The music industry is filled with billions of dollars and generations of wealth, and as time changes so does the way people buy music. The blockchain has a solution to guiding the music industry in a new path that will shape the new age.
Let’s look at how crypto and music can form partnerships in the blockchain to give power back to the artist.
Music, NFTs & The Blockchain…
The growing world of NFTs has showed us a preview of how music can find a new way of business via the blockchain. NFTs (non-fungible tokens) have become one of the new ways that artists can sell their own personal work. On top of that, investors now become holders of the same art and as it grows in value, so does their investment.
Many artists have been able to sell their music as NFTs, including big names like Tory Lanez – when he partnered with a platform called E-NFT to release his new album When It’s Dark as an NFT. On the day of Lanez NFT launch, he posted a video to Twitter saying that the album sold one million copies in under a minute and that one of his NFTs had already been flipped for $50,000. Even producers have entered the mix with artists like Kaelin Ellis and Murda Beatz.
This idea has sparked a huge debate entering the new year between artist and labels. The blockchain provides a way for artists to gain control and take their fans with them. The fans and NFT bulls can now own a piece of the pie on some of their favorite artist’s work, and they can all grow together.
Brett Shear, an NFT collector who owns 45 songs on Catalog, for which he paid more than 40 ETH (currently $177,000) stated: “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.”
Every 10 years or so, a new thing comes along that shapes business and how we do business across a massive amount of industries. Cryptocurrency is proving it is has a very strong and versatile plan to change the way we store and use our money.
As coins grow, so will everything connected with them – so as music merges itself into crypto, we will begin to see the effect it will have on giving back the power to those directly involved with projects, and give the fans something deeper to connect with. While we shouldn’t expect the blockchain to replace labels as a whole in one fell swoop, this is a start to showing many traditional methods of the business that maybe we should conform into the current generation.
With bands, artists, sports stars, and even video games converting to NFT form, it raises an eyebrow on what’s happening on the blockchain.