Cointelegraph Consulting: Is NFT music an untapped opportunity?
The sales of music NFTs on OpenSea have underperformed compared with digital artwork, collectibles and other categories. When people think of nonfungible tokens (NFT), the most popular collectibles such as CryptoPunks, Bored Ape Yacht Club and Decentraland usually come to mind. Beeple’s digital artwork that sold for millions will most likely ring a bell, and most recently, gaming came together with the Metaverse to usher in an altcoin season.However, one particular type of nonfungible token that rarely gets looked at is music NFTs. With NFT sales raking in billions of dollars across other....
Related News
Ever consider what the future of the music industry looks like with the advent of blockchain technology? Cédric Cobban certainly has. Co-founder of PeerTracks and member of the BitShares Music Foundation, Cédric seems to have a clear vision when it comes to music's role in the emerging decentralized economy. I recently had the opportunity to speak with Cédric about the PeerTracks P2P music platform and his outlook on the future of music and what it means for both artists and fans. Also read: Bitshares Out to Make P2P Music Profitable. Listen, The Future Of Music. What is PeerTracks and why....
Blockchain technology makes it difficult to cheat. Could music artists benefit from this feature? CoinTelegraph talked to a number of experts to learn how the music industry could adapt to the rules of the digital age. How Blockchain can help the music industry. Gabe Higgins, Founder of CryptoEdge Solutions and Tampa Bay Bitcoineers, says to CoinTelegraph: “Being a musician for almost two decades I've experienced the dramatic decline of the music industry in the digital age. When I discovered Bitcoin and learned about Blockchain technology, it immediately struck me as something which could....
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....
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....
Songcoin. Centralization has long characterized the music industry, making it hard for budding artists to distribute their music to the public. The internet revolutionized the music industry, which helped many independent artists build fan bases without caving to the demands of corporate record labels. Songcoin developer David Prince believes the invention of cryptocurrency offers musicians yet another golden opportunity to disrupt the music industry by rewarding listeners for discovering and investing in quality music. CCN spoke with Prince about Songcoin and the role he wants it to play....