Musicians have always faced challenges when it comes to earning a living from their art. With the rise of digital music, streaming services and file-sharing have made it even harder for musicians to make a sustainable income. However, with the emergence of blockchain technology and digital currencies, there are new possibilities for musicians to earn from their art.
In this blog post, we will discuss the potential for musicians to earn from digital currency, specifically through the use of music NFTs in Australia.
Understanding Music NFTs:
NFTs, or non-fungible tokens, are unique digital assets that represent ownership of certain pieces of digital content. Music NFTs correspond to ownership of a specific piece of music or album.
When an artist creates a music NFT, they can sell it to a collector, who becomes the owner of that specific piece of music. The collector can then sell or trade the music NFT on a marketplace, just like any other NFT.
Music NFTs have gained popularity in recent years as a way for musicians to monetise their art. By creating music NFTs, musicians can sell ownership of their music directly to fans, cutting out the middleman and earning more from their art.
How Musicians Can Use NFTs for Added Income:
There are several ways that musicians can potentially use music NFTs to earn income. Here are a few examples:
- Sell to Fans:
Musicians can create and sell music NFTs directly to their fans as a way to monetize their work. By selling ownership of specific songs or albums as NFTs, musicians can give their fans a unique way to support their art and potentially earn more revenue.
- Use as a Royalty Stream:
Musicians can also use music NFTs as a way to create a new royalty stream for their music. By selling ownership of their music to investors or collectors, musicians can earn a percentage of the profits whenever the NFT is resold. Writing for The Music, Mattias Tengblad cited the case of Canadian music producer Deadmau5 and his Head5 NFT collection published in November 2021, which requires a 7.5 per cent cut passed to him in creator fees every time a token from that trove is sold on OpenSea.
- Offer Exclusive Perks:
Musicians can also use music NFTs as a way to offer exclusive perks to their fans. For example, they could offer early access to new music, backstage passes to concerts, or other exclusive experiences to those who own their NFTs.
Using Digital Payments for Music:
In addition to music NFTs, musicians can also use digital currencies as a form of payment for their music. By accepting digital currency products such as Bitcoin or Ethereum, musicians can offer fans a new way to support their art.
Accepting digital blockchain-based payments for music has several advantages for musicians. First, it allows them to reach a global audience without having to worry about currency conversions or international fees. Second, it offers fans a secure and private way to purchase music, without having to provide personal information.
There are several platforms available that allow musicians to accept digital currency payments for their music. By integrating these platforms into their website or social media channels, musicians can easily accept digital payments and reach a wider audience.
The Aussie Scene
The idea of Australian singers selling NFTs as an income stream may have already gathered some momentum. Aussie-Jamaican virtual artist Dasvibes, AKA DJ Wade, used samples from a number of NFT music tracks to create a new EDM track called Stickmen Toys Rock. The tracks came from a project collaboration between Warner Records UK and BOSE. Buyers can enjoy incentives such as having first rights into future Warner Records NFT releases and exclusive merchandise.
The Music Network also took note of US-based Aussie DJ VASSY creating nine acoustic versions of her tracks which are exclusively accessible through NFTs; the perks include behind-the-scenes footage of her working on the tracks, and a signed CD of her classic works if fans purchase three NFTs.
While music NFTs offer a new way for musicians to earn income, there are also some potential challenges to consider. For example:
- Lack of Adoption:
While the popularity of NFTs is growing, they are still a relatively new technology, and there may not be enough adoption yet to make music NFTs a viable income stream for all musicians.
- Technical Knowledge:
Creating and managing music NFTs requires a certain level of technical knowledge, which not all musicians may have. Musicians who want to explore music NFTs may need to invest time and resources into learning the necessary skills.
- Legal Issues:
There may also be legal issues to consider when creating music NFTs, particularly around licensing and copyright, which may be true if they are already a record label’s contract artists. Musicians should ensure that they have the proper legal agreements in place before creating and selling music NFTs. The Music’s Tengblad said music NFTs may be a way to help musicians secure their independence and defend against plagiarism by other artists, as the blockchain creates a unique record of ownership for the NFT, but selling it will not require selling IP rights.
People always want to earn a living in any way possible even as they pursue some passion projects down that road and seek adequate financial compensation, including NFTs.
Music NFTs offer a new way for musicians to sell ownership of their music directly to fans, while accepting crypto payments for music offers a new way for fans to support their favourite artists. As the world of digital currency and blockchain technology continues to evolve, it’s likely that we will see even more opportunities for musicians to earn from their art.
What is Qoin?
Qoin is a digital currency designed for everyday payments to help business owners use their surplus capacity to maximise their earning potential and provides an additional sales channel that is simple, secure, and super-fast for your customers. Built on a world-class blockchain, Qoin is backed by participating businesses that accept Qoin as payment or part payment for real goods & services.
DISCLAIMER: This article is for informational purposes only. QOIN has no business relationships with any company mentioned in the article.