NFTs in Music
The music industry is a perfect proving ground for NFTs
From musicians and athletes to actors and supermodels, prominent celebrities are busy minting and auctioning a dizzying array of blockchain-based assets and commodities that appeal to the digitally-savvy crowd. Through NFTs, public figures can connect with fans in a digital realm and open up a new revenue stream into the bargain.
Earlier this year, Canadian musician Grimes sold almost $6 million worth of NFTs encompassing artwork and audio-visual animations.
It is perhaps unsurprising that musicians are increasingly leveraging NFTs to supplement their income: The shift to streaming over the last decade has massively impacted the earning power of artists.
The global COVID-19 pandemic also dealt a huge blow to the industry, since many musicians had relied on live performance for income. Acts joining Grimes down the NFT rabbit hole include Snoop Dogg, Eminem, Jay-Z, Shakira, Lewis Capaldi, Steve Aoki, Shawn Mendes, Kings of Leon, Soulja Boy and Aphex Twin.
There is still a lot to be explored in the NFT space, but the potential is there. The high value and unique rewards system that NFTs offer is a revolutionary opportunity for musicians.
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