The next outlet in the NFT industry: music NFT
2021 is known as the first year of NFTs, and a wave of NFTs has been launched in the art field and continues to this day.
Since the core value of NFT lies in the assetization of digital content and promotes a comprehensive revaluation of the value of content assets, NFT technology has good short-term application prospects in digital content industries such as music, film and television, and games. Extend to the NFT field, enrich the IP profit model and expand the influence of its own IP.
At present, domestic industry leaders are actively conducting NFT layout, and brands in various fields such as Nike, Gucci, and Tencent have entered the market one after another.
What is a music NFT?
NFTs are unique digital collectibles, each NFT can represent unique digital data, and music NFTs are digital collectibles containing music files, which are mainly multi-dimensional presentations by integrating music and video.
Looking back at the development history of the music industry, from physical music carriers such as vinyl records, tapes, and CDs to streaming media such as Spotify, JOOX, and KKBox, to today’s music NFTs, every change is more in line with the development of trendy music, and the emergence of music NFTs , is the latest direction of music trends.
How are NFTs changing the music industry?
First of all, in the field of music NFTs, music NFTs are very expensive, and music digital artworks can easily be sold for tens of thousands of dollars, which is very attractive to independent musicians.
Secondly, it is of great significance to fans or buyers who love art, because music NFTs do not trade their listening rights, but the ownership of unique digital collectibles.
On the one hand, buyers can use music NFTs as equity investments, so that they can get actual investment returns.
On the other hand, artists can add perks to music NFTs, such as concert tickets or physical products, which will leave buyers with an unforgettable experience.
Finally, the combination of blockchain-based platforms and smart contracts, coupled with the art community’s standards of inclusivity, integrity, and transparency on issues such as transaction negotiation, privacy, security, respect for rights, and fair exchange value, can allow Artists and their collaborators work together to build a new music ecosystem.
Music NFT brings a new experience
Dallas rapper Rakim-Al Jabbaar
“NFTs will provide another channel for artists to create exclusive content for fans in a more artistic way. In the future, we will see the value of enjoying songs, just like Basquiat’s paintings.”
British singer Imogen Heap
“Blockchain can give artists greater control over their music and what they want to express”
“Music NFTs are changing the way fans connect with their favorite artists. Creators of all kinds are innovating on the blockchain, and in an industry underserved by independent creators, the desire for change is Obvious”
As a work of art, music has its distinctive characteristics.
On the one hand, music can carry richer content in the application of NFT. On the other hand, music exists in the form of digital codes, which makes the presentation of music more diverse.
Music NFTs have already had preliminary attempts, which to a certain extent proves its potential value in promoting the development of the NFT industry. NFT has injected fresh power into the music industry, allowing the music industry to experiment with more development possibilities, and it is expected that it will bring subversive innovation in 2022.
Pacific is a decentralized NFT marketplace and an integrated platform for metaverse/GameFi assets. The project has received endorsement from some of the most eminent institutions and investors, including the Web3.0 Foundation, NGC, Gate.io, Krypital Group, PAKA, Candaq etc.