As a result, we are listening to music more than ever, but aren't buying and owning it like we used to. So the question arises, is it still possible for artists and music label to survive in the booming streaming industry?
We here at Brots believe it is critical to review three decades of small-big art revolutions in order to determine if and how NFTs can give the careers of the future the right sprint: here's what you need to know.
What are NFTs, non-fungible tokens?
As a brief refresher, NFTs (non-fungible tokens) are certificates of uniqueness, validity, and exclusivity that provide value to a «digital content token» generated in a Blockchain environment.
Songs, covers, new versions, avatars in 2D and 3D, limited edition 3.0 merchandise, and unique content to unlock chats and video calls with artists we love: these are just some of the NFT music tokens.
Furthermore, NFTs cannot be reproduced. Much like a Limited Edition CD, the artist-promoted digital asset can be purchased by a small number of fans (often only one) and traded peer-to-peer. By this term, we refer to a purchase and sale of goods that is not mediated by a middleman - namely by a guarantor who determines the value of the work a priori.
Streaming platforms vs. NFT - What are the challenges faced by musicians?
In a music world dominated by the big platforms of the moment (Spotify, Tidal, and Amazon Prima Music first and foremost), emerging artists (and not) face two big problems:
- The streaming of a song guarantees small percentages of income (royalties); to be able to «live on music» it is necessary to gather thousands, if not millions, of monthly listeners. These goals are, of course, achieved only by a small number of artists.
- 90% of the tracks do not reach the music-addicted audience for which they were conceived, and go unheard. The streaming music industry "rewards" artists and labels that have the ability to self-promote and who can independently market and sell any tangible product. Even in this case, emerging musicians have very little chance of success.
Today's industry has helped widen the gap between emerging musicians and established musicians, by re-creating the dynamics of the radio system. There are over 8 million registered creators on Spotify, the streaming platform par excellence, but only 8000 can turn their talents into a full-time income.
You know what the solution is?
It's right in front of you!
The "fever" of NFT will revolutionize the future of music
In terms of the NFT's revolution, it is the beginning of a more equitable, meritocratic role-playing system. It rewards emerging musicians (and not just) in an innovative, fun and unusual way; The digital scarcity of a digital asset puts musicians and designers at the center of their work, ensuring full control over the 3.0 project they wish to promote.
Furthermore, NFTs serve an important educational function: the users are given the chance to re-discover the joy of buying and owning art, thus supporting their favorite artists and find a viable alternative to the "hit-and-run" approach we have become accustomed to over recent decades.
Basically, an NFT's originality, scarcity, and exclusivity make it valuable.
It's this very value that makes your work interesting to the wide audience of music lovers eager to hear about you.
Creating is all you need to do. We'll handle the rest!