The music business is a vivid example of what occurs when market access is restricted by a few actors: just approximately 12% of the over $22 billion in income earned in 2022 went to musicians.
Centralization and oligopolies are synonymous. Approximately 90% of the music business is controlled by four large record labels and their subsidiaries. They select where and how music is recorded and delivered. Much of these corporations’ success stems from their ability to act as a go-between for performers and their audiences. All of these market dynamics are being radically altered by Web3 music platforms enabled by NFTs.
Polygon will discuss the following topics in this article:
-NFTs and their potential to assist musicians
-How musicians may utilize NFTs NFT platforms on Polygon are designed specifically for musicians.
-What exactly are NFTs, and how may they benefit musicians?
Nun-fungible tokens (NFTs) are digital assets that store metadata. This metadata is used to associate a piece of material, such as a picture or song, with it. Importantly, each NFT is distinct. Blockchain technology is utilized to establish who owns the NFT, effectively immutably attaching creators to the item they’ve made.
The strength of blockchain technology, in general, resides in its ability to avoid intermediaries. NFTs are a fantastic tool that rising musicians can employ right now since they can be used to capture the potential of blockchains to remove intermediaries.
NFTs enable musicians to develop stronger ties with their fans while also generating more substantial and sustained income streams.
How can musicians make use of NFTs?
An NFT linked to a song or track is the closest equivalent to paying for the music. Musicians may mint songs into NFTs that their followers can purchase and listen to. The listener will not own the music, but they will own the NFT, which they will be able to resell. When music NFTs change hands, unlike used CD sales, the musician might still get a royalty.
Non-music collectibles and other ways to reward committed fans, ranging from signatures and one-of-a-kind trading cards to access to collaborations with other artists, can be represented by NFTs. NFTs can also be used to purchase concert tickets, a piece of restricted goods at the performance, or admittance to a token-gated artist chat.
When the many uses of NFTs are combined, artists have additional alternatives for creating a financial support base that is tailored to their specific demands. More crucially, NFTs may turn each transaction into a long-lasting bond between artists and fans.
What NFT platforms are accessible to musicians on Polygon?
There is a strong ecosystem of projects employing Polygon protocols to lay the groundwork for Web3 music. From decentralized music distribution (Royal, FanTiger) and ticketing (YellowHeart, 3PM) to new music creation technologies democratizing access to creative tools (Arpeggi Labs, StemsDAO, Demotapers) and direct artist-to-fan networks (Snowcrash, Medallion, Pixelynx, Serenade, Droplinked).
Read Web3 & Music: Art in the Age of AI-Generated Content for the complete overview of Web3 music initiation on the Polygon network.
