Can someone tell me about musical NFTs? I’ve been learning about NFTs, or non-fungible tokens, and how they’re being used in the art world, but I recently heard that they’re also being used in the music industry. How is that exactly?
I imagine they work similarly to art NFTs, where a digital asset is tied to the blockchain, providing proof of ownership. But I’m curious how it’s applied to music as it’s a bit abstract to me. Is it for whole songs, or can smaller elements, like beats or melodies, also be turned into NFTs?
How does an artist benefit from releasing music as an NFT? Does it give them more control over their work and earn them more money? What about the fans or buyers of these musical NFTs? Why would they rather buy an NFT of a song as opposed to just streaming or downloading the song from a music platform?
Yes, your understanding of NFTs is correct. In the music industry, NFTs work pretty much the same way as they do in the art world. They offer a way to digitally represent ownership or a form of rights to a piece of music. This can range from an entire tune, to even smaller elements like beats or melodies.
Artists can benefit greatly from this as it gives them a new avenue for monetization, helping them earn directly from their fans rather than solely relying on traditional methods like streaming or music sales. For fans, owning a musical NFT can give them a unique relationship with the music and the artist. This can range from exclusive access to concerts and merchandise, to the pride of owning a piece of a song by their favourite artist which no one else has.