The music industry is yet again being forced to change with the times. Don’t you just love watching the power of record labels dwindle while artists & fans rise up? Over the last 20 years we’ve seen the business model shift twice, and we’re now entering a 3rd iteration.
Physical Purchase (CDs) → Digital Purchase (iTunes) → Digital Membership (Spotify) → Digital Ownership (NFTs)
Each new technology has made life easier and cheaper for the consumer, but it honestly hasn’t changed the relationship much between fans and their favorite artists. Music NFTs offer unlimited opportunities for artists to experiment with their work and enhance the relationship with their fans. So, how do they work?
Well, how do you want them to work? Do you want to offer full IP rights for the owner? Sure. No IP rights? Sure. Collect a % of royalties? Sure. Access to exclusive concerts & unlockable content? Sure. The beauty of music NFTs is that they empower artists to build and sell whatever they want, while also allowing fans to participate in their success.
Here are two examples of how Music NFTs are being launched: