Here’s Why the Music Industry Should Start Taking NFTs Seriously

Matej Gregorcic

Apr 23, 2021

Right now, NFTs are all over the news, and rightfully so. We’re witnessing fantastic projects that push creative expression further with each drop, starting everyone’s thinking process from scratch. In doing so, NFTs have become an art form themselves. Artists, individuals, and brands are jumping on the bandwagon for different reasons — for the sake of experimenting with the new medium (new to the general public, at least), using it for promotion, or simply adding their name to the tech puzzle being assembled.

But as an industry, we mustn’t forget a harsh fact: if we want NFTs to succeed in the mainstream, we’ll need to create sustainable business models — and fast.

The process of tokenizing services has amazing potential for alleviating the many existing issues surrounding monetization and business agreements. Picture booking your favorite artist for an exclusive livestream on your birthday. Or, if you’re an artist yourself, arranging a special meet-and-greet for a select group of fans. Creating, selling and handling NFTs with such contracts and/or arrangements could be much simpler than going through the currently existing motions, which can involve a lot of people and take a lot of time.

Plus, once such intangible experiences become more tangible, they can become a tradeable commodity. Experiencing an artist’s live performance has value, and making these valuable tokens available to the wider public can bring fans closer to the artists, not to mention the financial and commercial support the artist can get. Of course, verifying an NFT’s content to make sure it indeed comes from the artist and not a random scammer is crucial, and it’s something we’ll be paying close attention to in our platform development.

A digitalized world where everything can be arranged seamlessly and securely online seems like a distant utopia for now. But it’s not unreachable if we, as an industry, start moving in that direction now. Because one thing is clear: people will never run out of cool new ideas to share.