When considering the implications of NFTs upon the music and art industry, many new ideas come to mind. As the speakers stated, many new music and art outlets have been introduced and greatly improved upon by the release of NFTs into the market. This means that artists and developers now have a more effective method of distributing their music or artwork in a manner that can allow for greater outreach and interactivity among their audience. For the most part, I do agree with the statement that these new tools and resources could greatly work towards benefiting artists by democratizing the art and music industry. While I do have a few points of disagreement, I do agree that by allowing artists greater freedom to decide how, where, and to whom their product, be it art or music pieces, will be distributed. One example of this the speakers mentioned is the ability of users to purchase an NFT of a work of art or music and own a portion of the piece as a whole. By doing so, the user is allowed a percentage of the revenues as well. This could open many gateways for establishing a sort of patronage system within the art world of NFTs. By giving a vast audience of potential investors the opportunity to buy in to a particular piece of music or art, the artist is able to be funded for that piece or other works they might also be on. In exchange for a portion of the piece’s income through revenues, they are gaining the resources necessary to promote their art.
