How musicians can benefit from NFTs
The world of music has undergone a massive revolution since the invention of sound recording. It has transformed to such an extent that one might not even need the actual musical instruments for producing music. But is it the edge of the mountain? No, it is not. The revolution does not stop here.
Would you like to invest in your favourite artist’s music track and earn your share in return? If yes, then NFTs can make it possible for you. NFTs are all about uniqueness, and it provides a new platform for artists to express and monetize their creations and get their followers involved with them. It is referred to as “democratizing” the music industry.
Artists like Grimes and 3LAU have earned millions through this revolution. Earning through streams is maybe inconsistent, and concerts is not an option for the time being, making NFTs a saviour.
How is the conversion of music into NFTs beneficial for artists?
- Suppose you are an artist and you sold a record as an NFT. Now, if the current owner sells it further, you can earn a percentage commission in every next transaction. It was never possible earlier. The built-in royalties, functioned by Smart Contracts, is favourable for the artists.
- Unlike the labels, artists get the liberty to design their own NFTs.
- With the absence of a third party, the artists can sell NFTs in the form of concert tickets, digital content, music, merchandise, etc. and earn a significant amount through the auctions.
- The NFT marketplace also provides an easy hold of the global market for the artists to interact with their fans.
- NFTs, being more flexible and convenient, enables the artist to create more and bring more earning opportunities.
Artists that have benefitted from the NFTs
- 3LAU or Justin Blau, an American DJ and an electronic dance music producer, had one of the most iconic auctions in the history of NFTs. His collection of NFTs was about to get sold for around 1 million. With last-minute bidding and the repetition of the same, the collection ended up getting sold for $11.7 million.
- Indian songwriter and electronic musician, Ritzwiz, along with Nucleya, an electronic music producer, launched their collaborative album, Baraat, with its collection of NFTs.
- A Tamil singer and composer, Kaber Vasuki, released his own NFT and sold it for 1.5 crores.
The traceability and accountability the blockchain technology offers are uncontradictable. It also allows the fans to connect with their favourite artists by acting as their investors. So ultimately, it is a win-win situation for both.
About Bolly Heroes:
Bolly Heroes is a limited NFT collection in which you may write, perform, and produce your tales and characters to deliver community-driven movies, games, events, and activities. Bolly Heroes is a platform where you can buy ultra-rare NFTs to collect and preserve as gifts from your favorite Bollywood stars. These NFTs are extremely rare since they do not expire but instead live for a lifetime. The fascinating characteristic of NFTs is that they act as a digital fortune for you. It is a new concept for those who respect the works of celebrities and are passionate admirers of Bollywood’s never-ending enchantment.