How does NFT bring new changes to the music industry?

Overview

From March 2021, musician Grimes first sold a series of NFTs for nearly 6 million U.S. dollars, and the music industry gradually began to enter the NFT field.

A few days later, the rock band “King of Leon” became the first band to sell an album in the form of NFT. The 18 “golden ticket” NFTs are linked to a real concert ticket. This ticket brings many rights to VIPs, such as front row seats for life. The auction finally raised nearly 2 million US dollars.

Since then, the imagination space that combines the music industry and NFT has risen infinitely. Let’s take a look at some of these cases.

The Weeknd: The first international singer to switch to NFT

The Weeknd is definitely the first singer with international status to turn to NFT. It is worth noting that the singer and Strangeloop Studios have been collecting concert visuals and audiovisual works since 2015, including eight NFTs, and an unreleased song from The Weeknd “The Source”. The unreleased tracks were sold for $490,000.

Recently, The Weeknd joined Tom Brady’s NFT platform: Autograph. The NFL star worked with the former CEO of MySpace’s parent company and received support from Apple and Spotify executives. The artist mentioned in the statement: “As an artist, I have been committed to pushing and breaking the boundaries of art and culture, and have been interested in NFT for several years. I am eager to join Autograph in order to launch a new one in the music field. Branch and explore more possibilities in the meta-universe.”

The Boring Ape Yacht Club (BAYC) attracts Timbaland and Universal

Grammy-winning rapper and producer Timbaland announced the launch of the entertainment brand Ape In Productions (AIP), which is based on the Boring Ape Yacht Club (BAYC) series.

Ape In Productions is a music brand seeking to cooperate with talents in the BAYC community. Its first representative, TheZoo, a hip-hop group in the BAYC world, has just released their first EP: ApeSh!

Eventually, Ape In Productions (AIP) hopes to develop a platform that will allow some boring apes to publish music and other content in the form of NFT. Holders will be able to obtain other exclusive experience rights, such as concerts and virtual studio meetings.

At the same time, the record company under the Universal Music Group has cooperated with BAYC to form a music group composed of four apes called Kingship.

Tik Tok turns to NFT

In August, TikTok also switched to NFT. Based on Ethernet Square Audius agreement it has become one of the first to integrate with TikTok streaming media platform. It allows nearly 1 billion users to share tracks directly on social networks and the Audius app. The new feature is called TikTok sounds. In another plan, the app promises to sell multiple collections in collaboration with artists such as Grimes.

in conclusion

These examples show that the music industry and its artists are increasingly interested in NFTs. Before the video game company Animoca Brands, they cooperated with Korean record company Cube Entertainment to create a “K-pop music meta-universe.”

Virtual reality and artificial intelligence technologies will only expand the possibilities of creating rich, immersive experiences.

Music, music videos, lyrics, and even concert tickets can all take the form of NFT. Artists and record companies can provide their fans with new experiences and try new ways to make money.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/how-does-nft-bring-new-changes-to-the-music-industry/
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