NFT is going to rewrite the music industry

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engage the fans, and earn revenues.</p><h2 id="adea">How are artists going to benefit from NFT?</h2><p id="3b2f">There are multiple benefits that an artist can get by releasing music as an NFT</p><ul><li>New revenue stream</li><li>Getting the power back to the artist (currently record labels hold the same)</li><li>Getting accurately paid for work</li><li>Get royalty of around 10 percent every time a resale is made.</li></ul><p id="7bd0">And it’s not just the bigger artists who are going to benefit from the music-based NFT sales. Smaller artists can also sell NFT’s and let people decide how much to pay for the creation. There will also be a lot of speculative buys for creations from smaller artists expecting the large profit the buyer can get if the music becomes a hit!</p><h2 id="162d">How are fans going to benefit from NFT?</h2><p id="b5b3">Fans have been an integral part of the music industry. But till now they were never able to own something significant from the artists they love, other than maybe autographs or some souvenirs. Now NFT is giving opportunity for fans to own unreleased songs and other creations from artists.</p><h2 id="65d4">Music is going to be a collectible item</h2><p id="af1e">Till now music was never a collectible item that can be owned and sold. NFT is now opening doors fo

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r collectors, allowing them to own songs and even sell them for a profit later.</p><figure id="f60a"><img src="https://cdn-images-1.readmedium.com/v2/resize:fit:800/0*-vAeUQKBGCDPDnkw"><figcaption>Photo by <a href="https://unsplash.com/@itssammoqadam?utm_source=medium&utm_medium=referral">Sam Moqadam</a> on <a href="https://unsplash.com?utm_source=medium&utm_medium=referral">Unsplash</a></figcaption></figure><h2 id="a0fe">Below are some Major Musicians who are releasing NFT’s:</h2><p id="b53b"><b>Calvin Harris: </b>Harris has collaborated with the music video director Emil Nava for a collection of NFT artworks titled Technofish.</p><p id="6447"><b>Weekend:</b> Weekend is planning to drop an unreleased song and visual art as an NFT.</p><p id="9ce0"><b>Snoop Dogg:</b> Snoop Dogg has released an NFT collection titled ‘The journey with the Dogg'</p><p id="d9d1"><b>Lindsey Lohan</b>: Lindsey released the new single Lullaby as an NFT and was sold for $85,484.09.</p><h2 id="7915">What’s next?</h2><p id="dfad">Music had an interesting journey. From vinyl to cassettes to CDs to iPods to cloud. Will NFT/blockchain be the next one, only time will tell. But this would be an interesting two to three months for the music industry. So get some popcorn, the show is about to start.</p></article></body>

NFT Is Going To Rewrite The Music Industry

Non-fungible tokens (NFT’s), the unique digital collectibles bought and sold on the blockchain are redefining digital ownership. After completely shaking the art industry, NFTs are moving in to rewrite the music industry.

The world was shocked when a Digital artist Mike Winkelmann, also known as Beeple, sold a collaged image file for $69 Million. Beeple was relatively infamous when the NFT was put for auction by major auction house Christie’s which specializes in art auctions.

If a pretty much unknown artist like Beeple could rake in that much amount, imagine how much money a song from seasoned artists like Weekend or Taylor swift would sell for.

NFT’s are slowly getting adapted into the music industry and rest be assured, the music industry will not be the same. It is presenting new opportunities for artists to get creative, engage the fans, and earn revenues.

How are artists going to benefit from NFT?

There are multiple benefits that an artist can get by releasing music as an NFT

New revenue stream

Getting the power back to the artist (currently record labels hold the same)

Getting accurately paid for work

Get royalty of around 10 percent every time a resale is made.

And it’s not just the bigger artists who are going to benefit from the music-based NFT sales. Smaller artists can also sell NFT’s and let people decide how much to pay for the creation. There will also be a lot of speculative buys for creations from smaller artists expecting the large profit the buyer can get if the music becomes a hit!

Below are some Major Musicians who are releasing NFT’s:

Calvin Harris: Harris has collaborated with the music video director Emil Nava for a collection of NFT artworks titled Technofish.

Weekend: Weekend is planning to drop an unreleased song and visual art as an NFT.

Snoop Dogg: Snoop Dogg has released an NFT collection titled ‘The journey with the Dogg'

Lindsey Lohan: Lindsey released the new single Lullaby as an NFT and was sold for $85,484.09.