MUSIC AND NFT — THE EXPLOSIVE COMBINATION OPENS UP FUTURE TRENDS OF ART
The combination of music and NFT is considered as revolutionary for artists because it provides new ways for them to create art and interact with their community. Let’s have a look at Snailhouse in the article below to see if this is an explosive combination that opens up future trends of art in the future!
NFT — A Game-Changing Opportunity for Artists
A wide range of artists operating in the world music industry is making a lot of money thanks to NFT. Many experts believe that the NFT also has the potential to create a power transition for artists as well as art creators.
Songs can be viewed as equity investments by musicians, who can form an NFT and share a percentage of the copyright ownership of a song.
This allows contributors to see a real return on their investment while the artist receives the funds. This is similar to a crowdfunding site, but it is more profitable.
What Powers Does NFT Give Artists?
The concept of digital scarcity is a key component of what Blockchain has enabled. In contrast to an MP3 file, which can be shared millions of times, a digital file linked to a blockchain system comes with a detailed record of ownership.
Typically in the traditional art market, it is possible for one person to own a painting by the famous artist Edward Hopper while another person owns the original copy of that painting; while both can be hung on the wall, only one is valid. Because of this traceability, works of art such as songs or digital artworks are more valuable and collectible than ever before.
NFT Music vs Streaming Services
Like NFT artworks, NFT music is seen as a revolution for artists to connect with fans and monetize their work.
Encrypting an artist’s work also makes it tradable, giving them and their fans another way to make money.
For example, one successful musical NFT project is Kings of Leon, who were the first band to release an NFT album, marking one of the successful musical NFT projects.
Musical NFT also offers artists a more cost-effective option.
For example, NFT Music gives fans direct access to an artist’s music without the need for record labels or streaming record labels, which are known to reduce revenue. However, the $9.99 price tag offered by the streaming service is still acceptable for most music lovers, especially those who aren’t into the Cryptocurrency space, especially when Ethereum gas fees are included.
In music streaming, Spotify is the dominant force, with 32% of global streamers choosing its platform. Apple Music with 16% market share, is in second place.
For artists, NFT acts as additional revenue. There have been cases where some artists have generated decent sales with their own NFT collections.
For example, 3LAU’s “Ultraviolet Collection” has grossed $11.6 million in sales. On a per Spotify listener basis, 3LAU’s NFT is the highest bankroll. With 2.5 million listeners on Spotify, the total revenue equates to about $4.64 per follower. Besides, A$AP Rocky’s “Rocky Gateway” wasn’t quite as successful, grossing only about $200,000 in sales. With 17 million subscribers on Spotify, A$AP Rocky’s NFT sales can only translate to $0.01 per fan.
Although the data above shows us the success of an artist’s NFT collection relative to fans based on their Spotify fandom, however, these numbers don’t reveal how much NFT music sales actually are.
It can be seen that on the top 10 music NFTs on OpenSea, we will only see about 223 Ether (ETH) created, which is 0.03% of OpenSea volume’s 30-day sales.
Music and NFT — An Explosive Combination That Opens Up Future Art Trends
Even if NFT doesn’t revolutionize the economic model of the music industry, music artists can still benefit from the industry. NFT technology, even with individual token sales. Many major artists have started monetizing their music through NFT.
For example, an encrypted version of electronic music artist 3LAU’s album “Ultraviolet” sold as NFT has grossed more than $11.6 million. The dance music duo was revealed to have sold NFT for 69,000 USD with only one song.
Kings of Leon released an NFT version of an album and raised over $500,000, the proceeds of which benefited event makers directly.
Since 2017, Grammy Award-winning music producer RAC has been a pioneer in the field by experimenting with various forms of NFT.
The NFT music scene still has a long way to go if it is to become an industry standard, or even a popular phenomenon, this method of releasing music needs to show early signs of development. thanks to musical artists who pioneered this aspect.
Although only a small number of musical NFTs were released, they received great interest from fans, collectors, and speculators. NFT receives much attention from music artists around the world and is pursued as both a creative medium and a potential source of income.
Challenges with Musical NFTs
Since this is still a relatively new idea and at the same time a method of making money, the current environment is neither sustainable nor profitable if artists choose to only sell their music through NFT. According to Li Jin, an investment expert, this technology is starting to focus on a larger fan base. For artists, this means having a small fan base that can generate huge revenue. In addition, followers and streams are important indicators of who they support and who receives popularity in the industry.
Usually, an artist working in the creative industry will attract millions of fans. However, the percentage of super fans who will buy records, merchandise, and tour tickets is very high. All of this will contribute to the creator’s earnings, in addition to sponsorships and any other partnerships they may have other than fans.
Receiving a large amount of fan revenue does not guarantee that those fans or collectors will return with subsequent releases. However, large sales can give artists more direction to choose from and the ability to invest more time in other channels.
In addition, NFT opens the door for artists to discover new ways to release their music and create more unique and creative works of art for their fans. mine. Although it remains to be seen how popular the musical NFT phenomenon will become, the music industry has turned its attention to NFT as a new and potentially lucrative field.
In general, independent artists can earn significantly more income through NFT music compared to live streams or other platforms. Moreover, the development of Web3 will also be a powerful launchpad for the NFT trend at this time. What do you think, let Snailhouse know!
— — — — — — — — — — —
🐌 Snailhouse — Moving Forward Everyday
Make sure your understanding of NFTs!
👉Visit our:
🚀 Website: https://snailhouse.io/
🚀 Facebook: https://www.facebook.com/Snailhouse.official
🚀 Facebook Group: https://www.facebook.com/groups/715780673169929
🚀 Twitter: https://twitter.com/Snailhouse_io
🚀 Instagram: https://www.instagram.com/snailhouse_io/
🚀 YouTube: https://www.youtube.com/channel/UCVd-tNMW7gJexccZ2jjHKFQ
🚀 Telegram: https://t.me/SnailHouse_market
🚀 Discord: https://discord.gg/QJj8XzJFhG
🚀 Medium: https://medium.com/@snailhouse.official
.
#Snailhouse #NFT #NFTs #DigitalArt #NFTcommunity #NFTnews #NFTgiveaways #Crypto #BTC #ETH #art #artwork #NFTcollection #NFTgame #NFTArtist #Drop #Dropchallenge #DropNFT #Metamask