Experts Elaborate on How Music NFTs May Help Musicians Strike a Chord with the Listeners

Music and non-fungible tokens (NFTs) began to form a strong bond and gain popularity, overshadowed only by that of NFTs for sports or gaming. Here we have two experts, whom this industry holds in high regard, sharing their opinion on the future of music NFTs. 

Table of contents: 

1. NFTs could facilitate a stronger bond between creators and communities
2. Music as one of the cornerstones of Web3

NFTs could facilitate a stronger bond between creators and communities 

During the last bull market, which had taken the NFTs industry to unprecedented heights of popularity, the attention of collectors and speculators was focused mostly on sports collectibles, along with gaming and art non-fungible tokens. Music NFTs have also enjoyed some attention, though definitely not as much as they deserve, especially since they offer a viable solution for the corrupt and broken industry that’s modern music. We call it ‘corrupt and broken’ because as things stand, many creators are being ripped off by music labels, producers, agents, or whatnot, while being kept at a distance from fan communities. 

Mike Darlington, the CEO of the independent music record label Monstercat, and Jake Udell, a music manager and a founder of Metalink Labs, reckon that the current crisis in the cryptocurrency market opens a window of opportunity for progressive musicians and music labels to create a significantly more beneficial environment for themselves and the music lovers. Even though music NFTs, as a phenomenon, still lag behind art and profile picture (PFP) NFTs, they definitely have the potential to become one of the drivers of the next bull cycle, whenever it comes. They also emphasize the fact that many musicians are frustrated with the current system, whereas NFTs are capable of offering a much greater level of financial sustainability and involvement with the right audience.

Music as one of the cornerstones of Web3 

Jake Udell shared an interesting fact that music listeners who prefer pay-to-use platforms to free ones tend to showcase a much more profound level of engagement with the platform itself and the musicians. According to him, those invested in such intellectual products are ‘more likely to make something out of it,’ meaning that they are incentivizing a creator to grow and realize his or her potential. That way, the music turns into something much more significant than the background tune or an accompaniment for a workout - it becomes a genuine digital asset. 

Both see music NFTs as a natural bifurcation of the growing Web3 movement that’s set to re-shape the virtual world and make it far more inclusive and value-bearing. Web3 opens a whole new landscape for musicians to thrive on, with music NFTs being one of its key components.