Profitable Playlists — How Do Music NFTs Benefit Artists and Audiences?

Music Like Never Before!

With the meteoric rise in popularity that NFTs have garnered in the past two years, it is natural for people to expand on their use cases. One particular extension of their utility that is not only interesting but also rewarding is their presence in the entertainment sector.

While most laymen would associate NFTs with JPEG files or images, there is a growing appreciation for their utility in the world of arts. With regard to music, NFTs have been hitting all the right notes for artists and fans alike! Interesting? Well, play on the music then!

The Need for a New Tune:

Music NFTs, as they are popularly called, are a much-needed introduction to an industry that faces a slew of issues currently.

The first and perhaps most significant of these issues is that of ownership. This question of ownership spills onto other areas of the overall lifespan of a track or album. It affects not only the artist but audiences as well.

Currently, an artist must work with a production company to record their tracks. They then release these tracks (or albums) under the production label, sharing their earnings with them. They must also pay for a presence on popular streaming platforms such as iTunes or Spotify. The Spotify Royalty Calculator, for instance, projects an average earning of $400 for every 100,000 streams which is well below the amount of marketing expenditure necessary to get there.

For instance, the case of rapper Haleek Maul is a great showcase of how music NFTs can help artists monetize their work. Read our detailed blog on our website

For more interesting updates on the latest NFT trends, follow bitsCrunch!

Originally published at https://bitscrunch.com on June 21, 2022.

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bitsCrunch - The NFT Ecosystem Guardians

bitsCrunch - The NFT Ecosystem Guardians

Providing AI enabled secure services that protect the NFT ecosystem integrity, with a team of experts backed by the leaders in the industry.