All of us have heard a song or music at some point, and it’s almost certain that many of us have a favourite style of music or even favourite songs. However, music has also gone through an evolution. Apart from the fact that it can be produced electronically using software, the method on how music reaches those who want to hear it has also evolved. But where do we go from here? Let’s take a look.
NFT experienced a boom last year. The market hit record highs and the markets saw huge volumes. For many, there is the question that music NFTs are still untapped because image NFTs have experienced a huge upswing. Many projects have found widespread use – as communities or even game economies. Blockchain games use NFTs as in-game currency to create a real economy for players, and digital ownership has taken art to a whole new level. But what’s next?
The music industry is still uncharted territory for cryptocurrencies. It’s a strange one, though, because cryptocurrencies are slowly making their way into every sector and industry. With the way the music industry works now, a whole new avenue is opening up for artists. At the moment, all an artist needs to do is go to a recording studio, sign a contract with the studio and agree to the studio’s terms, leaving the artist to rely on the studio and their management. The NFT will thus open up a path of independence where the artist can influence his earnings.
Pros and cons
However, with the potential for pros, there are also cons. Audio NFT has many challenges to overcome. We can say, for example, scalability and adaptability. It is possible that for many artists it will be a challenge to find those first loyal fans. But it should be added that these challenges are common for the early stages of something new. The technical problems will be solved, but how artists create or find fan bases is entirely up to them.
This unexplored territory definitely has a future. While many markets already support audio NFTs, new markets are also emerging focused solely on audio NFTs.