NFTs for Music Artists!

NFTs are opening up a new world of opportunities for musicians. While it is still at its infancy right now, the possibilities seem quite promising. For a long time I have felt that musicians or new artists have struggled to make strong earnings and NFT opens up the door for creative freedom and financial stability all in one go.

There are many benefits that a musician or any content creator would gain:

Exclusive ownership and benefit from royalties

NFTs are Non-Fungible tokens which basically means that they are unique and can’t be replaced with something else. NFTs give you ownership of your work. There is only one original piece giving artists exclusive ownership of their artwork. They would also receive royalties every time a buyer sells the digital copy to someone else.

Define the scarcity of their work

As an artist you can define how many copies of the artwork you want to sell, giving you more control on defining the scarcity and demand of your work.

Fair distribution of revenues earned via smart contracts

The distribution of revenues can be coded in smart contracts keeping the system fair. You can also code how much the artist should receive every time the token is resold.

Define additional perks in the contract

Creators can include additional perks in the contract of the NFT where they can define anything — a video call with a fan or they can even give partial ownership of a song. The last one is very special and unique.

The possibilities are endless and we need to watch out on how this will evolve in the coming years!