There is no doubt that Blockchain has been one of the most talked about topics in the recent past. Blockchain has the potential to create a more transparent society by removing intermediaries, and will revolutionize many different industries. The blockchain-powered NFTnextbigthing is set to become the new next big thing for musicians. It is India’s first blockchain-powered platform that will allow artists to create, share, and sell their work in a way that hasn’t been possible before.
In the past few years, the world has seen the emergence of blockchain technology, with its inherent decentralisation and trust-less design. NFTs are poised to be the next big thing for artists and those who love art.
NFT bringing back the power back to musicians
Digital collectibles authenticated with blockchain technology and purchased using cryptocurrencies have emerged in fields as diverse as art, sports, and sneakers. Artists have auctioned off digital art, music, merchandise, tickets, and experiences for hundreds to millions of dollars. So far, crypto-savvy speculators have been driving prices up. The music industry hopes that real fans will join in – at fan-accessible valuations.
According to a database compiled by music-technology researcher Cherie Hu, some 29,800 NFTs involving musicians generated $42.5 million in primary sales from June through Friday. The NFT is a digital deed transferring ownership of a digital asset. It gets uploaded to a ledger, where it tracks information such as when it was created, when it was sold, for how much, and to whom. The original creator can control the terms of this digital certificate of authenticity, called a smart contract, and then take a percentage of any sales that occur. In music, an NFT is usually worth 10% to 30% of a given sale. However, scarcity has helped drive up prices.
Artists like Udyan Sagar, better known as Nucleya, are also considering NFT music.
Earlier this week, he tweeted,
“The #cryptoart space sounds intriguing. Thinking about doing a #NFT drop. Thoughts?””
Artists can increase their listenership to their music content residing on a streaming platform by populating their credentials on the digital ecosystem. The popularity index increases for performers as they are co-investors with their fans in art and provide credibility through the intersection between art and music.
The word-of-mouth publicity can have a dual impact – one for the art and the other for the music that goes with it. The artwork is the key to this approach, as we’ve just seen a few cross-selling initiatives, like what Merch stores do.
It is expected that Blockchains and NFTs will protect the value erosion the content industry and artists are facing. By design, we witness a two-sided creation of value – for Artists & Fans participating in the Creative Assets listed for investment on the Blockchain.
NFT Music Will Take Over The Music Industry! Watch how :