Music Industry Creatives Take Power Back Through NFT's - NFT Deep Dive 3/3

In this episode of Crypto Curious, your hosts Tracey, Blake and Craig discuss how NFTs interact with and disrupt the music industry.

Craig begins by explaining how NFTs could disrupt music even more than gaming by helping artists to earn royalties, promote their music, and build their fanbase. Last year, Kings of Leon was the first band to release and album as an NFT, including front row seats and VIP access to their concerts. For many years now, musicians haven’t been fairly compensated for their music, with less than 0.8% of artists on streaming services like Spotify earning a decent wage.

NFTs offer a way for musicians to maintain ownership of their music and earn 100% of the revenue with no need for a record label or legal team. They can also promote their music and sell concert tickets to fans via an NFT marketplace like OpenSea, and subsequently create a way for fans to invest in them directly. The smart contracts in NFTs can easily be programmed to apply ownership rights, track sales, pay royalties, and reward fans in whatever way the musician desires.

Craig talks about Canadian musician Grimes, who recently made $6 million in 20 minutes selling ten exclusive art and music NFTs on Nifty Gateway. This event introduced to the music scene the concept of selling rare, digitized collectibles to die-hard fans. While Nifty Gateway remains the top music-based NFT platform in this regard, Tracey mentions the up-and-coming Australian music-focused NFT platform Serenade, which has backing from Hugh Jackman and recently raised $6 million in funding.

Listen to the rest of the episode for more news regarding music NFTs, including the Disclosure ‘face’ logo sale, a Bored Ape Yacht Club music project, and the rare and unreleased Wu Tang Clan album “Once Upon a Time in Shaolin.”

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