Music NFTs a powerful tool to transform an audience into a community
Music artists have the opportunity to develop tighter relations with their fans through the use of NFTs. As one of the oldest entertainment industries in existence, the music business has experienced many technological advances that enhanced widespread adoption. The digitalization of music meant that artists could reach any audience across the world, and digital distribution gifted people with unlimited access to music. With these advances in distribution came some drawbacks in music monetization. The way musicians make money in a digital format has reduced margins from media or video....
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EDM artist R3HAB and music community anotherblock are using NFTs to share song royalties with everyone involved in the process of launching a song -including fans. The music industry continues to find inventive ways to integrate decentralized technology into new releases to benefit both artists and their fans. Electronic dance music (EDM) artist R3HAB and blockchain-based music community anotherblock released a single on Aug. 19 with the idea of “democratizing music rights.” The nonfungible token (NFT) included in the drop allows holders to earn royalties based on streaming popularity.The....
Cointelegraph spoke with NFT musicians and Web3 music industry natives to understand what came first: the music or the desire to make an NFT. Music-related use cases for Web3 technologies are piling up as the industry goes all in on adoption. From democratizing song rights royalties and blockchain licensing to legacy companies like Sony Entertainment filing patents for nonfungible token- (NFT)-authenticated music.While electronic dance music and pop seem to be picking up the most attention in terms of NFT music, they’re even making a difference in more traditional areas like opera.Just....
(This is the conclusion of a three-part deep dive into the current state of the world’s music NFT industry and how it’s making an impact on society) In cultivating their fan community, Allan and Inglot see NFTs as a better alternative to the current system of major music labels. Large music corporations have long dominated […]
Music industry experts and leading musicians discussed and showcased NFTs at the 2022 Grammys. The billion-dollar music industry has shown recent interest in nonfungible tokens (NFTs) as musicians everywhere are beginning to understand the power of moving away from centralized business models. This concept is currently being demonstrated by early innovators like the popular rapper Snoop Dogg, who recently acquired Death Row Records with plans to transform the company into the first NFT recording label in the Metaverse. Country music icon Dolly Parton also recently launched her first NFT....
As the music industry continues to push into the Web3 space getting artists both mainstream and up-and-coming has its hurdles but also major rewards. Musicians and executives alike have seen the power of Web3 tools such as nonfungible tokens (NFTs) to transform audiences into active communities with fewer barriers between artists and fans. Recently, the crypto-savvy Snoop Dogg partnered with country music stars Billy Ray Cyrus and the Avila Brothers to create an NFT experience that crossed genres and created new communities in the process. While Snoop may be a veteran in the space, many....