Entry of NFTs into the musmusic ic industry: Are NFTs really beneficial to artists?
Music is the most real healer. There cannot be a person in the world who does not like music. We have been entwined with music ever since we were infants. From lullabies to eulogies, every walk of our life has involvement of music in some way. The impact of music in our lives is so intense that people view musicians as their idols. Ever had this moment when the lyrics hit you hard and the instruments in the background soothe you, and you just sit there in awe, thinking how the artist knew your heart this much? Well, that is what artists do to you.
However, what do they get back?
Mires in the music industry
When artists literally soothe your pain and heal your heart with their soulful music, they do not even get the basic recognition their art deserves most of the time. Why does this happen? Most of the time, plagiarism remains a major threat. However, it does not stop with that. When you release your music on social media platforms, your audio/video views are based on the algorithm. Therefore, there are a lot of chances your artwork might not get the recognition it deserves. Even the songs that are not that good tend to get more likes, views, and acknowledgments when it is from a well-established artist. But, the best tunes that an amateur artist composes go unnoticed or unrecognized. While underrated music artists were suffering such a sort of indifference from the general public, NFTs came to the rescue.
NFT- a quick note
NFT expands to Non-Fungible tokens. These are digital assets that you could create out of any art form. They render authenticity and ownership, and so they are now the most-preferred virtual assets. Though they initially were meant for finances, they crept into different fields of interest. Real estate, gaming, educational institutions, and science are a few of the areas that these virtual collectibles managed to make their way into gracefully.
NFTs in the Music industry
Well, the influence of virtual collectibles in the music industry has changed the dynamics of the whole selling music thing. Non-fungible tokens in the music industry are music to artists’ ears. When you release your music as a digitized collectible, you make way for your artwork to get the recognition and respect it deserves. You set your standards high as an artist by not settling for the breadcrumbs that potential musicians usually are forced to compromise.
Are NFTs really beneficial to artists?
NFTs changed the world of artists topsy-turvy, but in a good way. They have gained the trust of musicians so much in a very short span that even established artists have started releasing their works as Non-fungible tokens. Let us now discuss what makes them the most beneficial to artists.
They cut off streaming media
Artists have suffered enough for a long time because of streaming media. If you are a budding musician, think of how often you were discouraged by your music videos not receiving the deserving amount of views and likes. Oh! What an unpleasant thought! Well, that was the situation most artists had when dealing with streaming media. Besides, they also received less revenue as the media decided the value of their art based on the thumbs up the general public gave. By eliminating streaming media, NFTs have connected musicians with people who have genuine music taste. This quality has increased the value of the artwork multi-folds and got rid of chances for plagiarism.
They encourage decentralization
Most of the time, musicians only release their work through a music label. Not all musicians own their songs and albums; The intermediaries loot the maximum percentage of the revenue that a song or an album gets, leaving the crumbs for the artists. Not all of us can go around re-recording our own songs like Taylor Swift as the production costs more than whatever you could get back if you are an amateur artist. Besides, sometimes you do not even receive your share as the creator of the art. NFTs encourage decentralized finance (De-Fi), and therefore your transactions are secure and 100% trustable. NFT authenticates your work and gives you lifelong ownership. It ensures to pay you royalties even if your art finds multiple buyers.
The Non-fungible tokens give great power to the artists. They make the artists receive the maximum incentive they could get for their work of art. The idea to launch NFT Music Marketplace was the greatest thought ever that has been thought to benefit music artists. Find a potential NFT trading ground to mint your music into virtual collectibles and trade them for the price they deserve. If you are an artist, take this as a sign from the universe to create your own art NFTs and keep rocking!
Jennifer Atkinson is a Writer, Growth Hacker, and Business Advisor who helps new-age entrepreneurs in launching their own crypto businesses. She also gives business consultations and advice on the potential of business advice and helps them to find the right technology and marketing providers.