Music – the last bastion of art defined “NFT”
Contemporary music leapt into the air recently on the wings of NFT.
Almost overnight musicians now have another avenue to monetize their art.
Musicians are moving from YouTube to adopt their own NFT ecosystems.
PLUS, and this is historical, we’ve figured out how to PAY FANS when a musician sells an NFT. If you don’t understand the consequences of this action, you shouldn’t be in the music business.
NFT provides the same opportunities to musicians as it does to visual artists. The real winners over the long term will be musicians and music companies who own their publishing. The Bob Dylan catalog recently sold for $300 million, and many more historic catalogs are entering the digital competition. Grimes and 3LAU recently had big NFT scores, with many more to come.
NFT has been the domain of visual art, but in the summer of 2021 music got in the game and is now exploding. Names like Quincy Jones and Snoop Dogg are reinventing how music is marketed and distributed using NFT ecosystems. Early music adopters have already realized incredible gains. Consequently musicians and music companies in the 4th quarter of 2021 are pouring into the space. It won’t take long, maybe by Q2 2022 that the music sector will be flooded, so if you have plans to evolve, now is the time. If you don’t get in today and stake a claim, the competition will be so fierce your cost of entry will rise exponentially and make it very expensive to play along.
The great part about NFT is that it can provide the same opportunities for NEW MUSICIANS as it does for established stars. All you have to do is be smart, and progressive.
Live performance concerts tied to music videos are at the nexus of NFT ecosystems, and it is these areas where power is rapidly shifting and where the most gains will be realized. Record companies are now scrambling, AGAIN, to hang on to what they had while new styles of record executive are picking them off like sitting ducks.
You snooze, you lose.