NFTs have emerged as a disruptive technology, especially in the fields of arts and entertainment. From launching original artworks through NFTs to sporting clubs launching their personal NFT collections, the technology has been very efficient in improving fans’ relationships with artists or entertainers. The question that comes from these innovations is the future of the arts industry, particularly music.
Music collections are pirated on a huge scale on a global level. On top of that, music streaming platforms take a huge chunk out of artists’ revenues. Spotify, Amazon Music, and Apple Music are particularly notorious for taking a cut of more than 50% from the artist’s revenue. To combat this problem, musicians are switching to NFTs. With NFTs, they can sell their art directly to the end-consumer without an intermediary. At the same time, the possibility of piracy becomes zero. To make the product even more attractive, artists can add also add personalized elements in NFTs. On top of that, NFTs give artists independence that major labels and corporate houses cannot. Keeping all these factors in mind, it would not be far-fetched to predict that NFTs will disrupt the music industry in the coming years.
Many leading artists have also taken to NFTs to release their music. From Mike Shinoda to Lil Pump to Shawn Mendes, mainstream artists have also taken to NFTs to make music creation more sustainable in the long run. We might not be very far from the time when small and big artists launch music exclusively through NFTs.