Reshaping & Innovating the Music Industry Through NFTs
The future of music NFTS is here
Music NFTs are one of the fastest-growing branches within the NFT realm.
FRESHA will tokenize 10 classic singles and 2 albums as NFTs for the collection on the OpenSea marketplace, including some of the labels’ all-time biggest hits.
Holders of the NFTs will be entitled to a 10-year royalty share of the proceeds generated from the source song or album, earned at an annual rate of 15% net prorated all label income and label share, excluding publishing.
Collectives. Funding music, not labels.
Delving a bit into the artist-music label situation, the monolithic enterprises determine how much artists are paid. They also influence their music styles as well as their public image. Through NFTs, artists are able to reduce their dependence by obtaining funds directly from their fans. https://cryptonews.com/exclusives/the-power-of-nfts-in-music-distribution.htm
How music NFTs work
A music NFT is a certificate of ownership of a unique musical work that can be sold to another party. The owner has the exclusive right to determine how the composition is used. Selling music and related artwork via the blockchain is a way for an artist to forge a direct relationship with a fan base without the need for a record label or music-streaming service. If done right, it can equate to a bigger profit for the creator since there’s one less hand in the cookie jar. However, minting music NFTs isn’t free since Ethereum gas fees (the cost to compute and record a transaction on the blockchain) and NFT marketplace fees for listing and selling work can still add up.
The state of the music-industrial complex is the definition of unfair. We live in a time where music has never been easier to record, distribute and listen to. It’s also never been harder to make a career out of creating. The truth is, creators rarely hold power and influence in the commercial side of the ecosystem. The industry is dominated by middlemen and streaming services optimized for corporate profits. The shares are rarely split evenly.
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“The unlockable content for the NFT is a link to a Google Form. In the Google Form, you can type in what you want me to rap about. You can upload a beat in the Google Form that uploads to Google Drive for me to rap to, and then I send it back,” he said.
How NFTs create new opportunities in the entertainment industry
The non-fungible token (NFT) community Arabian Camels is making a $50 million Hollywood film called “Antara.” The movie makers recently announced a highly anticipated NFT drop for the project, which allows holders to partly fund the movie, own a share of digital rights and benefit from its box office achievements.
The idea is pretty straightforward: each film on the platform has its own crypto token, which the public can buy. Depending on the amount they pitch in, they receive rewards ranging from NFTs, to Discord channels with filmmaker Q&As, to early access to the finished film as an NFT.
• The average American consumer spends a third of their waking hours streaming music, and yet only 1% of music artists are able to make a living through streaming.
• The unequal distribution of revenue in the music industry has been a long-standing problem. On top of that, there is a lack of transparency and low royalty rates on most current streaming models. Now, this can be solved by tokenizing music tracks as NFTs. Artists immensely benefit from creating music NFTs, as they can release their album on-chain with higher royalties and avoid sharing a huge revenue split with third parties.
• Apart from the monetary upside, artists can involve their fans and build a passionate community. Building a community will help artists to directly connect with fans and start crowdfunding and crowdsourcing ideas/inspiration for new Albums. Artists can even issue their NFTs to raise funds and offer their fans the chance to earn a portion of the revenue generated by the artist.
Why trying to fix a business model (IP) that is essentially broken.
VIP+ senior media analyst Gavin Bridge sat down with Latashá, an artist, rapper and head of community programming at cryptocurrency startup Zora, to gain a better understanding of how NFTs and the blockchain can allow artists better ownership of their own creations.
Ownership issues would certainly be removed by giving full movie rights to a decentralized network and/or owners of NFTs. FF3 wants to give filmmakers a platform to finance movies with NFTs.
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