Music NFTS are responsible for the transformation of listeners into communities
New York City: Since we all got dependent on the Internet collectively, the music business has been experiencing a steady loss in terms of income, which began about the same time. According to research conducted at the University of South Dakota, the global market for recorded music was worth $20 billion in 1999 but just $7 billion in 2016.
Even if we won’t lose any sleep over the fact that record executives aren’t raking in as much money as they used to, the truth remains that the music ecosystem as a whole is in a state of decline. Signing deals are becoming more difficult to come by for musicians, live music venues are shutting their doors, and audiences are growing more disparate.
Numerous musicians are now looking into fresh avenues via which they may interact with their followers and make money. Utilizing music non-fiction texts is one approach that has a lot of potential.
The New Frontiers of Social Media and Music
The proliferation of social media platforms such as Facebook and Twitter has originally been beneficial to the music business since it has given musicians a new channel via which they can communicate with their audience and advertise their work.
However, record companies have co-opted these venues in order to plant the artists they have prepared for success while simultaneously restricting the originality and innovation of independent musicians.
The same thing is occurring with streaming services such as Apple Music and Spotify. Even if they have made it simpler for music fans to discover new music, they have also facilitated a race to the bottom in terms of the compensation given to artists.
On the other hand, music NFTs provide musicians with a means to reclaim control of their careers and establish a connection with their followers in a manner that is both more personal and immediate. Using the revenue produced from the selling of NFTs to fund record production. Giving the fans ownership of a portion of the record that they helped fund in exchange for their contributions. Making it possible for individuals to more visibly demonstrate their support for the cause And this is by no means the only possible use of the technology.
The Non-Profit Music Sector Fosters Community
Even though social media sites still provide a location where fans may congregate and communicate with one another, it’s important to keep in mind that these platforms are still moderated, full of trolls, and ultimately controlled by a governing body.
On the other side, music NFTs have the potential to establish communities that are more personal, creative, and gratifying for both the musicians and the people that listen to their content. It is a far more democratic way to operate if you offer the fans who helped produce a song a share in the ownership of that music. This also gives fans a real stake in the success of the artist who created the song.
Only a small portion of the potential offered by music NFTs has been revealed to us up to this point. But we have a hunch that we’ll see it in the very near future.