Music has always been a big part of human history. No matter where we are in the world, people have always surrounded themselves with music. We have songs for celebrations, for falling in love, and even for saying goodbye at funerals. Today, we’re in a world where many physical items have made their way into the metaverse. Digital collectible art took off in 2021, catching the attention of various industries. Even luxury fashion brands have started creating phygital items—combining physical and digital elements—for their customers. The music industry also quickly jumped on this trend, leading to the creation of Music NFTs. But what exactly are Music NFTs, and why have they become so popular?
Music NFTs are basically a way to own music through blockchain technology. When you buy a song from a music platform, you’re usually just getting the right to listen to it. But with music NFTs, anyone can listen to the song, and you also get ownership of the actual file through the NFT.
Why Are Music NFTs Gaining Popularity?
Many artists and musicians often struggle to make a living, especially when they are still at the beginning of their careers. We’ve all heard stories of up-and-coming musicians fighting to prove that their work is theirs after someone else claims it. Even well-known artists aren’t always safe from these issues.
That’s why many creators are now turning their music into NFTs. With NFTs being recorded on the blockchain, artists have a reliable way to prove ownership without needing a middleman.
When artists mint an NFT, they can choose to give up their rights to a song or keep them connected to the NFT. This way, when they sell their music, they can get paid directly and fairly. Plus, if the person who owns the NFT decides to sell it, the original artist gets to collect royalties each time it changes hands. This is possible because the NFT keeps a record of ownership in its metadata.
One of the bands that jumped into the NFT scene is Kings of Leon. They were among the first major groups to release an NFT album called When You See Yourself. In 2021, they announced that owning their NFTs would provide exclusive perks, like limited-edition vinyl and front-row concert seats. This move paid off big time, as the band made around $2 million from the release.
Looking Ahead
According to Business Research Insights, upgradeable NFTs might change and improve over time. This approach allows musicians to share parts of their music, like a soundtrack or chorus, that fans and collaborators can legally use without the hassle of dealing with remix rights. With upgradeable NFTs, the original artist keeps control of any new versions and can even make money from them. This benefit could really help musicians in the future. It’s also expected that the global music market will keep getting bigger in the coming years.
Music NFTs are still relatively new, and we can expect to see a lot of exciting developments in this area. Given how this technology helps artists feel secure about their work, it’s likely that more and more musicians and will embrace it in the coming years.
