Music is one of the most important parts of the world of arts and entertainment. It is one of the most commercialized art forms and is already a multi-billion dollar market. However, existing models of music commercialization are extremely unfavorable for small creators and musicians. Most of them earn much less from their art than they should, mainly because of big labels that monopolize the market. Music streaming platforms like Spotify, Apple Music, Amazon Music, etc., are notorious for charging a huge fee from artists to host their songs and music.
With the advent of music NFTs, small artists have found a new source of revenue that is much more transparent and profitable. Not only is it more profitable in the long run, but it also deals with a very pertinent issue in the music industry – piracy. Piracy is a huge issue in the world of art, and nowhere is it more widespread than in the music industry. Both artists and music labels lose billions of dollars to piracy. NFTs have come up with an efficient solution to this problem with cryptography technologies.
These factors have combined to make music the driving force of the metaverse. Music NFTs have driven sales to a great extent and continue to do so. Even established artists are now taking the NFT route, including the likes of Mike Shinoda and Snoop Dogg. In the coming years, we can expect a lot more activity in this space.