Music NFTs are bound to affect Music NFTs business models in some way. Whether this new practice is going to help a happy few within creators to monetize their creations or it gets adopted on a wider level, it opens up a world in which there are close to no intermediaries between artists and their communities. Something we talked about on our blog a couple of weeks back
The Ability to Monetize more than Music :
Besides their Music NFTs, artists can also offer a range of artistic pieces and merchandise packaged as unique collectibles and sold to fans as NFTs. Possibilities can go from short videos to limited access to and NFT owners-only performances.
Indeed NFTs are also looked at from a live point of view: it could help setting VIP passes for real or virtual events, relying on a strong community. This of course could be happening once the technology is being widely adopted which is not the case yet.
Giving Power back to Creators :
What's more, the whole distribution network is verifiable. When it comes to how their property is sold and distributed, NFTs give artists 100% ownership and rights to their music.
Blockchain technology and NFTs offer a massive advantage to music industry professionals by completely leveling the playing field, they can go around them and interact with their fans directly.
When you consider that Discord NFTs can give artists the ability to develop new ways to interact with their fans, it always sounds like an amazing opportunity. It also means that there needs to be a community to begin with.
One that is able to follow the artist onto the blockchain, buy NFTs and keep track of what is happening. For now, creating an NFT is absolutely not enough, and it is why it has worked so well only for well-established artists.