NFTs for the Music Industry and Musicians
The process allows record labels and artists to have control of their music contents, adds new forms of engagement, and hence increases the revenue streams. The net impact is artist’s or record label’s ability to take control of their music firmly in their own hands.
- Artists and record labels have the opportunity to add the value of creative works and output of artists' work to be presented to their fans and supporters fast. The real-time writing and production of music mean fans will not have to wait for long for the content to come out. Tokenization removes the barriers of entry and control seen with centralized music productions.
- Adds more revenue streams for artists and record labels, and putting full control of their career and music firmly in their own hands. There is a higher level of transparency with revenue streams, and artists will not have to rely on the centralized systems to unfairly distribute the revenue collected against their music.
- It increases engagement between artists and fans based on the additional new forms of engagement. When artists can engage their fans directly and easily, they get the power to increase fan loyalty to their music brand. From this level of engagement, they can reinforce their beliefs, influences, and motivates their fan base to continue believing in his music.
- The increased direct relationship between artists and fans. When an artist tokenises his or her music, they get the opportunity to build a closer and stronger relationship with fans and supporters, which generates a more emotional relationship with each other. Such relationships can be used to drive a positive cause in the society, such as climate change or human rights advocacy, thus work towards making the world a better place.
- Tokenisation incentivise artists to do more to add value to their fans who support them. The desire to reciprocate the fans’ love and support will compel the artist to provide quality music. Quality is what is lacking in the current state of things, as some artists and record labels rush to fill the online space with less quality music.
- Increases trust between artists and fans. Tokenisation builds trust between artists and their fans, who are given a stake in the artist’s work. Trust is what makes the parties appreciate each other’s role in the whole web of music creation and consumption.
- Increases collaboration. When an artist or record label tokenises their work, they are building a platform for collaboration with their fans. The fact that their fans can have a stake in their music journey will allow the said fans to contribute to content creation. This will ensure the artists write songs that resonate with the feelings of their fans, thus more emotional connections and lasting relationships.
Joining NFT Intellect will enable you to create NFTs for your music content. Our platform allows for the efficient creation of artist tokens as well as giving you a mechanism as an artist or record label to offer value to your fans, which turns into more revenue through transparently distributed royalties, hence better career growth.