Musical Artists Turn to NFTs Over Streaming Services to Earn More. What Does This Mean for the Metaverse?
- Some musicians are increasing their earnings by offering songs and videos as NFTs.
- Artists have gained musical freedom and control over their products by using NFTs over streaming services.
- Web3 tools are helping artists and fans build musical communities and engagement.
Some artists are giving fans who purchase music NFTs the unique option of engaging with them through Web3 tools.
As the crypto community grows, more industries are seeing the value in using NFTs and Web3 instead of traditional methods of production, promotion, and sales. Some artists in the music industry are now selling their songs and music videos as NFTs on NFT marketplaces rather than through popularized streaming services. Creating music NFTs lets artists set the price for their products, ensuring it reflects their values. Artists such as Snoop Dog, MoRuf, Iman Europe, and Black Dave have all recently jumped on the NFT music train to earn more for their music, faster.
Web3 brings artists freedom
Web3 offers artists freedom from traditional methods of creating, selling, and earning. In addition to setting product prices and promotional freedom, artists can create smart contracts. Digital tools that automate and regulate agreements between participants in a blockchain network, smart contracts remove the need for a record label or middleman. Artists can code contracts that ensure they are paid appropriately for their work. They also let artists split payment and distribute it with transparency to song contributors or team members.
Rapper Snoop Dogg was recently open about using a smart contract for his latest NFT release. He told Fortune, “It’s always been a major issue to distribute payments to my team from my songs, because nothing is transparent with these record labels. I highlighted a few new artists in the Web3 space on this last mix and gave them splits in the smart contract. Easy as that.”
Musical communities and fan engagement
NFTs are redefining online communities and engagement for artists and fans. Artists craving more interaction with fans and more opportunity to build loyalty are using NFT offerings to provide token holders with unique privileges. Privileges could include giveaways, exclusive access to concert tickets and merchandise, private channels to interact with the artist and fans, and admission to “roped-off” sections of the Metaverse virtual worlds.
Although the exclusivity attracts fans, this kind of NFT offering challenges artists to discover reasons for fans to get involved, and ensure they have the resources to follow through with promises. Exclusive NFT communities are a new concept, and may need time to perfect.
The bottom line
Web3 and NFTs may revolutionize the way music is created and distributed. Artists are attracted to the financial and creative freedom, giving them new opportunities for earning and owning their work. Fans are also finding value in online musical communities that offer exclusive perks, access to artists’ collections, and artist-fan incentives.
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It's likely that artists will offer exclusive Metaverse performances, music, and experiences. If artists continue releasing content as NFTs, it is likely more users will enter the Metaverse to enjoy their favorite artists. That could lead to wider mainstream adoption and traffic, thus increasing the value of Metaverse tokens and cryptocurrencies.
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