Music artists are turning to NFTs on streaming services to earn more. What does this mean for the metaverse?
Some artists offer fans who purchase NFT music the unique ability to engage with them through Web3 tools.
- Some musicians increase their income by offering songs and videos as NFTs.
- Artists have gained musical freedom and control over their products by using NFTs on streaming services.
- Web3 tools help artists and fans build music communities and engage.
As the crypto community grows, more and more industries are seeing the value of using NFTs and Web3 instead of traditional methods of production, promotion, and sales. Some artists in the music industry are now selling their songs and music videos as NFTs on NFT marketplaces rather than through popularized streaming services. The creation of musical NFTs allows artists to set the price of their products, ensuring that it reflects their values. Artists such as Snoop Dog, MoRuf, Iman Europe and Black Dave have all recently jumped on the NFT music bandwagon to earn more for their music, faster.
Web3 brings freedom to artists
Web3 offers artists freedom from traditional ways of creating, selling and earning. In addition to setting product prices and freedom to promote, artists can create smart contracts. A digital tool that automates and regulates agreements between participants in a blockchain network, smart contracts remove the need for a record label or middleman. Artists can code contracts that ensure they are paid appropriately for their work. They also allow artists to split payment and distribute it seamlessly to song contributors or team members.
Rapper Snoop Dogg recently openly stated that he uses a smart contract for his latest version of NFT. He told Fortune, “It’s always been a major issue distributing payments to my team from my songs, because nothing is transparent with these record labels. I featured a few new artists in the Web3 space on this latest mix and gave them splits in the smart contract. As simple as that.
Music communities and fan engagement
NFTs are redefining online communities and artist and fan engagement. Artists looking for more fan interaction and more opportunities to build loyalty use NFT offers to provide token holders with unique privileges. Privileges could include giveaways, exclusive access to concert tickets and merchandise, private channels to interact with the artist and fans, and admission to “roped-in” sections of Metaverse virtual worlds.
While exclusivity appeals to fans, this type of NFT offering challenges artists to find out why fans are getting involved and to ensure they have the resources to deliver on their promises. Exclusive NFT communities are a new concept and may take time to perfect.
The bottom line
Web3 and NFTs could revolutionize the way music is created and distributed. Artists are drawn to financial and creative freedom, which gives them new opportunities to earn and own their work. Fans also find value in online music communities that offer exclusive benefits, access to artist collections, and artist-to-fan incentives.
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It’s likely that artists will offer performances, music, and experiences that are exclusive to Metaverse. If artists continue to release content as NFTs, it is likely that more users will enter the Metaverse to enjoy their favorite artists. This could lead to wider adoption and traffic, thereby increasing the value of Metaverse tokens and cryptocurrencies.
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