The NFT was established in 2014. The non-fungible item is an idea found by artist Kevin McCoy, describing a video of spinning dollar symbols set inside a frame. In recent times, non-fungible crypto kitties were so popular that they beat the world-famous blockchain platforms. NFTs are unique and not easily exchanged.
In general, you can distribute your music as an NFT in addition to the traditional sources such as Bandcamp, Spotify, or whatever. Another essential feature of NFTs is that they can take different forms and do not have to be wholly owned by a single person. Lets pretend youre a rising star whos set to release your first album.
Live performances and touring were the primary sources of income for musicians prior to the pandemic. As per Billboard’s 2019 Annual Moneymakers report, even the top five highest-paid performers spent more than half of their income traveling.
Why are musicians doing this?
People in the music industry who have done the best with NFTs so far have had prior ties to the enthusiastic crypto community. Many others, like Deadmau5, have been exploring the format, selling NFTs for virtual stickers the year before. Others in the mainstream have jumped on board, like Kings of Leon, Linkin Parks Mike Shinoda, and Shawn Mendes, while Portugal recently said that "crypto money is the new rock and roll”.
Benefits of music NFT Marketplace
The benefits of music NFT marketplace are as follows ,
Artists build an active community
Lower the barrier to entry
Fast tracks adoption
NFT Music Marketplace Development