The music industry has undergone significant transformations over the years, from vinyl records and tapes to CDs, digital downloads, and streaming platforms. Now, there is a new technology that is disrupting the landscape once again – Non-Fungible Tokens (NFTs). NFTs have been making waves in various industries, including art, gaming, and collectibles, and now they are starting to reshape the music industry as well.
What are Music NFTs and How Does It Work?
NFT, as mentioned above stands for “Non-Fungible Token.” In simple terms, it’s a unique digital asset that cannot be replicated or exchanged on a like-for-like basis. In the context of music, NFTs represent exclusive ownership rights to a specific piece of music, an album, or even concert tickets.
Music NFTs are built on blockchain technology, which ensures their scarcity, authenticity, and transparency. When an artist creates a Music NFT, it is cryptographically linked to a blockchain, typically on platforms like Ethereum. This linkage gives the NFT its uniqueness and allows it to be bought, sold, or traded securely.
This current era of digital transformation has witnessed a surge of interest from both renowned musicians and emerging artists in adopting NFT music as a tool to redefine the worth and dissemination of their creations. Notable figures such as Kings of Leon have made waves with groundbreaking NFT album sales, while other creators have ventured into crafting unique audio-visual collectibles and hosting virtual concerts, further solidifying NFT music’s position in the cultural landscape.
Music NFTs for Filipino Musicians
Locally, the music industry has also been slowly adopting to this Music NFTs, with bands like Razorback and Urbandub partnering with Antonoys Collectiverse. Moonstarr88 also just released their album, “Lourdes88” along with unique trading cards that serves as NFTs.
Another band, Violent Playground, decided to embrace this cutting-edge technology to break free from the traditional music industry’s unfair practices. In an exclusive interview, they shared their journey, challenges, and aspirations for the future.
Discovering Music NFTs
After a decade of inactivity, Violent Playground had a treasure trove of unreleased material following their debut album “Primordial Soup” in the 1990s. The idea of Music NFTs caught their attention when they stumbled upon NBA TOP SHOT, a platform for digital basketball collectibles. This discovery opened the doors to the world of blockchain, crypto, and NFTs. Intrigued by the potential, they embarked on a journey to explore the possibilities of this new technology.
“I researched that NFTs can directly pay the artist and get a majority share of the sales proceeds. I thought this was one of the ways to possibly change the system! Another revenue stream for artists to take back what’s theirs without going through an exploitive and outdated music industry.” – RJ
The band had reservations about the music industry’s unfair nature, particularly the perpetual sale of their one and only album to the label. When they learned that Music NFTs could directly pay artists and provide them with a majority share of the proceeds, they saw an opportunity for change. They were inspired not just to benefit themselves but to empower all independent artists deserving of a larger share in the digital age of music.
Impact and Challenges of Music NFTs
As early adopters, Violent Playground faced several challenges in their Music NFT journey. With the band being non-gigging and inactive since the early 2000s, marketing their NFTs primarily relied on their social media presence. Education and explanation about Music NFTs became a recurring need, given its novelty and the widespread lack of awareness among fans.
“NFTs are fairly new. So, we need to explain and educate fans on what music NFTs are and how to purchase them. We still need more campaigning.” – RJ
Ownership and Control Over Music NFTs
One of the unique advantages of Music NFTs is that artists maintain ownership and control over their music even after selling NFTs to fans. This approach gives fans a special connection with the artist and the satisfaction of owning a unique piece of their favorite music.
“Ownership of the music is still with the band. What the fan owns is that particular NFT with perks such as a free shirt and a FLAC and regular MP3 of the song.” – RJ
The Promising Future of Music NFTs
The potential of Music NFTs is boundless. Blockchain technology proves the authenticity and ownership of NFTs, eliminating the possibility of forgery. Smart contracts ensure that artists receive fair compensation instantly upon every sale, revolutionizing revenue streams. Beyond music sales, NFTs have the potential to serve as tools for fan clubs, merch authentication, concert ticketing, and even music collaborations between artists and fans through blockchain technology.
“Blockchain proves the ownership of the NFT and it cannot be faked… I personally would like to make NFTs like how CDs, Tapes, or Vinyls are. One NFT can hold a whole album and other perks.” – RJ
Traditional Music Distribution and Music NFTs
As Music NFTs continue to gain momentum, the relationship between traditional music distribution channels and NFTs is evolving. Digital Service Providers (DSP) have revolutionized music accessibility worldwide, but artists’ fair compensation remains a concern. Some artists are exploring blockchain-based DSPs that offer better payouts, presenting a promising alternative for the future.
“I believe the formula of DSPs needs to change. Right now, especially in the Philippines, they are our main source of music. The reach of DSPs has gone farther than we can imagine. Our song can now be heard, randomly, by someone in anywhere in the world. This is the advantage of DSPs. All music is within reach. But Artists need to get paid more from DSPs or artists need to get behind a blockchain based DSP that gives better payouts to artists.” – RJ
Potential Drawbacks and Artist Reception
With Music NFTs still in their early stages, there are concerns about exclusivity and accessibility for some fans. However, the band likens this evolution to the transitions from vinyl to streaming, emphasizing that mass adoption will ultimately address these concerns. Reception from the music industry and artists has been varied. While some artists are enthusiastic about the possibilities, others remain hesitant due to a lack of understanding of this emerging technology.
“I’ve had some peers that without question offered their music, but most are hesitant due to lack of understanding of what this new technology can do. It is very new.” – RJ
Where To Release Music NFTs?
Artists now have a plethora of platforms to choose from for releasing their Music NFTs. From established marketplaces like OpenSea and Rarible to dedicated music platforms like Audius and Mintbase, the options are diverse. Each platform offers unique features, seamless trading, and direct fan engagement. The world of Music NFTs is open for exploration, empowering artists to bridge the gap between creativity and technology, and transform the music industry like never before.
Embracing Music NFTs
For artists considering Music NFTs, Violent Playground’s advice is to delve deeply into the technology and its potential applications. Music NFTs can be used as an innovative release model or as modern-day collectibles, offering a unique and engaging experience for fans.
“My advice to artists/bands is to look into it deeply. This is what I’m trying to do with Big House PH, which is trying to onboard artists to music NFTs. Imagine a digital streaming provider that gives higher payouts to the musician. Imagine all OPM artists or iFM (Independent Filipino Music) on one DSP. The royalties get sent to the artist in a timely manner OR using musicNFTs as an initial release for your album… We need to all get educated on it. I am still constantly learning about use cases of NFTs.” – RJ
Music NFTs have the power to revolutionize the music industry by empowering artists and providing new avenues for creativity and revenue. As the technology matures and gains widespread acceptance, we can expect Music NFTs to become an integral part of the music ecosystem, benefiting both artists and fans alike. The future of music is here, and it’s on the blockchain.
Would you consider releasing your music as NFTs?
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