From Mike Shinoda to Snoop Dog, many artists have launched their musical NFT collections. The popularity of musical NFTs seems to be on the rise, with increased supply and demand. A few days back, a leading analytics company predicted that musical NFTs will soon give music streaming platforms like Spotify a run for their money. While that may seem to be farfetched now, the popularity of musical NFTs seems to suggest otherwise. Apart from selling music, NFTs also bring the aspect of uniqueness to the picture. For many fans, it is equivalent to signed merchandise from their favorite artists.
Apart from the idea of ownership and uniqueness, another factor plays an important role in the growth of musical NFTs. Music streaming platforms like Apple Music and Spotify take a huge cut from artists’ share, as much as 75% at times. As a result, artists are on the lookout for a better alternative that will pay them more fairly. NFTs offer a unique advantage here. Since there are no corporate labels in the NFT market, artists get the complete value of their artwork via the NFT marketplace.
Fans, on the other hand, get a unique experience that is nothing like that of mass streaming platforms like Spotify. Spotify and Apple Music also have severe restrictions for non-registered users, and it can be very annoying for fans. NFTs successfully overcome all these challenges, giving fans a different experience and a valuable digital asset they can enjoy, store and sell as they wish.