What are Music NFTs?

NFTs are disrupting the world through innovative technologies, and many industries are actively joining, and the music industry is one of them.

Based on the new model, NFT allows artists to creatively and fully control their digital assets, completely skip the middlemen, and generate new revenue streams.

In this article, you’ll learn how NFTs are disrupting the music industry.

The music industry is going through a transformation, and NFTs are at the forefront of this transformation.

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The operating system of the traditional music industry is highly dependent on royalties. Streaming does guarantee artists continued royalties, albeit not much. But no matter how many times a buyer listens to it, the musician usually pays a single fee to buy a physical record. If fans who own the record sell it, the royalty holders won’t get paid again, making it difficult for most artists to make a living from music alone. This is where NFTs come in, read on to learn about the different ways NFTs are disrupting the traditional music landscape.

To start exploring the world of NFTs right away, check out the Binance NFT Marketplace, the world’s largest centralized NFT marketplace where anyone can browse and trade a variety of audio and music NFTs, in-game items, artwork, and more.

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What is a music NFT?

Music NFTs are proofs of ownership of unique audio, musical compositions that can be bought or sold. NFT provides authoritative proof of ownership through blockchain technology with authenticity verification that can be verified at any time. Similar to cryptocurrency tokens , NFTs are stored on distributed ledgers, making them difficult to counterfeit. With NFTs, artists can take full ownership of their musical compositions without having to share the proceeds with intermediaries such as music companies or lawyers.

Different forms of music NFTs

There are several different forms of NFTs in the music space. Let’s explore together the different ways NFTs can change the traditional form of music experience.

Full Songs & Records

Always wanted to get your hands on a vinyl record of your favorite song or album? Now, as you might expect, more and more artists and musicians are using NFTs to connect with their listeners by releasing exclusive songs and recordings.

R&B award-winning singer Trey Songz, who recently launched on the Binance NFT marketplace, has curated an exclusive NFT blind box featuring unreleased new songs and exclusive music compositions by Trey Songz himself. Another set of NFTs in the series includes other perks like the latest song, a Zoom call with Trey, and a rare opportunity to co-create music.

Digital Art and Photos

Art plays an important role in a musician’s artistic creation, and to some extent, in terms of income. Digital artwork and graphics can include limited edition album covers, posters and exclusive behind-the-scenes images from concerts.

Binance NFT’s Melos X David Bowie series includes David Bowie’s unreleased audio, images, and behind-the-scenes stories.

Show tickets

The growing popularity of NFTs has created more use cases in the real world, including in-person privileges, luxury goods, and even concert tickets. NFT Ticket Trials help fight ticket fraud and more, and you can’t put them around anymore!

Video clips of your favorite shows
Just like the NFT video clips of “NBA Topshot,” special moments from the concert can be purchased via NFT, or even displayed digitally at home.

Web 3.0 and the Value of Music NFTs

In the era of Web 3.0, “creating content and making money”, NFTs are of great help to independent artists who are not contracted with music companies. This is because NFTs give artists complete control and ownership of their creations. Also, artists don’t have to be tied to streaming platforms, as they can independently release their musical compositions to the public. What’s more, NFTs are opening up a whole new path for independent artists, offering them a once-in-a-lifetime opportunity to generate additional income from their music and create exclusive content for their fans.

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The potential of NFTs in the music industry

In most cases, buyers of music NFTs are not buying the rights to audio or works, but are paying for virtual show-off rights and assisting artists who are undervalued by the traditional system in their minds. In addition to allowing artists to earn commission-free income, NFTs provide artists with great flexibility to auction digital assets in virtually any form. This includes songs, full records, merchandise and concert tickets, and more, putting a lot of power back in the hands of artists by giving them another way to monetize art or other forms of digital goods.

In short, even industry giants are actively joining the ranks of NFTs. Warner Music Group, for example, has a partnership with Genies, a company that creates digital avatars and wearables. Universal Music Group teamed up with the Boring Ape Yacht Club to form a metaverse band called Kingship.

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How will NFTs affect the future of the music industry?

With the subversion of NFTs to different industries, we can witness an era when artists abandon intermediaries such as music companies and streaming media platforms, independently release music to the public, and take back full ownership of their works. In addition, we can also see industry giants in the music field using NFTs and similar technologies to create music groups and release music in the metaverse.

Follow Binance NFTs on Twitter or the official announcements group for a deep dive into all things NFTs and get the latest updates on weekly IGO launches and exclusive Blind Box releases. If you are an artist looking to create your own NFTs, you can sell unique NFTs to your audience through the Binance NFT Marketplace and earn additional income from your creations.