An artist creates artwork by investing his heart and soul into it. Besides making and creating art and opening it to the public, artists have always wanted to earn from what they love doing the most. They have always had issues in monetizing their creation. Though there are many avenues for them to earn money, their resources and income seem very limited. The income is not consistent and very reliable. Hence Non-fungible tokens (NFT) have been a great tool for artists to monetize their art effectively. In this blog, let’s look into how the music industry and various other industries are harnessing the power of NFTs.
NFTs In The Entertainment Industry
NFT or Non-fungible tokens are blockchain-based assets that can be owned or traded. These assets can be anything ranging from music, dance, or even memes. Many art forms have benefitted from NFTs. NFTs have made space for all art forms, from Dance, Music to Digital art. The entertainment industry is one of the many industries that has been able to harness the power of NFTs. Though the initial NFT wave started with Digital art, NFTs have played a huge role in shifting the paradigms of several industries over the years. The music industry is one of the latest to have entered into the NFT rope.
Music is more than a form of entertainment. It is considered to be a universal language. Music as an art form has been subjected to many changes over the years. From the instruments to the way we make music, almost everything has changed. The audience is also looking for more avenues to engage with the art form and their favorite singers.
The entertainment industry, in general, is primarily dependent on its audience. This implies that there should be a way for the audience to connect with their favorite artists directly. The entry of technology like NFT has helped the audience not only support their favorite star but also earn profits through them. To understand the role of NFTs in the Music industry, read further.
The music industry in many nations is still dependent on the movie industry. The independent music scene is still in the fledging stage. So for independent artists who want to produce their own music and create their own identity for themselves and also monetize their art, NFTs are a great tool. For music composers who are looking to earn huge revenue through music, then NFTs can definitely be a great option for them. With the help of blockchain technology, musicians are earning millions.
Music NFT Marketplace
Music NFT Marketplace is a platform where one can buy, sell and mint music NFTs. These NFT marketplaces are an interactive ecosystem where artists can mint their compositions into NFTs. The owner of the NFT can sell the NFT on the music NFT platform without any intermediaries or middlemen. This is a great platform for musicians because they get to interact with their audience worldwide and vice versa.
Benefits that NFTs offer
- Decentralization and ownership are two attractive features of NFTs. When a user downloads music, a part of the money goes to the streaming platform, and only a minimal amount goes to the original creator. NFTs, help the artists to connect with their audience.
- Artists across the world can reach a wider audience. They can create their own identity in the digital space.
- Artists can earn a passive income continuously. Each time the NFT is resold, the original owner will get a royalty.
- The smart contracts enable trust between the music creator and the audience, clearly stating the terms of the agreement.
There are various benefits that the NFTs have to offer. There are many other industries that have equally benefitted through the intervention of NFTs in their industries and sectors.
How do NFTs work with other industries?
The audience plays a huge role in deciding the longevity and stability of many industries. Like the art industry, we have the gaming industry moving in parallel. Like all the other industries that are dependent on the audience, the gaming industry also has the responsibility to provide gamers with a safe and profitable gaming experience. The entry of NFT into the gaming industry has led to a great revolution in terms of the way gamers have perceived gaming so far.
NFTs have paved the way for a new model of gaming called Play-to-earn gaming. The gamers get to earn in cryptocurrency. The in-game assets such as weapons and tools required to play and level up in a particular game can be purchased and completely owned by the gamer itself. This is not possible in traditional gaming. The gamers can rent or sell the assets on other gaming NFT platforms as well. The gamers can treat NFT games as a passive income. This way, the game developers, as well as the gamers, benefit from the time, effort, and money they invested in the game. Thus, NFTs facilitate fair gameplay and deserving rewards and profits.
The NFT wave has influenced several industries like art, e-commerce, etc., irrespective of how distinct and different they are. NFTs have helped several artists across professions and fields to earn and enjoy what they do. They have also aided in great partnerships and collaborations across industries. To be precise, NFTs have brought the whole world together for the betterment of the respective industries.