Over the past 20 years, artists have faced a battle for distribution rights, retaining hard-earned profits, and all the while looking to bring their musical inspiration to hungry fans adapting to the internet and new music streaming services. Artists are now embracing NFTs and platforms that allow them to share their music with millions of fans around the world, on their terms. As the word “NFT” becomes the second word out of every fan’s mouth, artists are facing a new frontier where they hold the keys to their artistic endeavors and the sky is the limit. Here are five ways NFTs can benefit artists in the music industry.
1. Greater Exposure For New Artists
The relationship between producers, record labels, and artists has always been tumultuous when it comes to marketing songs artists create. Decisions about where a new song will be released usually occur at the top of a company far removed from the artist herself. NFTs, and platforms that allow artists to distribute their content, allow artists to gain access to new fans, and allow fans to download and collect their favorite artist’s NFT at any time – day or night.
Artists can now interact with fans and create vibrant communities as their most loyal fans can invest in their favorite artist’s upcoming album or listen to a new jungle they’ve never heard before. Fans begin to retain control and guide the destiny of a new artist or the popularity of a song. With NFTs and new platforms like the music nft marketplace, fans gain access to millions of new artists and downloadable songs in seconds.
2. Musicians Retain Creative Control
Traditionally, musicians have always shared rights to songs, artwork, and profits with record labels, producers, or the entity that “inked their first deal.” NFTs pull creative control from record labels or producers and give artists the ability to create, launch, and distribute where their passion leads them and build a hungry fan following that isn’t controlled by a massive corporation or uninterested decision-maker.
With NFTs, musicians can easily create at any time of the day and instantly distribute their latest songs on a platform open to millions around the world, and the rights to their work stay in their hands. Fans, artists, and NFT supporters can easily collaborate to create new ways to give fans what they want without the burden of worrying about creative control or potential lawsuits.
3. NFT Platforms Give Fans Easier Access
Fans are now able to access their favorite artist’s latest albums and songs from anywhere there is an internet connection. Nonfungible tokens allow fans to mint and collect a song or trade an album with their colleagues and friends at the office. Listening to music used to be limited to the fact that you had to download a slow-moving application that frequently crashed or wait until a store stocked up your favorite artist’s CD.
Fans can instantly share their opinion of a musician’s latest album and share snippets of the song on social media or send the song through the air to a nearby radio as they travel cross-country. There are literally thousands of ways fans can share their favorite NFTs and artists’ profiles across their network.
4. NFTs Promote Fair Compensation
Fair compensation has always been a challenge for musicians and artists in the music space. As NFTs become more popular and music creation moves to the cloud, artists are gaining a foothold and a say in how much they can profit instead of just receiving a paycheck. The music industry is being turned on its head as artists are gaining momentum and the freedom to chart their own course, partnering with NFT marketplaces for a small fee. With nonfungible tokens, fans and artists decide what price is fair and equitable.
Artists can leverage powerful pricing tools and auction-style capabilities from within the NFT marketplace before they release their songs to the world. Artists instantly know what their profits will be for a given song or album which is a far cry from how the traditional music industry works with contracts and advances.
5. Collaboration Becomes Easier
Collaboration between artists has become less of a hassle and easier with the advent of NFTs and their marketplaces. Musicians can now work together from any place in the world. Marketplaces give artists access to powerful collaboration tools and the ability for musicians to share and distribute what they’ve worked on together.
Artists can work together to release one, two, or ten albums together or mix fun jingles without an issue. NFT platforms give artists the chance to express themselves together and remove all of the physical roadblocks that have existed for decades.
Join Millions Listening To Their Favorite NFT
You can join the millions of fans downloading and listening to their favorite artist right now. With the music nft marketplace, you have a voice and you can connect directly with your favorite music legend.
