When you think of NFTs, what's the first thing you picture?
Jpegs? digital artworks? videos?
What of music?
Yes, Music NFTs
Music NFTs are collectible audio files. The same way art lovers can collect NFT artworks, music lovers and fans can collect songs they love.
For artistes, music NFTs provide an alternative route to build a community of superfans and earning high income in a world largely dominated by streaming and touring revenue.
Case in point: Traditional streaming platforms like Spotify pay ~$3,700 per million streams. Per Bankless, Daniel Allan earns an average of $9,500 per month in NFT sales, while only earning an estimated $620 a month in streaming income from Spotify. Other web3 focused music artistes examined by Bankless also revealed a similar earnings gap.
The handwriting on the wall is clear for artistes: You can either produce a song and optimise for millions of streams on platforms like Spotify or focus on finding 30 superfan collectors who’ll buy a Music NFT at 0.04 ETH.
Zoom out: Just as streaming changed the way artistes earn from their music, music NFTs is posing to do same. You don’t need to be a pop star to make a living but you need to make great music though.
