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Minting Money Via Music NFTs
By Ruchi Sharma
Music NFTs represent ownership of music clips and videos in a unique way. They are essentially the work of musicians represented as NFTs on a blockchain network.
Artists can sell their music NFT to anyone, but they retain the right to change the content. Furthermore, the music artist would have complete control over how the buyer used the music.
Reasons why we need Music NFTs
Even though there are iconic musicians today, the music industry faces more challenges than ever before.
For starters, physical record sales have plummeted dramatically, paving the way for the rise of online streaming services. Although online streaming services appear to be a simple way for musicians to reach a larger audience while earning more money. Even for artists with millions of fans, these online streaming services offer pitiful payments.
Indeed, many artists have expressed dissatisfaction with the lack of financial opportunities for their work. In such cases, music NFTs can provide viable solutions for revising the music industry’s traditional revenue and ownership models.
Many different types of music non fungible token examples have demonstrated that NFTs can benefit artists in a variety of ways by increasing fan involvement and removing intermediaries such as record labels.
Ownership in Music NFTs
NFTs also imply that you can have multiple copies of music NFTs with multiple parties having ownership and control rights. The storage of NFTs on a blockchain ensures
that only the rights to music, videos, album artwork, or other exclusive content are granted to the owners.
As a result, music NFT projects can ensure that followers have access to exclusive benefits in their music listening experience. Artists could also benefit from connecting directly with their fans and generating revenue without the use of intermediaries.
Example of Music NFTs
One of the most popular examples of music NFTs refers to the Kings of Leon band in 2021. Kings of Leon released a complete album as NFT on the Yellowheart platform. Kings of Leon offered a special album package, exclusive AV art and front-row seats to all their live shows. Surprisingly, the NFTs collected over $2 million in sales and showed the potential of music NFTs.
Advantage for artists
Artists can obtain significant advantages with music NFTs by exercising the rights to ownership and copyright effortlessly. On top of it, music NFTs bring money directly into the hands of artists rather than involving record labels.
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