MUSIC NFTs - THE FUTURE OF MUSIC?
Can NFTs really help musicians earn what they deserve?
Coo! It’s me, Crypto Owl, and you know - I really like listening to music. Even if you can’t see my ears. So, let’s talk about music more (‘cause, it’s Fridayyy, music is a must for today!).
On Today’s Menu:
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🍕 YOUR MOST FAVOURITE PIZZA: Music NFTs - next level in music industry?
🥤 FRESHHH DRINK: In case you’ve missed previous newsletters
MUSIC NFTs - NEXT LEVEL IN THE MUSIC INDUSTRY?
Music NFTs are not a new thing anymore. Of course, they are just starting to get more popular among creators and artists, but for some, music NFTs have already brought not only different side of music creation, actual ownership of work products, but also quite a nice paycheck as well.
Why are the Music NFTs important?
The reason is quite known. Artists have been facing one big problem that is related to policy of the music industry. And music NFTs might become a solution many musicians have been waiting for.
So what is this problem?
To put it simply - it's hard to make money in the music industry for new and already established artists. Let’s explore what’s happening here behind the scenes:
Artists are not really compensated very fairly (I mean, too little) from their record labels / record companies, and the worst thing is that it’s quite a common thing. There is a lot of research done to prove that;
Artists have to organise live performances and tours if they want to really increase their revenue, but it takes a lot of effort and a lot of time;
Another way musicians can make money is to get onto music licensing deals. For example, try to get their song or soundtrack to be played in the movie. It is not that easy to accomplish, not to mention that the competition is huge and hawkish;
Various brand deals and merch sales are also an opportunity to receive bigger paychecks, however, before that, artists have to build a huge fan base, which, again, takes a lot of time and skill.
Can Music NFTs be a solution to these problems?
Yes, they can. Because artists can skip all of these steps (tours, merch sales, licensing deals, etc.) and leverage their songs using NFTs to make much more money. Good example would be DJ Steve Aoki who said that one song he created as NFT, brought him more money than his 10-year-long career. That’s what I’m talking about.
Other creators and their NFT-songs that I personally like:
Daniel Allan, song “Too Close” (sold for 0.99 ETH) ;
Ibn Inglor, song “Devil do a flip” (sold for 1.025 ETH);
Black Dave, song “Wolf” (sold for 0.5 WETH);
Latasha, song “GoGo Wyne.” (sold for 13.42 WETH);
Iman Europe, song “Commitment” (sold for 0.27 ETH).
Music NFTs Platforms and Communities you can check out today:
If you find yourself interested in music NFTs, here are some pointers to get you started in this journey:
Platforms:
Audius, music streaming service that promises highest audio quality;
Foundation, a WEB3 platform for collectors and, of course, for creators;
Opulous, a platform where you can do music NFT copywriting.
Communities:
Satellite, a WEB3 collector and creator social club;
Water & Music, a newsletter and research DAO for music and tech;
DreamsNeverDieDAO, a music community that is always looking for new artists and focused on sustainability building.
Are there any risks in this field?
We all heard stories about scams and rug pulls that occur in the crypto world from time to time. So, to avoid that with music NFTs, make sure to be critical and double or even triple check the projects, communities and who are the real people behind before entering your credit card details. Safety first.
What are the opportunities for music NFTs?
Build tools to help artists create, sell and manage Music NFTs. For example:
- PartyBid lets fans pool funds to buy NFTs;
- Zora helps creatives auction film, music videos and more;
- Sound helps artists build sustainable careers through Music NFTs.
Build audio, visual and in-person experiences. For example:
- Sound hosts launch parties for new releases;
- Steve Aoki hosted a concert for AOK1VERSE members;
- Sigurros is offering an NFT and free entry to new community members.
Remix music NFTs. For example:
- Snoop Dogg’s NFT tape and Timbaland’s NFT Collection invite remixes;
- Futura by Euler Beats lets holders of 2 or more NFTs remix and mint them;
- Lyrah offers the ability to remix “The Song Experience” along with distribution rights on Youtube and Soundcloud.
Want to know about more opportunities? Let me know in the comment section down below.
Owl’s takeaway: Music NFTs are going to take a big part in the music industry. It probably won’t change the music industry entirely, but with WEB3 around the corner I’m certain it will give more opportunities to all musicians and their loyal fanbases. Because these people deserve at least to be paid fairly. Bigger ownership is what they have been fighting for and music NFTs might just be the solution to make tables turn.
FRESHHH DRINK
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Disclaimer: This newsletter is strictly educational. None of this information is intended to be financial advice. Always do your own research and act responsibly with your profits.