Music NFT

(This is a detailed three-part overview of the current state of the global NFT music industry and its impact on society)

Last year, we saw how NFT swamped the music industry after the COVID-19 pandemic completely cut musicians off from their main sources of income with the exception of platforms with royalty free music.

With no live performances, concerts or CD sales, musicians turned to the digital space in search of alternative income.

The NFT music wave, in fact, came as no surprise. The music business has long used technology to keep up with the times.

But is NFT really the future of the music industry? Will we see the day when music careers are built entirely on blockchain?

It all started when record company LuckyMe announced that Canadian electronic sensation Jacques Green was selling the publishing rights to his latest single, titled "Promise," through the Digital Art Marketplace Foundation. The single sold for 13 ETH, which was about $23,000 at the time.

Fast sales for NFT.

Today, about 140 artists have sold more than $1 million on the music platform. Catalog. In addition, several singers from around the world are collaborating to create music and multimedia on the digital collective Songcamp.

Renowned performers such as Grimes and two-time Grammy nominee Steve Aoki just received NFT for about $10 million through the NFT Nifty Gateway digital marketplace. Those sales set the stage for seven-figure sales on the platform by other pop singers like The Weeknd and Eminem. World-renowned rock stars Kings of Leon even released a record called When You See Yourself as NFT.

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Meanwhile, a new NFT platform for music has been launched. In addition, multi-platinum recording artist and songwriter/">John Ledgend is co-founder and CEO of OurSong, which has some interesting features.

Chris Lin, CEO of Taiwanese music streaming service KKBOX; Kevin Lin (co-founder of Twitch); and Matt Cheng, founder of Cherubic Ventures, are the three co-founders of Legend in this venture.

OurSong is a mobile app developed by Our Happy Company, which describes its mission as "creating blockchain technology for the creator.

Pushing the boundaries

Ultimately, the goal of these NFT musicians is not just to generate revenue or rewards, but to push the technological boundaries of the music industry.

Thanks to blockchain mechanisms, artists can regain autonomy over their own artworks, which were previously controlled by record company systems.

Now that we see how NFT is being embraced by the music industry, the big question is: Can NFT completely take over the music landscape this year?

There are four good reasons why some believe that yes, NFTS will revolutionize the industry.

First...the digitization of music is inevitable.

Helpful infog | Disney's new NFT jobs hint at future plans for the Metaverse

Total cryptocurrency market capitalization is $1.73 trillion on the daily chart.

The Rise of NFT.

Since the invention of music recording in the 1800s, the industry has always had to go digital. From floppy disks, CDs, and USB drives to streaming services like Spotify and Apple Music, the trajectory of music has always been about the rise of modern electronic sound.

That's why the growth of NFT will largely determine how music is produced, performed, stored, distributed and consumed over the next couple of years.

The second reason? There is much more creative autonomy in NFT music. On this platform, musicians can own their artwork.

HitPiece In Hot Water!

There are so many reports of unfair and anti-artistic distribution of income. in the music space.

For example, many musicians and record companies have expressed their outrage over a company called HitPiece and the listing of single and album covers as Non-Forfeitable Tokens (NFT).

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