The Rise of Non-Fungible Token NFT and the Evolution of the Music Industry
For many years now there has been a storm brewing in the music industry. To the consumer, the ability to access music and at a subscription rate seems like a dream come true. For the artists and those that get paid from working for artists, it has been a nightmare leaving most broke. That’s right I said it and I’ll even put it in a quote. “Spotify and other digital music platforms like it leave artists and their teams broke.” Now Spotify and others will claim that’s not true. Spotify pays a standard rate of around 1/3 of a penny per stream. Yes, you heard that correct, musicians make beyond less than minimum wage they make a third of a penny. The legal compulsory rate for years is around 7 cents per stream, play, or exchange. The advent of the digital age gave emerging companies like Spotify a open door to exploit musicians. They did this by using an exchange (digital music platforms) that had not been considered for a compulsory rate. That opened a door that allowed and still allows Spotify and others like it to exploit musicians. Artist receive a pitiful minimal amount per stream of their music. Music exchanges was turned into digital flea markets where music was sold for the lowest price possible regardless of its artistic value. Musicians sold everything else and their music to make up for this loss. This is why every popular act out is a social media influencer or some sort of celebrity-like personality. Musicians have to use other methods to make up for the loss of revenue. Being told that the music is the introduction to their product, WTF! Now it is much more complex than what I explained and there have been many steps made to improve the situation and artist’s payouts. Still this has not tipped the scale very much to compensate artists. You can read a full review of the issue via link:
Now for the first time in many years, there is hope on the horizon for musicians. While musicians have been on the longest poverty tour of all time and waiting in the unemployment line, NFT’s emerged. NFT’s, non-fungible token (NFT) is a unit of data on a digital ledger called a blockchain, where each NFT can represent a unique digital item, and thus they are not interchangeable. NFTs can represent digital files such as art, audio, videos, items in video games, and other forms of creative work. The NFTs can be bought on an NFT market. Access to any copy of the original file, however, is not restricted to the owner of the token. While the digital files themselves are infinitely reproducible, the NFTs representing them are tracked on their underlying blockchains and provide buyers with proof of ownership of the NFT’s:
NFT’s have given musicians a new form and way to sell their art at a value they determine. Artists have broken out of the flea market that is Spotify and others alike for a free market where they can profit. NFT’s are becoming the eyed way to release music. Independent and major acts alike are utilizing the new wave:
It is the hope of this blogger, writer, and musician that NFT’s continue to provide the modern way to sell art. For far too long musicians have watched their beloved work be given away or exchanged at a miserable rate. When art suffers society suffers and that is exactly what has happened. The state of music is “SHIT”, and everyone involved knows this. Pop vocals and autotune raps (I can’t even bring myself to call these legit songs) have become the norm. It is not profitable for musicians to put out exemplary work. The name of the game now is to put out shitty music and use that to help blast you into the influencer world. In return, shitty music has helped produce a shitty society. Music gives us a way to look inward regardless of the mood of a song, and gives us a more speculative nature. Without that push to look inward society becomes an episode of the “Jersey Shore.” That is where we are today, society has become shit. The music is shit and people act like shit in response to this. A reemergence of great art only comes with the avenues created for the creators to profit from it. The avenues have been created and good art will follow. Society will be all the better for it.