The traditional industry model is not working anymore. Artists and producers are not just making money from streaming services and licensing. There are more ways for artists to get paid and more ways for consumers to support them. Many artists and musicians make a living off of their work, but they don’t have to stop there. These creators can earn money by placing their art in a digital format called a “non-fungible token” or NFT. There are many artists who have done this successfully, and as such, they are in an ideal position to make money off of their creative endeavors.
NFTs, or Non-Fungible Tokens, have become well known as of late, but few truly understand what they mean for the rest of us and what it means to be at the forefront of this revolution.
In addition to providing irrefutable proof of authenticity, NFTs offer artists a way to brand themselves, generate revenue streams, engage fans, and create unique merchandising functions. The NFT marketplace provides many more opportunities for a musical artist to become heard, which is perhaps the most important goal for any musician.
Impact of NFT in Musicians & Artists
Using the NFTs, you can immortalize any song or vocal track, as well as sound samples and sound design waveforms. It’s similar to adding anything to a global ledger so that your work can always be audited and proven authentic.
Imagine if there was only one raw recording of Let’s Get It On by Marvin Gaye and producer decided to release that NFT. Wouldn’t Marvin Gaye fans freak out? Wouldn’t it be even more of a feeding frenzy to own that rendition?
Miniaturized Statues of David can be purchased in Florence, too. Owning a copy of something is entirely different than owning the original. Now, ownership can be verified using blockchain software without error.
Due to the way blockchain is designed (remember, blockchain is the technology that acts as a list of transactions, verified by people and computers around the world), anyone can see that an NFT is unique, along with the date and person who made it. It makes false duplicates almost pointless.
Ways in which Artists can make the most of the NFT wave
The possibilities are endless. If you’re a producer, you can immortalize your unique sound or exclusive recording onto the blockchain as an NFT. You can take it to market or keep it for posterity, offer it to fans or keep it as a treasured relic, etc.
Regardless of your motivation, whether you’re looking to make money, build hype, or add value to your Non-Fashionables (NFT) and decree something like, “Whoever owns this NFT will be entitled to free tickets to my concerts for life!”
As mentioned that an NFT can be anything. It could be a photo, animation, song or even a super crisp snare hit. As the creator of an NFT, you have complete control over its scarcity, price, distribution, and distribution pattern.