How musicians can benefit from NFTs

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.

Conclusion

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