Music as an art form and an industry has always been open to technology, with many iconic pop hits being created out of MIDI packs on digital audio workstations. With this in mind, it came as no surprise to die-hard fans that the industry jumped into the crypto marketing bandwagon by releasing non-fungible tokens (NFTs).
While not every artist has their own set of NFTs, a considerable number of stars have earned millions by selling digitized versions of their art to fans. As artists and music labels continue to explore the potential of NFTs, know where the technology currently stands in the industry and how the future can be affected by this.
How Musicians Got Into NFTs
The music industry has long been early adapters of modern technology, and this interaction between the two seemingly separate circles has produced plenty of moments for artists and listeners alike. After the countless EDM hits that dominated the airwaves in the past years to the Tupac hologram that raised eyebrows and dropped jaws, it’s not surprising to hear that artists are quick to jump onto the NFT bandwagon.
Of course, the earliest adaptors of NFTs are EDM artists. 3LAU is recognized as one of the first to enter the fray as he released 33 NFT collectible versions of his album Ultraviolet.
It didn’t take long for other artists to follow suit and release their own music NFTs. Grimes, Shawn Mendes, and The Weeknd are some of the biggest artists that have released NFTs of their albums or digitized merchandise to sell to their most loyal fans.
In fact, labels are also seeing the potential NFTs offer to their bottom lines. Snoop Dogg recently announced that Death Row Records—his former label that he purchased earlier this year—will become an NFT label. Other major labels are also talking with various NFT and crypto platforms to establish their own niches.
Why NFTs Are Great for Your Favorite Musicians
Casual fans and outsiders may look at artists offering NFTs as just an opportunity to make a quick buck. However, what some don’t know is that many musicians don’t make that much from album sales and streams. Most of that money goes to their labels.
NFTs help artists earn more by letting fans invest in their art directly. This is especially beneficial for smaller artists that don’t have enough star power to fill up stadiums or get millions of streams. For this reason, the financial benefits musicians can get from NFTs make them a viable avenue for them to explore.
Leverage Music NFTs With ReBlonde
The music industry isn’t the only group that can benefit from NFTs and cryptocurrencies. If you believe you have a digital product that can make an impact on the tech world, it deserves to be seen and heard by the people who matter.
ReBlonde Public Relations is a PR firm that specializes in working with tech startups. We understand how to get public buzz going around your company and product through effective online and social media marketing. Book a free consultation with us to see how we can help with your cryptocurrency project, NFT, or tech startup.