NFTs have taken the world by storm, creating new markets in industries such as gaming, real estate, and even music. In 2021, we saw new NFT projects and marketplaces pop up everywhere, with artists like Grimes, The Rolling Stones, Kings of Leon, and more utilizing the new decentralized technology.
In this article we’re going to talk about why the NFT music industry is growing, who is innovating in this space, and the top music NFT marketplaces that you can get started on today.
What is an NFT?
NFTs, or ‘non-fungible tokens’, are the newest fad in the web3 space. These tokens generally represent a certificate of ownership stored on the blockchain, pointing to a piece of art or other unique object.
This technology brings three key values to the art world:
1. Unable to be replicated
While cheering ‘right-click save’ is the typical response to NFTs, minting a new NFT with the same metadata does not replicate the NFT. Every transaction is stored on the blockchain, and it is easy for everyone to see every owner and trade by using products such as Etherscan.
2. Ownership and immutability
Blockchain ownership is the closest thing the internet has ever come to real-life ownership. NFTs are platform-independent, meaning that they cannot be altered by any entity outside of the current owner. This gives true and full control to the owner of the token, which is something much needed in today’s web.
3. Transparency
With every trade being stored on the blockchain, it is easy to trace the previous owners and actions of the NFT. This not only adds a layer of reliability to the token but also eliminates lawyers and fancy third-party paperwork to validate ownership.
Can NFTs fix the music industry?
The music industry is full of problems with ownership and rights, and it’s proven to the world time and time again.
Having to go through a middleman in the form of a record label opens up a world of issues – I’m sure we’ve all heard of the infamous ‘Taylor’s version.’ Taylor Swift didn’t own the music she created, and was forced to record her classics so that she could reclaim control.
This isn’t new or rare in the music industry.
Record labels own music they did not write or produce, and artists make next to no profit when their music is streamed on Spotify or Apple Music.
NFTs and the NFT music industry have the power to change this.
Music has always gone hand-in-hand with technology, going from records to cassettes to disks to downloads to streaming in the space of 30 years.
With the uniqueness, transparency, and ownership of NFTs, we can cut out record labels entirely. And we are already seeing this happen.
Infographic by CKOSLEN92
Examples of NFTs being used in music in 2022
Countless artists are making use of blockchain technology in 2022, from technologically savvy artists like Grimes, to the classics such as The Rolling Stones.
Each of them utilize NFTs in a unique and interesting way.
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