(This is the conclusion of a three-part deep dive into the current state of the world’s music NFT industry and how it’s making an impact on society)
In cultivating their fan community, Allan and Inglot see NFTs as a better alternative to the current system of major music labels. Large music corporations have long dominated the music industry since they are the ones providing artists with the resources to kickstart their careers.
But in exchange for this, they usually exploit creative control for market and take rights to the masters, which designate them as the owner of the music in perpetuity.
Keep in mind that Taylor Swift had to re-record all her songs just because she wasn’t granted full ownership to her masters.
Electronic DJ and founder Justin Blau explained it best when he said, “A true fan might want to own something way earlier than a speculator would even get wind of it. Democratizing access to asset classes is a huge part of the crypto’s future.”
Total crypto market cap at $1.87 trillion in the daily chart | Source: TradingView.com
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NFT Music, The Future
Finally, we reach the last reason why people think that NFT music is the future.
There is a new era in song performance, and it is characterized by the use of digital technology.
Want to see Billie Eilish performing a show in Rio De Janeiro but you’re in New York? Avail front row seats that you can experience from the expense of your living room TV in 8K resolution.
Can’t make it to The Rolling Stones reunion concert because you’re working at home? Get a life-sized Mick Jagger performing your favorite tunes in your room by availing a hologram access.
Want to show support to a gig of an indie band but you just aren’t feeling like going out and socializing? Send your avatar instead and be there cheering for them virtually.
Transforming Traditional Landscapes
These are all possibilities in the metaverse, which is slowly being ushered in by NFT music.
Most certainly with the pandemic, the traditional way of attending a concert or to a music festival is being challenged.
In October of last year, two festivals were hosted on a metaverse, making it the first in the blockchain’s history. Digital platform Decentraland hosted the first-ever Metaverse Music Festival with performances by top DJs Deadmau5 and 3LAU.
Related Reading | Music NFTs Are Taking Over 2022 – And Here’s Why
Famous gaming platform Roblox, in tandem with Insomniac, also hosted the Insomniac World. The festival featured artists like Kaskade, Zedd, Kygo, Alan Walker, and many more.
Musicians across the globe and trillion-dollar corporations are heavily investing in both NFTs and metaverse, hoping to claim a stake in what they believe will be the future of the internet.
There is no saying for sure, but with the sequence of events leading from one to another, we’re definitely seeing a bright tomorrow for NFT enthusiasts and music lovers.
Featured image from Variety, chart from TradingView.com