The future of Non-Fungible Tokens or NFTs in this economic downturn is not one that we can see, with profile pictures and generative art. It will be one that we can hear. Since he first learned about the underlying technologies powering NFT blockchain technology, he always stated that Music will be the catalyst that proves to the world that it is much more than a niche or a bubble.
Music and NFTs will provide unprecedented ways for artists, fans and experiences to be revived. The days of waiting for your favorite record, CD, or concert are now at every fan and artist’s fingertips. This is greatly due to the adoption of blockchain technologies by artists in the Web 3.0 space.
To highlight he provided a few reasons that support to this claim:
- Music NFTs will be the contributing factor to connecting fans with their favorite artists both musical and album art (a thing of the past) while connecting musicians, artists and technology together in ways that never before existed.
- Protecting artists, in that gone are the days of 360 deals where artists would be exploited by labels to earn as much as possible while under the most favorable terms for the label. Smart contracts can eliminate that and present artists with an opportunity to not only own their masters but determine how they are distributed and how the revenues from the sales are shared with the fan base creating the most intimate experience for any fan around the world.
- The first use-case brings us outside of the Web 3.0 ecosystem. With solutions such as templatized smart contracts such as the Ethereum based ERC 721 and ERC 1155, artists can customize their distributions; by song, by album, by concert, by tour and allow their fans to not only buy their music in NFT and digital streaming format but also share in the success of that same art. This is something that has never been done before and truly exemplifies the core philosophical giving that define the ecosystem,
In short, for the first time it is now in the control of the musician, not the industry, with labels moving as slow as molasses. In doing so the community forward approach has shown how much passion is reciprocated by artists to their fans and not just in tours, autographs, and shoutouts. But in actually delivering a share of the revenue from the fan-supported art that is produced by each musician, across genres and socio-economic situations. Lowering the price, and barrier to entry, and bringing new experiential frameworks to a broken system.
The outlook is bright for Web 3.0 and as Spotify brings NFTs to beta in sales associated with artist stream this only further supports the case that music will bring adoption across industries with the saying holding true. Adapt or die.
Amro Shihadah is a Web 3, AI, Cloud, and Entrepreneurship Subject matter expert, and he does not hold any positions in music NFTs and provides this insight to expand the perspectives of those yet to explore the web 3 space.
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