The music industry may have finally started taking NFTs more seriously. A number of artists have launched music NFT projects that have increased fans’ attention and generated millions of dollars in revenue. The NFT and crypto space is still in its infancy, especially in the music space, but perhaps the potential for more direct interaction between artists and fans, as well as new ways of monetizing digital works without resorting to traditional music publishers, make this a promising technological development.
What are Music NFTs?
Music NFT is a certificate of ownership of a unique musical work that can be sold to another party. The owner has the exclusive right to determine how the composition is used. The term “NFT” applies to all kinds of fungible (multiple copies exist and are held by different parties) tokens secured on a blockchain that grants the owner the right to the music, album art, or videos created to accompany the music, or other exclusive access to content.
Beyond the strict definitions of what constitutes a non-fungible or fungible token, music NFTs help music composers, bands and artists connect and interact with their listeners in new ways.
Hoskinsea has set out certain measures to assist Music creators to sell works as NFTs and get their full rewards, In addition to earning income from immediate sales of music NFT, there are other certain ways in which NFTs sales on Hoskinsea can empower musicians which includes:
Earning of royalties
Musicians who mints NFTs on Hoskinsea and sell them will earn on subsequent sales of their NFTs. This will alleviate the problem of musicians not making money on the sale of their work, or making only small amounts from centralized streaming services.
Create an active fan base
Music NFTs allow a musician to build an active fan base by creating a space in which fans can access unique NFTs related to the artist’s work. For example, events such as NFT airdrops allow musicians to reach an audience they may not have had access to before.
Musicians can also leverage unique experiences for their fans, such as giving them the opportunity to meet them virtually or in person. This is what musicians like Snoop Dogg did during his SandBox session, as well as Post Malone, who sold NFTs for people to play beer pong with him.
Cutting out the middleman
One of the main challenges musicians face is that they are usually under contract with a record label. On the other hand, most independent musicians make their money through streaming platforms. Music NFTs is a solution for both, as they allow musicians to make money by selling directly to their fans.
Some of the biggest names in music such as Kings of Leon, Wu-Tang Clan, and Nas have had some sort of involvement with music NFTs. Kings of Leon’s NFT drop provided multiple different tiers, with the lowest providing exclusive artwork and the most expensive known as a ‘Golden Ticket’. Each of these tickets guarantees the owner four front-row seats to one show of every Kings of Leon headline tour for life! With the cheapest costing over a million dollars.
Hoskinsea is here to change the way that artists and fans interact forever, cryptocurrencies and blockchain technologies are on tour in the music industry – from digital ticketing to distribution, NFTs are taking over.
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