changing and it is about time we accept and learn to thrive with the change, the same way streaming platforms displaced physical CDs and records…I believe NFTs are here to change the music game forever.

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