NFTs provide a limitless model for musicians to independently reach consumers
Musicians are joining the NFT hype, selling digital non-fungible tokens including music, concert tickets, live-stream performances, limited-edition experiences, digital content, merchandise and more.
Thus, helping keep connections with their fanbases, generate profits and release music since the Covid-19 crisis.
How to Use NFTs
To get the party started, artists create their NFTs via an NFT marketplace such as OpenSea, featuring art, music, or any other digital items.
Fans then bid for the items, typically using Ethereum based tokens. The highest bidder receives the content in their digital wallets via a simple and secure transaction, with all NFT transactions stored on the tamper-proof ledger of the blockchain.
The Benefits of NFT for Artists
The key benefit for artists is they can reap all profits made from their content, gaining more commercial freedom while entering the global market with a fresh new selling power..
With record companies such as Universal Records known to offer shady deals and pay artists a measly 25% of the royalties owed from digital downloads, it's no wonder musicians would rather work independently, with no third parties pulling down their pants and affecting their creative-flairs.
The Advantages of NFTs for Fans
Fans are latching on to the new trend, being attracted to owning unique, rare content issued directly from artists rather than a distribution platform, as well as a digital certificate of authenticity and, in some cases, the opportunity to invest shares in secondary market sales of their favourite artists' work.
With the world slowly opening up again, many artists are also providing NFT holders with exclusive discounts and VIP concert tickets.
Virtually anything can be easily sold and stored on the blockchain as a collector's item. In terms of creativity, there are no restrictions on what musicians can produce and what fans can collect.
Unlike Covid-19, we want this new era to stick around.