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Rachel Welch

03 November 2022 234 Read NFT

How Are NFTs Changing the Music Business?

Musicians can now use NFTs as an alternative to traditional recording methods. NFTs allow artists to create more flexible and scalable music products that can evolve over time. For example, a musician can create a soundtrack, chorus, or bridge and then allow collaborators to build on top. This avoids costly legal processes and allows the creator to retain control over the spin-off creation. In some cases, the creator can even profit from it.

Artists can sell fractionalized shares of their music rights in return for a small fee. This is a powerful incentive for fans, as they can get exclusive remixes or physical copies of their favorite songs. In addition, NFTs can also make music merchandise more affordable. The concept of NFTs in the music industry is not only exciting for musicians, but it also has a positive impact on the environment.

NFTs could also be a way to monetize digital content. Today, many artists rely on third-party intermediaries to get a share of the revenue they earn. However, NFTs could give them control of the revenue stream, which is vital for artists. Further, NFTs are also well-suited to combat the problem of fraud.