What is NFT music?
NFTs are unique digital collectibles, and each NFT can represent a unique digital material. NFT music is a digital collection that contains music files. Mainly through the fusion of music and video to achieve multi-dimensional presentation.
2021 is known as the first year of NFTs, and a wave of NFTs has been launched in the art field and continues to this day.
Since the core value of NFT lies in the assetization of digital content, it promotes a comprehensive revaluation of the value of content assets. Therefore, NFT technology has good short-term application prospects in digital content industries such as music, film and television, and games. Each IP party can extend its own entertainment IP to the NFT field, enrich the IP profit model and expand the influence of its own IP.
At present, leaders in various industries are actively carrying out NFT layout. Brands in various fields such as Nike, Gucci, and Tencent have entered the venue.
Looking back at the development history of the music industry, from physical music carriers such as vinyl records, tapes, and CDs, to streaming media such as Spotify, JOOX, and KKBox, to today’s music NFTs, every change is more in line with the development of trendy music. The emergence of music NFT is the latest direction of the music trend.
How are NFTs changing the music industry?
First of all, in the field of NFT music, NFT music is very expensive. Music digital art can easily sell for tens of thousands of dollars, which is very attractive to independent musicians.
Secondly, it is of great significance to fans or buyers who love art. Because NFT music is not trading its listening rights, but the ownership of unique digital collectibles.
- Buyers can use NFT music as an equity investment, so that they can get actual investment income.
- Artists can add perks to NFT music, such as concert tickets or physical products, which will leave buyers with an unforgettable experience.
- The combination of a blockchain-based platform and smart contracts, coupled with the art community’s standards of inclusivity, integrity and transparency on issues such as transaction negotiation, privacy, security, respect for rights, and fair exchange of value, allows artists to and their collaborators to build a new music ecosystem.
Music NFT brings a new experience
As a work of art, music has its distinctive characteristics.
On the one hand, music can carry richer content in the application of NFT. On the other hand, music exists in the form of digital codes, which makes the presentation of music more diverse.
NFT music has already had preliminary attempts, which to a certain extent proves its potential value in promoting the development of the NFT industry. NFT has injected fresh power into the music industry, allowing the music industry to experiment with more development possibilities, and it is expected that it will bring subversive innovation in 2022.