NFT becomes an absolute hit that offers high value and a unique reward system. The latest news even comes with an attractive and revolutionary option for musicians.
The NFT is the future
In recent years, almost all technological revolutions have taken place in the media, especially in TV. This time it will probably be different. At the beginning of this year, we witnessed a rocket rise of the so-called non fungible tokens. But was this hype real?
Music industry
One of the strongest uses of NFT is music. Recently, there has been talk of a real revolution in the music industry, in which NFT tokens will play a major role. The greatest help and opportunity is provided to independent musicians who have the opportunity to make decent profits and at the same time be in constant contact with the fans.
How does it work?
There are currently some very attractive aspects of NFT for musicians.
NFT financial sector – it is no surprise that NFT tokens are sold at extremely high prices. Examples are super stars like Kings of Leon and Steve Aoki, who sold their works for millions of dollars. The artist Young and Sick had only 27,000 followers on his instagram at the time he sold the $ 865,000 token.
Earnings numbers are really attractive, especially when you compare them with streaming platforms, for example. These currently represent one of the main incomes of musicians, especially during the Covid-19 pandemic. However, the rewards for streaming are not so tempting. It is very difficult and challenging for independent artists to reach 1,000,000 views. For this number you can get from Spotify from $ 3,000 to $ 5,000. For example, in 2020 it was only on Spotify 13,400 artistswho achieved annual revenues of more than $ 50,000. This is also proof that there is a real opportunity for higher profits.
NFT function “unlockables” – the creators may include other interesting rewards and benefits in the contract. This includes, for example, a video call with the fans, various recordings and physical products, or even the ownership of the songs themselves. Based on this possibility, musicians can basically manipulate their works as a capital investment. By creating tokens, they can upload 30% ownership of the song. Based on this, investors will have the option of return, while the artist gets his money directly into his pocket.
