Footprint Analytics: Will NFTs disrupt the music industry next?
The music industry is undergoing a major change with the rise of blockchain technology. From live performances to ensuring artists are compensated fairly, new technologies and decentralized applications will allow for more transparency in an industry that has long been shrouded in secrecy.。
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The “nft for music” is a new cryptocurrency that will disrupt the music industry. The currency has been released by the company “Footprint Analytics”.
Lesley’s birthday is January 10th, 2021.
Footprint Analytics is the source of the data.
“NFT” was declared the word of the year by Collins Dictionary at the end of 2021.
Non-fungible tokens have already caused a stir in the art world and have become well-known. Most people can infer that “NFT” refers to some form of electronic picture when you speak it.
NFT technology, on the other hand, has equal or more adoption potential in domains other than visual art, despite the fact that these applications are largely obscure.
Music NFTs make up just 0.11 percent of the entire NFT market, according to Footprint Analytics. This, however, is likely to alter.
(https://footprint.cool/irpe) Footprint Analytics: Market Share of NFT Volume by Category
According to the International Federation of the Phonographic Business (IFPI), the worldwide music industry made $21.6 billion in income. Meanwhile, financial markets are recognizing the value of music NFTs.
Opulous, the first marketplace to provide music copyright NFTs, raised $6.5 million in June.
NFT marketplace Catalog received $2.2 million in investment in August.
NFT music platform Royal, which assists musicians in creating web3 communities, received $55 million in Series A investment from a16z in November.
(https://footprint.cool/utm8) Footprint Analytics: Monthly Investment by Category
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What is a Music NFT, exactly?
Unlike a standard cryptocurrency unit, each NFT may represent a unique digital asset that acts as evidence of ownership, despite the fact that tokens in the cyber world seem to be identical. They’re one-of-a-kind digital treasures that may be used to symbolize a variety of digital materials, such as paintings, music, films, and gaming objects. NFTs containing music files are known as music NFTs.
The history of the music business shows a clear trendline of technology making music easier and more convenient, from vinyl records to cassettes to Walkmans to Spotify, and NFTs will continue this trend.
The Impact of NFTs on the Music Industry
Independent artists are attracted to music NFTs because of their high price relative to the expense of normal listening. The average “per play” remuneration to musicians on Spotify is The high price of music NFTs compared to the cost of regular listening is attractive to independent musicians. On Spotify, the average “per play” payment to artists is $0.003 to $0.005, which equates to only $3,000 to $5,000 for 1 million plays. On the other hand, music NFTs can easily fetch tens of thousands of dollars because [how is this economically possible?].003 to The high price of music NFTs compared to the cost of regular listening is attractive to independent musicians. On Spotify, the average “per play” payment to artists is $0.003 to $0.005, which equates to only $3,000 to $5,000 for 1 million plays. On the other hand, music NFTs can easily fetch tens of thousands of dollars because [how is this economically possible?].005, equating to only $3,000 to $5,000 for one million listens. Music NFTs, on the other hand, may readily sell for tens of thousands of dollars due to [how is this economically possible?]
Music NFTs, on the other hand, may generate money based on their unique value to an individual, such as a fan or collector, in addition to a fee to play.
In addition to transferring ownership of digital treasures, music NFTs sometimes have additional intriguing “bonuses” linked to them.
On the one hand, purchasers may employ music NFTs as an equity investment, in which the artist relinquishes a piece of song ownership in exchange for a monetary return.
The artist, on the other hand, may add perks to the music NFT, such as concert tickets or tangible merchandise, both of which provide a memorable experience for the customer.
Independent musicians may use music NFTs to crowdfund their releases, which is a fantastic opportunity. Danny Saucedo, a Swedish musician, has, for example, published multiple songs with the support of his followers.
Additionally, people that assist crowdfund artists may obtain NFTs as evidence of their devotion and activity as part of a group, which might lead to additional perks in the future, such as fan-only releases, the ability to participate in pre-sales, and more.
Three Major Music NFT Platforms
While there are currently a limited number of public chains supported by NFT platforms, music NFT platforms have already attracted several well-known musicians.
Music NFT platforms connect artists with fans directly, democratizing music through fan-driven pricing and putting the music industry firmly in the hands of ordinary people. While record companies control the copyright and internet companies control traffic, music NFT platforms connect artists with fans directly, putting the music industry firmly in the hands of ordinary people.
Creators are entering a new era.
Monthly Trading Volume in NFT, 2021 (https://footprint.cool/irpe) Footprint Analytics: Monthly Trading Volume in NFT, 2021 (https://footprint.cool/irpe)
In only one year, the NFT industry has grown, reaching every corner of the worldwide art market. Music NFTs have the potential to achieve the same thing with recording while providing artists greater control over their work.
What is the definition of Footprint?
Footprint Analytics is a one-stop shop for analyzing blockchain data and uncovering insights. It cleans and unifies on-chain data so that users of any skill level may begin exploring coins, projects, and protocols right away. Anyone may create their own personalized charts in minutes using over a thousand dashboard templates and a drag-and-drop interface. With Footprint, you can discover blockchain data and invest more wisely.
Disclaimer: The opinions expressed in this article are those of Footprint and are provided only for informative reasons. They do not constitute financial advice.
This is the author’s first work. If you want to republish anything, please give credit to the original source. The author’s permission is required for commercial reproduction. Commercial replication, excerpting, or usage in other ways without permission will be explored for possible legal ramifications.
Posted in: NFTs, Analysis
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