Music NFTs – Will This Unleash The Next NFT Mania?

Celebrities like Jay-z, Paris Hilton, Serena Williams, and Justin Bieber have their Music NFTs collections as profile pictures. With his recent acquisition of Death Row Records, hip hop legend Snoop Dogg has stated his intention to make the label “the world’s first NFT record label”. He has also announced that he would be releasing his latest album on the blockchain through a partnership with blockchain gaming platform Gala Games, via his “Stash Box” NFTs.

Global brands like Nike, Adidas, and Gucci have launched their open NFT collections, with Adidas and Prada teaming up to launch a user-generated NFT collection early this year.

What are Music NFTs? At their core – Music NFTs are simply tokenized audio files. To the same extent that static image NFT’s track ownership of a .jpeg or .png image, Music NFTs point to a .mp3 or .wav file. What the NFT exactly represents legally speaking varies case by case but by default they do not come with inherent ownership rights.

The vast majority of Music NFTs today can be thought of as rare digital collectibles for the most devoted fans to show their loyalty. In some cases, such as NAS’ recent single “ULTRA BLACK” they also grant owners a share of the royalties.

The latter is of course the long-term vision for Medium Music NFTs but requires more legal engineering and overcoming of barriers laid by the legacy music industry.

Music NFTs

How do music NFTs work?

Essentially, the artist decides what song, or songs, they want to offer their fans as NFTs and what kind of “utlility” the NFT will receive. This could be musical works like audio files, but could also be music videos, merchandise, concert tickets, and so on. Then, they will go to either the general marketplaces like Open-sea or dedicated markets to mint their NFT. You can see that the entire process rests solely on the artist/musician.

How music NFTs help musicians :

For so long, artists have not been fairly compensated for their work. This has been particularly apparent in the music industry.

Changes in distribution and the introduction of streaming services have changed the business model of the music industry. Yet, streaming does little to help artists get fair compensation- only the top 0.8% of artists on Spotify earn and above. The vast majority of artists still have a hard time retaining control over their work and monetizing it.

Celebrities like Jay-z, Paris Hilton, Serena Williams, and Justin Bieber have their Music NFTs collections as profile pictures. With his recent acquisition of Death Row Records, hip hop legend Snoop Dogg has stated his intention to make the label “the world’s first NFT record label”. He has also announced that he would be releasing his…

Celebrities like Jay-z, Paris Hilton, Serena Williams, and Justin Bieber have their Music NFTs collections as profile pictures. With his recent acquisition of Death Row Records, hip hop legend Snoop Dogg has stated his intention to make the label “the world’s first NFT record label”. He has also announced that he would be releasing his…