In my opinion I don’t know if the NFT music will change the music industry positively or negatively. For sure undervalued and underpaid artist will be given the opportunity to earn their worth with this opportunity but what happens to their fans. I’m seeing lots of musical artist selling off their musical NFTs for a lot of money, and I can’t help but think about this.
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So we know that NFTs are Non-Fungible tokens right? That means there are no identical. We only get one unique type, this is okay in pictures, images, some videos and games. But when a musician with a large fan base decides to start selling his album in NFT, how does it work?
Music is an art of sound that is largely enjoyed by mass audience. If music is turned to NFT will it be subjected to just one listener? Let me use a clearer example to express the feeling, imagine Beyoncé releasing her album and it’s an NFT, Beyoncé has over 100 million fans in the world, this fans want to listen to Beyoncé’s new album. If she turns the album into an NFT, that means only one person can buy it and listen to it, and that person must be very rich compare to the other 100 million fans.
I feel artist will make a lot of money through NFT music but that will restrict their fans access to their music, since the music is meant to be Non-Fungible. With this I think NFT music might have a lot of problem. Because your music is not subjected to one audience and your music can not be restricted to be valued by one audience. Music means a lot of things to a lot of people. Music heals a lot of people in different ways. Your music will have better value now and the artist will have a lot of money from sales of the NFT music, but the artist might lose their fans.
Music NFT might just be subjected to a particular small area in the music industry. For instance Music NFT can be just a video of the creative process of making a famous artist’s album. Let’s use Beyoncé for instance again. Imagine she doesn’t turn her album into NFT restricting it to one audience because of its Non-fungibility, but rather she makes the creative process of the album an NFT. This will give the NFT much more value and allow her connect to her fans better.
