Non-fungible tokens (NFTs) first captured the public’s imagination when digital artist Beeple sold his work, ‘Everydays – the First 5000 Days’ for $69 million in early 2021. The crypto markets have cooled off since then, partly due to macroeconomic headwinds followed by US central bank Federal Reserve’s quantitative tightening policy, as well as the ripple effects of the Terra blockchain crash in May 2022.
As battle-hardened veterans in the volatile crypto ecosystem often say, bear markets are when the true natives block out the noise, roll up their sleeves and build new products. The NFT market, too, is ever evolving, with different niches mushrooming, and novel business models emerging. One such sub-sector gaining popularity among artists is music NFTs.
What are music NFTs?
Similar to digital art, music NFTs are digital representations of a musician’s work, recorded on a blockchain. This could be in the form of an entire song, a short clip, royalties, or the cover art of the album. Ownership of music NFTs can enable a fan to foster a closer relationship with the artist, while providing the artist with direct revenue from the fan, thus disintermediating a record label that usually takes up a large chunk of a musician’s sales revenues in addition to a claim on their intellectual property rights. … Read full length article at Money Controll.
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