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10 ways NFTs can empower musicians
In this post we discuss how NFTs can benefit the music industry by empowering musicians
Berlin
August 5, 2022
Non-fungible tokens in the music world
NFTs are unique digital assets that cannot be replicated, making them perfect for representing rights and ownership of creative works. Since Cardano is the most developed crypto project, it has become a breeding ground for new and innovative applications. One such application is how NMKR allows musicians to create and mint their music NFTs. By doing that, artists can own and control their creative works all by themselves and without the need for a middle man.
If you are a musician, here are the top ten ways NFTs can empower you and your art:
With traditional methods like streaming, it can often be difficult for musicians to know how their music is consumed. By selling their music directly to their fans, musicians can have control over their work. This way, artists can get directly compensated rather than always depending on middlemen like record labels or streaming services.
Usually it is difficult for artists to find a way to build relationships with their fans. By using blockchain technology artists can interact with their fans directly because NFTs can represent things like concert tickets, meet-and-greet experiences, or even exclusive access to an artist's social media.
In the music industry, piracy is a huge problem that can often lead to artists losing a lot of money. Musicians can watermark their work and track it online, making it much more difficult for pirates to steal and distribute it.
Musicians are in the driver's seat to be assured that they're getting paid a fair price. This is because NFT projects are defined before they are sold - so you, as an artist, decide who is getting what kind of split for each NFT sold.
Musicians can distribute their work to a wider audience. This is because NFTs can be traded on marketplaces, making it easier for people to discover and listen to new music.
Musicians can sell their work to raise money for their projects. People are willing to pay for projects that represent something they're interested in, such as an upcoming album or tour.
What if musicians could keep track of their royalties and fees? With blockchain technology, they can! This is because NFTs can represent things like royalties, performance fees, or even just tips from fans.
With smart contracts, musicians can manage various aspects of their careers, such as booking gigs or managing merchandise. Access tokens are the perfect way to represent things like concert tickets and such. Smart contracts on Cardano work differently than on other chains because a minting provider is needed. That's exactly where NMKR excels as the best minting solution provider in the space.
There are many celebrities and well-known artists who have NFTs. They can be conversation starters that can help you connect with other artists, producers, or your beloved community.
NFTs can help musicians make money while they sleep. Talented musicians can sell their work and continue to earn royalties every time it is sold on a secondary market, even when they're not actively touring or releasing new music.
To wrap up, these digital assets provide several advantages for musicians: They can help to protect your work, get paid fairly, reach a wider audience, and fund your projects.
With a strong vision and imagination, our team at NMKR is not just thinking outside the box, but building it. Our team does not care about money or awards; what matters most is that we make progress towards transforming society through blockchain technology, which will benefit everyone worldwide, not just those within our bubble. That's why we are starting campaigns like the 4+4 interview series on Youtube to share our vision with the world and inspire others to build with us.
Hugs! 🤗
Your NMKR team
Twitter: @nmkr_io
Linkedin: nmkrio
Youtube: nmkr_io
Medium: @nmkr_io
