• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
NFT industry
Nexo

The NFT Industry: On Scams, Exploitations And Dealing With The Nitty-Gritty Of The Business

Jet Encila by Jet Encila
4 months ago
in Blockchain, NFT
0

(This is the second part of a three-part deep dive into the current state of the world’s music NFT industry and how it is making an impact on society)

NFT scam site HitPiece.com and its founders were sent a demand letter on Friday by the Recording Industry Association of America (RIAA) demanding that the site stop violating music creator Intellectual Property rights, detail all site activities, and revenue to date, and account for all NFTs and artwork auctioned.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Chief Executive and Chairman Mitch Glazier explained why the RIAA was able to move so quickly in a statement to the press:

“As music lovers and artists embrace new technologies like NFTs, there is always someone looking to take advantage of their energy and excitement.”

According to Glazier, given the way fans were misled and defrauded by these unauthorized NFTs and the massive danger they posed to both fans and artists, “it was clear that we needed to act immediately and urgently to defend fairness and honesty in the marketplace.”

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

HitPiece.com is now offline.

Blockchain To The Rescue

Revenues from streams are constantly rolling, but artists still have it tough to make a living for them.

According to recent stats and figures, Spotify, the biggest audio-streaming subscription service yet pays $0.0032 per play. Meanwhile, Apple Music, the second-largest audio-streaming subscription service pays $0.0056 per play. YouTube’s revenue dips as low as $0.0009.

Here’s where NFT is a hit. Blockchain technology is saving the music industry by making records scarce and secured again.

Anything music-related can be tokenized. From music tracks, audio sounds, album cover, artwork, concert tickets, to unique artist merchandise— all of these can be paired by their own NFTs. Artists are able to create and produce various content for their audiences out of their own doing.

Next… Musicians get to build their own community and connect with their fans through NFTs.

From a fan perspective, NFTs are also a win.

Why spend hundreds of dollars on records, iTunes, Spotify, and Apple Music when you know that these don’t go directly to your favorite artists?

Total crypto market cap at $1.86 trillion in the daily chart | Source: TradingView.com

Related Reading | Baby Doge Signs NFT Partnership With German Top Division Soccer Club Hoffenheim

Making Ends Meet In The NFT Industry

Since the rise of NFTs, musicians, both popular and rising, have come to realize that they could go directly to their fans for revenues instead of relying on unfair music label deals.

They can sell unique, tokenized versions of their songs, albums, performances, and digital artwork, and get marginally higher profits than ever.

The NFT industry is setting a new stage for creators to market and sell their digital assets, expanding the limitations of how art, music, literature, and more can be disseminated, owned, and consumed.

Brett Shear, an NFT collector who invested in around 45 songs on the music platform Catalog for which he paid more than 40 ETH or $177,000, said that buying NFTS connected him to the music on a deeper level.

“In the same way that you buy art that you want to put in your apartment, I want to listen to this music and enjoy it — and it’s a different feeling to own it. I’m happy spending money on artists that I believe in their vision — and in addition to that, I do believe that music NFTs are going to be significantly more valuable in the future,” Shear said.

Related Reading / Music NFTs Are Taking Over 2022 – And Here’s Why

On Funding And Playing The Right Chords

Fan funding also comes around as a trend in NFT music.

Here, supporters can invest money in the musicians’ works. In exchange, they will be allowed to own portions of the music. This then enables the artists to raise funding for songs and albums.

Especially during this pandemic, artists are eyeing this opportunity as a great innovation to save themselves from the financial windfall. While attending to their dedicated fanbases’ desires, they also get to earn money.

This is best exemplified by Chicago rapper Ibn Inglor, who successfully raised $92,000 by selling various digital assets for fans — including shares of his upcoming album’s royalties.

Singer Daniel Allan — whose songs got millions of plays in a year — only earned a few hundred bucks monthly from streaming. When he made his foray into the NFT industry, Allan said that having a hundred true fans is much better than garnering many casual listeners.

He focuses his time instead of talking with his fans on his Discord, listening to their feedback, and building a solid community. Since many of them have a share of his masters, they are thus deeply invested in his success, not only interested in the financial side of it.

(To be continued tomorrow)

Featured image from Pixabay, chart from TradingView.com
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Jet Encila

Jet Encila

Freelance writing is Jet's other cup of tea. When not on his computer, he unwinds with a cold bottle of beer and laughs with his son over cartoons. Other than that, he's just like everybody else who wants to be happy with their life.

Related Posts

Getty Images

Getty Images Teams Up With Candy Digital In Foray Into NFTs

5 days ago
Phishing

Phishing Scammers Steal Hollywood Comedian Seth Green’s Pricey Apes

6 days ago
The Nightly Mint: Daily NFT Recap

The Nightly Mint: Daily NFT Recap

6 days ago
Crypto Corner: The Sports Slice

Crypto Corner: The Sports Slice

1 week ago
Avatars

Avatars For Ukraine – Top Video Game Artists, Celebs Create Poignant NFT Artworks

1 week ago
Riot Blockchain

Riot Blockchain’s Texas Expansion Could Use Power To Light 200,000 Homes

1 week ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.