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Music changes constantly, and so is the music industry. Since the end of the 19th century, music has become a profession for many people skilled in playing instruments, singing, composing, or producing. It took a complete turn in the 50s when record labels started earning tremendously.
With the invention of the internet streaming platforms, music became easily accessible and mostly free. That led to a decline in quality work, and artists mainly became performers rather than musicians. This will change because blockchain solutions are taking over the music industry.
Blockchain-based Music NFTs entered the industry and revolutionized the game. With the help of Music NFTs, artists, composers, writers, producers, and everyone else will have the chance to get the share they deserve, but more importantly, fans are not left out too.
What are Music NFTs?
Music NFTs or music non-fungible tokens are digital proof of ownership on the rights of a particular track, album, or another type of digital asset. Some might ask - how is that different from buying a CD or a vinyl record? There are many differences, and we'll explain what they are.
A Music NFT comes in a digital form. It can be a digital key of one unique asset or, as it is lately widespread - the shared ownership of a track. Why are people crazy about the concept? Because with the Music NFT, you own rights to the song:
- with Security Music NFTs (S-Music NFTS), you own royalties from hit songs and receive your share of the songs' revenues from streams and radio plays
With Collectible Music NFTs (C-Music NFTs), you become an owner of unique unreleased recordings that will never be released - a collector's item that can increase value.
NFTs change the way the music market works
Looking at music industry revenue charts, you see how the industry was declining until 2014, when it took a turn. That's when streaming services started controlling artists' rights more rigorously. Still, it was also when the blockchain began gaining popularity in the face of early adopters, and later in late 2019, NFTs started to boom in crypto investor communities.
The market will surge even more with the help of Music NFTs. Being a musician was a harsh profession, and many talented artists had to find other income sources, dropping their dreams and ambitions. Today, everyone can get their production financed and even become successful with a suitable fan base behind them.
Global Rockstar is an upbeat Music NFT example
Among the many positive examples of individual artists publishing their Music NFTs, the music platform Global Rockstar is a pioneer in the field. Global Rockstar has been the world’s first mover in the area of fractional ownership and S-Music NFTs (Security Music NFTs)
They've been successfully running their Web3 platform for four years. Music NFTs are offered to investors who may get fractional or complete ownership of particular music digital assets for 70 years. Every investor will receive royalties from the success of the track. The platform is user-friendly, and purchases Music NFTs simple online shopping.
In May 2022, the company announced its latest invention C-Music NFTs (Collectible Music NFTs), which is yet another breakthrough in the music industry, allowing fans to purchase unique collectors items such as e.g. unpublished demos of world-famous hits, together with fan goodies such as VIP access, backstage passes etc. They truly move the industry forward by providing a fair share for everyone involved, from performers to producers to fans.
What lies in the future?
Music NFTs will grow tremendously in the future. The Music NFT trade is traceable and safe, brings quality to the surface, and fairly rewards involved parties. You can say that Music NFTs is the latest music revolution the world was eagerly waiting for.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.