Anyone who has paid attention to the music industry will know that non-fungible tokens (NFTs) have an increasing impact.
These tokens have considerable benefits for musicians, ensuring that they're not stale and can grow. So far, we've seen impressive endeavors from artists and creators regarding NFTs. But, there's always the question of what comes next.
The Current Landscape: Money and Engagements
Currently, it's no secret that artists are already minting and launching NFTs. Many artists are using these tokens to engage their fans and grow their reach, as it were. Already, we've seen NFT sales from artists like Grimes, Steve Aoki and many more.
As you would expect, the primary benefit of these NFTs is that they help artists earn more money. Artists don't have to spend so much time and money to distribute their work anymore. Instead, they can just use NFTs to reach their fans with their work.
NFTs operate on the blockchain. They offer a sign of digital ownership and ensure that items are original so an artist can sell copies of their album as an NFT directly to their fans. This bypasses the traditional model, which relies heavily on the distribution partners and more players. Already, using these distribution partners means that artists have to share their revenues among several parties. This is changing with blockchain.
That ability to derive more income is what drives most artists to sell NFTs. Grimes sold her art, as did Steve Aoki. At the same time, several musicians have also hinted towards offering their albums as NFTs.
Then, there is the push for better fan engagement. This is primarily valuable to artists who thrive on engaging with their fans and speaking to them. There is no limit to how many things you can share and distribute online if you're such an artist.
From merchandise to concert tickets, artists can distribute several things to their fans using NFTs. They also engage with them, bringing fans directly into their creative and business processes.
The artist engagement angle especially came in handy during the coronavirus pandemic. Musicians needed a more transcendent medium to keep in touch with their fans than social media. So, several of them moved towards NFTs to stay in touch with these fans. And those who did had quite impressive experiences, although there is still some work that needs to be done.
How Does This Innovation Improve?
For now, the primary goal is to increase adoption, and today, only a small number of musicians actually embrace NFTs. And as with traditional cryptocurrencies, the goal is to get more artists to use NFTs, driving home the innovative nature of non-fungible tokens and ensuring wider adoption.
At the same time, platforms in the industry will also need to grow in their simplicity. NFTs need to be easily accessible to anyone who wants to use them. Hence, buyers and developers need to have compatible platforms that ease out NFTs' interaction.
Basically, artists need platforms where they can easily create and mint their NFTs. There are already available NFT marketplaces, so platforms where artists can create NFTs are equally required. Simultaneously, fans should be able to seamlessly access these tokens as well. They should know where their favorite artists create and sell their NFTs and have easy access to these platforms.
There is no reason why NFTs can't grow to be even more prominent by improving access and usability. The music industry has shown that it is ready to shed traditional barriers. But, NFTs need to be easily accessible if they hope to present themselves as an ideal solution.
BAND Royalty: Fan Engagement Through NFTs
While there is still a massive demand gap for NFTs, several platforms have committed to bridging it. One such platform is BAND Royalty - an intuitive service that connects fans with their favorite artists.
BAND Royalty uses several innovations to transform the music industry. Here, users purchase these NFTs and stake them. And with these staked coins, they already get a financial incentive, yet they get much more than that. With BAND Royalty, users have an opportunity to engage and collaborate with their favorite artists.
Thanks to its intuitive design, BAND Royalty offers benefits for everyone involved. Fans get a financial and engagement incentive, while the artists get to know directly what their fans want. The platform currently has several A-list artists performing songs in their performance rights catalog, ranging from Rihanna to Jay-Z. These artists' fans can now engage in their works effortlessly through the BAND Royalty platform.
BAND Royalty also offers access to its Music Mogul Club program. Here, members get benefits such as:
- Backstage passes to events.
- Discounts on event tickets.
- Unique content from artists.
- Exclusive platform and artist merchandise, etc.
BAND Royalty is currently ready for launch, and there is a lot of excitement about it. For the first time, artists have an opportunity to seamlessly connect with their core fan base.