NFT and its impact on the Music Business

By RFOX MediaSeptember 07, 2021

NFTs in the music industry recently became one of the trending topics in the Philippines due to one specific artist - Ali Young. She became the latest artist to make headlines for the unconventional - debuting on blockchain and streaming platforms. She arrived on the scene with her debut single, craving. Young released it on June 24 but not before minting herself as the first-ever artist to debut her single as an NFT in the Philippines and Southeast Asia. 

And, although it’s unconventional, it’s extremely intelligent of her to release it on Binance NFT Marketplace. Because of what she did, a lot more artists are gonna follow suit, proving that NFTs will not just become a trend in the industry, but more of a lifestyle. Music labels and entertainment companies should start to focus on utilizing blockchain technology and immersive experiences to aid their artists. NFT will usher in a new era for artists across the globe. 

Although NFT and crypto remain in their infancy, they will surely start to grow and grow to the point that it will bring value to music labels as they educate artists that they represent while helping them monetize their work. Jesse Cannon explained information quite well in a YouTube video titled, “NFTs Will Change The Music Business More Than Spotify Did.” In the said video, he answers all kinds of questions that the public has surely asked at least once. 

He predicts that musicians will dive into this as fast as possible and he points out why. Basically, NFTs will definitely become huge money makers for musicians. 

“It offers income that pays for years to come. So, aside from musicians being able to do the initial sale and getting money from it. The real game-changer is they can keep a percentage of the NFT sale. Let’s say someone buys an asset of an RS logo for this album cycle at $10-thousand. The artist can, then, designate in that sale that they keep  10% of all future sales. This means they get a percentage of the sale every time a sale happens of this NFT.” 

Aside from that, musicians can also sell their art. This can include their logos, album covers, and some other iconic art. This will be the first phase of impact of NFT on the industry because the technology already allows this to be done easily. Artist Illmind has already made a ton of money off selling NFTs of his music samples. He is only selling samples because people have yet to figure out how to sell songs since musicians would need lawyers to make user agreements that stipulate that the buyer only owns the file of the song but does not hold its use.

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