NFTs are non-fungible tokens that are used as the expression of digital ownership. NFTs have been promoted and adopted heavily in the music industry. These products have granted the power for individual artists to work without an official music label and operate as independent creators and distributors.
At present, statistics indicate that around 95% of artists struggle to make a living from their music. Therefore, music artists have shown overwhelming support for NFTs during NFT.Paris 2023.
Many music industry giants have claimed that NFTs can create a new sector of mid-level music creators who will be able to earn enough money from their artistic creations. The Coop Records Fund founder Cooper Turley has recently commented that, at present, there is no such thing as a real-time payment option for a music artist.
Even the top streaming forums like Spotify take as long as 4 months to generate income. Meanwhile, artists can use NFTs to start generating instant income with the first sales directly.
NFT tickets allow fans to connect with the authentic and original persona of their music idols. In this manner, the fans can maintain a more direct connection with their stars and keep supporting them.
Meanwhile, the artists may also enjoy greater control over their projects and grant exclusive access to their selected fans, such as backstage access and limited-edition merchandise.
Unpaired CMO, Kimberly Knoller, has also shared some important properties of NFTs as a tool for revolutionizing the current music industry. It is worth noting that various music artists have reported issues with work pressure and having limited control over their musical creations.
Another music artist with a penchant for Web3 is Agoria, who touts the benefits of NFT tickets. NFT tickers, in their opinion, can prevent the piracy of musical works and stop scammers.
With these tickets, the investors can be sure that they are buying from the original creator and eliminate any profit distribution to third-party companies.
Shannon Herber is the managing director at A0K1VERSE, and he claimed that NFT allows music artists to connect with their fans directly and on a deeper level. The fans also have the option of working with their favorite music artists by buying exclusive NFTs.
NFTs are Empowering Struggling Music Artists
At present, the chances of success in the music industry are very slim. Therefore, many artists pine for the best possible record deal that could afford them decent exposure at the cost of having little rights for their work.
There are some pros and cons attached to the current music industry; however, as per Knoller, NFTs can not only work for artist empowerment but also make the user experience better for their fans.
Indie artists and independent music creators can generate fan-focused NFTs that come with exclusive privileges. These exclusive perks can range from limited-time backstage access to VIP greet events and personalized or limited-edition merchandise.
At the same time, these exclusive NFT collections can go a long way to generate additional income for the artists and allow them to enjoy better financial incentives to pursue music as a full-time gig and produce new projects.
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