In the last year or so we have seen the rise of crypto and many other products which utilize the blockchain. One particular product which has gained a lot of attention over the last few months is NFTs, or non-fungible tokens. These are products which are able to be sold digitally, and once they are owned by the person who purchased them, they cannot be swapped and moved, unless resold by the owner. There are many industries which are looking to use this kind of product, and in particular we are seeing musicians seeking to use NFTs. Experts in the industry like Robert Testagrossa have been looking into this recently and here is exactly why musicians are taking advantage of this new technology.
How Musicians Can Use NFTs
There are a number of ways in which musical artists will be looking to use these tokens, both now and in the future. We have already seen examples of some looking to use NFTs to sell concert tickets, others are selling merchandise through this method and we are also seeing albums being released as NFTs.
Both promoters and musical artists are particularly excited about the use of NFTs for tickets, and this is because of the fact that it increases their chances of getting round scalpers. These are people who look to buy up concert tickets and then sell them on for a higher price. Sadly however so many scalpers exist that they are actually driving up the costs for genuine concert-goers. NFTs can be resold but it is a far more difficult landscape and that could ensure that more fans are able to buy the tickets than those looking to buy for profit.
Putting The Money Back In Their Hands
It used to be that musicians made most money from album sales, then from concerts and then from merch. Since the days of streaming have arrived however, that money is mostly coming from concerts. What this can do for musicians, of all kinds, is putting the money back in their hands when they do sell albums. A digital NFT will ensure that they take almost 100% of the money paid, which means that they can once again use albums as a way to make money for their craft.
Given that NFTs are such a hot topic, any artist which is getting involved in them is likely to command some level of media attention, which is good for anyone’s career. Those who are making the change will certainly be appealing to a wider audience as a result of them embracing such a new concept. Eventually of course we will see all musical artists take on this kind of thing, but as it stands right now, many artists have a lot to gain through using NFTs.
These are just some of the reasons why the world of music in particular is embracing this kind of technology, and things will only continue to progress.