Blockchain & Music NFTs – Is Music Worth Anything Again?

The Music NFTs industry has undergone major changes in recent decades due to the steady decline in physical record sales and the income streams of artists, labels and audio engineers have changed significantly. While not so long ago, sales were primarily achieved through record sales and live concerts, nowadays several, smaller streams of income are usually necessary in order to be able to live from art.

Music NFTs

Anyone who can secure these so-called "super fans" can look forward to an amazingly reliable income as a content creator. This article sheds light on another way to build a direct trade with "super fans".

In connection with the growing popularity of cryptocurrencies and blockchain processes in general, a new distribution concept for music has recently caused a sensation: Music NFTs! The impact of the headlines is mainly due to the large sums of money that individual artists (including Tory Lanez, Deadmau5, Grimes or Kings Of Leon) were able to achieve with this format on relevant auction portals.

What are Music NFTs?

Non-Fungible Token

The use of blockchain technology also makes it possible to assign an owner to digital goods such as songs. This means that digital and physical works of art can be traded at collectors' exchanges and art auctions. Just as fine art prints and copies can be made of the Mona Lisa, a digital work traded through Music NFTs can also be easily copied. However, the vested rights always remain uniquely stored in the blockchain. So it's more of a certificate of ownership than an actual one-off.

To put it simply, a chain of information is used for this (the so-called "blockchain"); this is fully traceable and contains the information of every past transaction in the chain. This makes it possible to trace at any time who owns the Music NFTs at the moment. Since every blockchain in the transaction network is available as a copy a hundred times, it is very forgery-proof because all copies would have to be changed at the same time.

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