NFTs And The Music Industry

NFT serves the purposes of everyone investing in cryptocurrency. It has made its way into the music industry and significantly simplified the life of many musicians. NFT eliminates some shortcomings in music: it reduces third parties like promoters sharing the artist's profit, which is unpleasant, especially since NFT connects musicians and their fans. This article explains the significance of NFT in the music industry and how creators make the best of it.

Effects of NFTs on the music industry

NFTs started making significant changes like establishing NFT albums and singles when Grimes switched from the traditional album to the NFT form of it. Many musicians followed in her footsteps, and this has been a notable change in the music world. One of the common benefits of the NFT album is the direct connection between the fans and the music owner. Also, there is a high possibility that the artist makes a huge profit because the fans’ urge to buy and really own the piece is strong. Countless celebrities have switched to NFTs since the time of Grimes. Some of the important figures are highlighted below.

Tory Lanez

According to RapUp, Tory Lanez claims that he sold over a million copies of his NFT album in less than a minute. How is this possible? Now the capacity of NFT is being explored, but it's obvious that it is a global phenomenon. The experience was great, according to Tory Lanez, who promised to release another album in NFT. Tory’s NFT piece is different from the typical one because it was pre-ordered and sold with E-NFT rights: all buyers who purchased the copies of this special album have the right to resell. Tory Lanez only released and sold one million copies – the album was sold out, and no other buyers could buy it anywhere unless the “new owners” with E-NFT rights decided to resell their album.

3LAU

3LAU took another dimension to NFT – but unlike Tory Lanez, he auctioned his album. In 2022, 3LAU re-released one of his 2018 digital albums as an NFT album, and chose auction as the means of purchase. The auction was held for 48 hours, and he managed to earn over eleven million dollars. Unlike the standard album he released in 2018, the new one has E-NFT rights, and the owners have an opportunity to resell the piece. NFT in music is not dissimilar to the typical NFT arts and plays the same role in the non-fungible tokens world. According to his auction page, only 33 pieces were minted.

Deadmau5

He is not only a Canadian DJ and producer but also an NFT enthusiast with significant values and collections. According to EDM, Deadmau5 showcases over four million dollars of value he has gathered. Unlike NFT albums and singles, Deadmau5 experimented by selling music tickets to his followers via NFT. The performance with Portugal at Red Rocks was in this format, too. Now, the single copies of this collab are available at a price of 0.25 NEAR per one piece. Also, he sold VIP tickets only in NFT. Deadmau5's approach to non-fungible tokens makes him the top NFT creator, according to Music Tech.

Shawn Mendes

In 2021, Shawn Mendes collaborated with Genies, a digital producing company, to make NFT collectibles. The Canadian singer also joined the trend by making his music NFT available on the NFT platform. According to Jump Start Mag, he worked on his album "Wonder" with the digital company and made over ten million dollars. Aside from this album, the singer also creates NFT associated with his personality, which he puts on the platform for sale. For example, he created a vest and signed print, which he converted into NFT and made available for purchase.

The Bangtan Boys, aka BTS

In 2021, The Bangtan Boys started working on photo cards, images, and sounds in NFT. The band collaborated with a South Korean crypto exchange called Upbit. They approached NFT by minting their pictures on NFT platforms. Guess, their fans all over the world were pleasantly surprised and bought most of the pieces in minutes!

Lindsay Lohan

In late 2021, Lindsay Lohan contributed to NFT with her single "Lullaby." She launched the single via an auction and sold it for about $85,000. Her single was a collaboration with DJ Manuel Riva. Lindsay says that probably soon we will be able to face the tokenization of movies. She claims that crypto, NFTs and blockchain will become normal.

Jay-Z and Jack Dorsey will launch Bitcoin Academy

One of the most famous rappers of the century has also joined the NFT-party. As a result, the custom piece of digital artwork was sold for $139,000. The unique collectible is made to celebrate Jay-Z's debut studio album “Reasonable Doubt”, which turned 25 years old. The official name of the NFT is “Heir to the Throne: An NFT in Celebration of Jay-Z’s Reasonable Doubt 25th Anniversary by Derrick Adams”.

However, this was just the beginning of Jay-Z’s crypto journey — he is said to give back to the community he grew up in by creating a Bitcoin Academy in Brooklyn, New York. The music enthusiast collaborates with the popular social media (Twitter) founder, Jack Dorsey, on this project. The project is set to educate the people of Brooklyn on the importance of using Bitcoin. The two individuals believe that Bitcoin teaching is better financial education for alleviating poverty and establishing financial freedom. To achieve this, they organize a free Bitcoin Academy for Brooklyn, New City residents.

The project is said to include several CEO and Bitcoin enthusiasts for effective and excellent results in the end. It is said to begin from June 22 till September 7. There are flexible classes between the weeks, and some notable contributors are Lamar Wilson and Najah J. Roberts, both Bitcoin experts.

Other benefits of the project include a year of data subscription and free devices like smartphones and Mi-Fi. There would be weekend classes for working-class residents, and all are said to be free for participants.

Conclusion

NFT eliminates middle parties and gives real creators access to their buyers. In this case, music enthusiasts relate with their fans directly. Also, this appears to be a modern form of collecting, and it has its own advantages including the exclusive rights of owning the pieces. There are endless possibilities with NFT in the music industry. Many music experts have started exploring the advantages and the future of NFT shows to pack more benefits than the ones we behold presently.