Now that the possibility of sharing wealth within an independent, digitized ecosystem of fans and creatives has been actualized, the future of the music industry seems even less predictable than it did during the global COVID pandemic. And at this point, one thing is sure: Music NFTs will continue to revolutionize the way that musicians and fans create community (and art) together. We’ve already seen several innovative NFT music collaborations. Read More: The Music NFT Bible: A Guide to the Future of Sound Musicians realized that, with this technology, they could go directly to their fans and sell unique, tokenized versions of their artwork - and ultimately yield substantially higher profits. It could be a single song, an album, or even a music video. It’s an NFT that features a piece of music. A music NFT is exactly what it sounds like. They offer a new way for creators to market and sell their content, expanding the possibilities of how art, music, literature, and more can be disseminated and consumed. They tend to acquire new products and technologies before artists in parallel industries have even heard of them.Īnd so it was in 2021 that musicians, both those who were well-established and up-and-coming, adopted a new form of music art known as NFTs.įor the uninitiated, NFTs are a new kind of digital asset. As such, those working in the space have always been the early adopters. What’s more, the music industry is - and always has been - irrevocably tied to technology. Artists, especially independent musicians, were more than eager to find alternate revenue streams. We say this move was inevitable with good reason. But then a new kind of music art came onto the scene, and in 2021 the inevitable occurred - the music industry embraced non-fungible tokens (NFTs). The months dragged on, and things didn’t get better. Live shows ended, merchandise sales slowed to a crawl, and the money stopped coming in. In 2020, the COVID-19 pandemic effectively cut musicians off from all of their primary sources of income.
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