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How can non-fungible tokens (NFTs) rock the music industry? Let’s face it; the music industry has long been notorious for cloaked contracts and poorly compensated artists. Record labels, music publishers, performing rights organizations, and streaming services have all played a part in shutting out independent artists. But with NFTs stepping up to bat, the music game is about to change significantly.
NFTs are blockchain-based tokens that certify ownership of unique digital assets. With direct investment in song royalties, NFTs challenge the traditional industry model like nothing else. Fans can now have a piece of their favorite songs while supporting their beloved artists. It’s a win-win situation, and I love that.
But that’s not all. The NFT-based royalties model offers creators, users, and investors many advantages. Artists finally get fairer compensation for their music, making it possible to earn a sustainable income from their art alone. This disrupts the traditional role of intermediaries like record labels and publishing companies, who have long taken a slice of the artist’s income. Thanks to NFTs, the power is back in the artist’s hand.
And if that wasn’t enough, the music industry is now mostly resistant to fraud and piracy, thanks to the fundamental security offered by NFTs’ unique and verifiable entity. That’s right, no more DMCA takedowns, no more finders-keepers. The music industry is now more trustworthy and secure for all stakeholders involved. And I am all in on this.
But let’s not forget the impact on the traditional music industry intermediaries like record labels, music publishers, performing rights organizations, and streaming services. With direct music ownership, artists can license and monetize their work without relying on intermediaries for distribution and royalty collection. That’s a massive deal. And it looks like these intermediaries will have to take a good hard look at their business models and pivot fast.
Streaming services are no exception. A steadily growing user base means higher revenues, but artists often only receive small profits per stream. But with NFT-based royalties issuance, artists can now consider new models for streaming their music or even enable their audiences to stream music directly from artists. It’s brilliant and way overdue.
So folks, buckle up. NFT-based royalties are about to revolutionize the music industry, and things will only get better from here. With a creator-first experience that has artists’ backs, NFTs represent a bright future for the music industry, one that empowers individual artists and smaller firms to access a level of control and ownership that has never been possible before. And I’m excited to see where this goes!
