MUSIC AND ITS NEW FOUND LOVE , NFTs!

Quick question , What two things do y’ll think the internet and music share in common? While you ponder on that my guess is what readily comes to your mind is that they both share the qualities of not ever being static as they’re both ever-changing, and they both connect humans on a deep emotional level.

By lightly just taking a superficial look at the way we consume and digest music it will sort of occur to us as to how this phenomenon called music has changed drastically over the years.

So therefore, it's only natural that the way we bring about it’s creation and the way it is transferred from one generation to another changes too as the internet age transitions into Web3 iteration of the internet.

Growing up , I was accustomed to listening to my grandad’s country, rock and sometimes pop music on his stereo back then . Even though I couldn’t readily understand or relate to the lyrics of the songs because I was quite young , I still could enjoy the rhythm at least . My grandad he even backed them up with videos by playing those musical videos on his video cassette player . Memories indeed!!

For me my taste in music has been quite evolutionary. At least for a fact I can say I began being musically conscious at high school . During my teenage years I can remember I listened to most of foreign music particularly from the USA. It was hip hop or nothing , Rick Dees’ weekly top 40 was certainly a no miss . That was how it was back then.

Fast forward to my university years my country’s music entertainment industry began to take the world by storm little by little . Yeah you guessed right, I listened and bumped to more of Nigerian afrobeat music. Till now it is still the same . I can say our musical artistes are doing us proud as well as putting us all on the world map at least for the right reason this time .

For a fact , quite a lot of buzz and excitement surrounding the existence of non-fungible tokens (NFTs) exploded in the year 2021 and the first few months of 2022. Today, NFTs; digital tokens stored on a blockchain that can record ownership of items have been developed for a wide row of items, from digital art to event tickets to real-world luxury goods.

The numbers are just insanely head turning. NFT sales volume totaled $25 billion in 2021, compared to just $95 million in 2020. Already in 2022, daily sales on Opensea, the popular peer-to-peer marketplace for NFT, have reached all-time highs.

When one takes a deep dive into what NFTs enable, NFTs seem especially poised to define the future of music. Certainly, NFTs have been a key resource for the expansion of the music industry, especially for emerging artists and upcoming music festivals.

NFTs’ relationship with music in a way is getting established as we've seen these immutable digital collectibles being released by the likes of Grimes, 3LAU, and even Kings of Leon. These artists have found new ways to monetize their music and connect with their fans more intimately by releasing NFTs.

However, the potential use cases for NFTs in the music industry go much further than just selling digital art or collectibles. NFTs can be used to create new business models, help unsigned artists get discovered, and even fight against music piracy.

Owning limited edition NFTs have enabled fans to support their favorite artists but potentially owning an appreciating asset.

For the artist themselves, NFTs provides more freedom. Artists benefit from using a decentralized project such as NFTs by possessing control of the type of music they wish to release and also earning passive income by enabling subscriptions.

An amazing fact about Nfts and its unison with music is its ability of capitalizing on appeals to scarcity.
I mean if necessity is the mother of invention what will be scarcity’s position in the family tree?

Overtime, products are viewed as more attractive when their availability is limited or scarce. Scarcity has a long history of generating lucrative profits in the business industry and the music industry won’t be an exception . The music industry thrives on unique and rare fan experiences, backstage passes, fan clubs, collectibles, and other scarce assets.

NFTs enable musicians to capitalize on appeals to scarcity in new ways and, on the flip side, enable fans to capitalize on new opportunities to develop deeper connections to their favorite musicians. With NFTs, the opportunities for appeals to scarcity are limitless.

Nfts Decentralizing The Music Industry

Music festivals wishing to sell tickets directly to their fans without a third party have found NFTs to be the answer.

Ever heard of an NFT project with the name Cocky ? If no , just as the the name implies the platform boastfully enables investors to receive exclusive access to global music events. NFT owners who are unable to attend events in person can use Cocky’s platform to view live streaming of the events. Cocky isn’t just another music festival organizer. It enables NFT holders to reap rewards by earning mutations. These appear as a stamp on an NFT’s background, enabling the holder to write his/her unique story to make the asset rarer.

Music festival hosts such as Cocky have provided a transparent system via NFTs for ticket holders to minimize fraudulent activities and enable convenient and efficient purchases. Holders stand to benefit more than just having access to events by receiving rewards.

NFTs enable artists to directly connect with their fans and earn from them without an intermediary such as a record label collecting the majority of the earnings.

NFTs are not just another buzzy acronym. When you closely examine the value propositions of NFTs , the potential for more equitable compensation, and time-tested appeals to scarcity , makes Nfts seem poised to transform the music industry.

The key will be for NFTs to continually reinvent themselves and creatively evolve as much as the musicians that they are supporting.

The thing about music is it's not an obscure pursuit, it's a very natural thing for human beings to do. Once you put in the effort, the learning curve is very fast. Web3 enables a more collaborative and trustless relationship between artists, record labels, and fans. We're just beginning to see what's possible.

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