The revolution will not be televised-it will be cast.Earlier this year, we saw Irreplaceable tokensOr NFT, in mainstream media and popular culture. We have all heard of them, but is the hype real? Top businessmen and media tycoons, such as Mark Cuban and Gary Vee, still strongly advocate the use of NFT, smart contracts will play a role in the near future, and new NFT exchanges and Didi continue to be launched every week. Jay-Z’s Twitter profile picture It is NFT CryptoPunk.
Regardless of the buzz or not, one of the most powerful and overlooked effects of NFT is its impact on the music industry. NFT has the ability to change the rules of the game for independent artists by providing a new way of earning income (while connecting with fans), and this change should have happened long ago.
Music and musicians
Several aspects of NFTs make them very attractive to musicians. The first is the financial aspect: NFTs have been sold at extremely high prices. Superstar artists such as King of Leon and Steve Aoki, Sell Multi-million dollar NFT.Even lesser-known artists, such as Vérité and Zack Fox, have production NFT sold for tens of thousands of dollars. When artist Young and Sick sold NFT for $865,000, he had only 27,000 followers on Instagram.
These numbers are incredible, especially when you compare them to the payment rates of streaming platforms. Streaming media platforms have always been one of the main sources of income for musicians in the digital age, and they have become even more important when live performance income dries up during the COVID-19 pandemic last year. However, the payment rate of these platforms is still not very high.This is a hot topic Since their creation. Spotify average payment About From 0.003 USD to 0.005 USD per stream. This is equivalent to about US$3,000 to US$5,000 for 1 million streams, but for independent artists, 1 million is a big number.
In 2020, there are only 13,400 artists generate Spotify’s annual income is more than $50,000 (the median salary of American workers). Through these statistics, you can see how NFT started to become a real opportunity-selling a song or a collection, you can get more than your entire career on the streaming platform through one sale Income. NFTs can also provide recurring income: they can be coded so that the original creator receive Each time a token is resold, the sales volume varies from 2.5% to 10%. This is really beautiful.
For musicians, another value of NFTs is their “unlockable” features-basically, creators can include additional benefits in NFT contracts. These can range from one-on-one video calls with fans to yelling or physical products, or even giving up partial ownership of songs. The last situation is unique because artists can now treat songs as equity investments—they can create NFTs and give up 30% of the ownership of the songs. This gives those who donate a chance to get a real return on investment, while the artist puts the money in their pockets. This is like a more valuable version of a crowdfunding website.
Even in India, where I live, NFTs and cryptocurrencies are becoming more and more popular.Currently, over 15 million people in India hold approximately US$6.6 billion The value of cryptocurrency. Visual artists in India have begun to leap forward to the NFT Festival by selling 2D and 3D art works.Back in May, a South Indian musician Sell NFT his demo for 200,000 US dollars (15 million rupees)-this is crazy. There is still a lot to explore in the NFT field, but the potential exists. The high-value and unique reward system provided by NFTs is a revolutionary opportunity for musicians-I definitely recommend you to check it out.
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The views, thoughts, and opinions expressed here are only those of the author, and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Jay Kira He is an international hip-hop artist living in Mumbai, India. His music originally came from New York City, combining witty lyrics with clear expression to create party songs.His works have been in Rolling Stone India, desi hip hop, hello magazine, as well as Today show. He just released the first hip-hop NFT EP from India, titled No free tracks.