As NFT’S are growing in the music industry, some artists have made a profit off of this new technology and the benefits non-fungible tokens bring. Being strategic with selling their past music projects as NFTs or creating new albums available to be sold as NFTs is the latest trend.
With the blockchain music industry growing; Many artists are taking advantage of the growing industry by using this strategy and releasing their old albums as NFTs. Some artists, like Brian Byrne, the creator of “Fallout 3” soundtrack, have even made thousands of dollars by releasing their past albums in the blockchain music industry, and Tory Lanez is another artist that has done this as well, has gained a lot of recognition for his success within the blockchain industry. His NFT’S generated more than $400,000 in initial gross sales and he’s also sold over 1 million copies.
What Are NFTs
NFTs are a unique asset in the crypto market that is stored on a digital ledger. As the digital world opens up; New options for owning digital assets like artworks and audio, the need for identity verification has also increased. Since every NFT is unique it can be used to authenticate ownership of digital assets like artworks, recordings, and virtual real estate or “pets”.
This is where the investment in NFT comes in. To help users own their digital assets, blockchain companies have introduced crypto collectibles. These crypto-collectibles are cryptographically unique and can be purchased and sold using blockchain technology.
Benefits with Using NFTs
There are many benefits to using NFTs. Ownership can be transferred to someone else in exchange for real money; making it a potential investment for a long-term profit. Not only are NFTs an advantage for music artists.
The best benefit of NFTs in the music industry is that creators are able to make money directly from their work as well making it beneficial for both the creator and music artist, and creators could also be fans of the artist as well!
Exchange In Music Artists And Fans
A new generation of music artists has started to embrace the power of creating digital assets for music using blockchain technology as Artists have been creating digital assets in the form of NFTs for a number of years. However, these assets have started to be used for new music releases. This is a great way for artists to engage with their fans as the interaction between the two is happening with the use of a variety of digital assets.
Musicians and their fans have always interacted in a variety of ways. Now fans can become early investors in a music project and reap the benefits later once the music becomes more popular. NFT purchasers can also receive NFT only artist bundles that could include concert tickets, meet & greets, unique artworks etc.
While blockchain technology is still in its infancy, more and more people are starting to realize the potential it can have on the global financial system. While others might not be able to completely comprehend the technology behind the blockchain or its applications, investing in NFTs can give be a new and exciting way to support your favorite musician.