In most cases, when buying Music NFTs, people are not purchasing audio or song rights, but are paying for virtual bragging rights and the opportunity to support artists that fans consider underappreciated in the traditional industry. At the same time, Music NFTs allow artists to earn income without commissions and open up a huge field for their creativity, because they can sell any kind of digital assets: songs, albums, merch, concert tickets and much more.
All this allows you to have more control over your work, while providing alternative ways to monetize art and create other digital goods.
The new trend is followed even by large representatives of the industry. For example, Warner Music Group is partnering with Genies, a digital avatars and clothing company. And Universal Music Group, together with the Bored Ape Yacht Club, created the virtual musical group Kingship.
How NFTs will impact the future of the music industry :
As NFTs make sweeping changes in various areas, artists are starting to reclaim full ownership of their work and release their own music without the middlemen that usually are music labels and streaming platforms. Moreover, leading figures in the industry use NFT and similar technologies to create virtual bands and release tracks in the metaverse .
To learn all about NFT, follow Binance NFT on Medium or the official announcement group to stay up to date with our weekly IGO drops and exclusive mystery box releases . If you are into art and want to sell your unique NFT to earn extra income from your art, you can do so on the Binance NFT Marketplace .
DENIAL OF RESPONSIBILITY. NFTs are a new, still developing asset class. The information in this article should not be construed as investment or financial advice. Always do your own research before deciding to buy, sell and trade NFTs.
