Crowdfunding with NFTs in the Music Industry
NFTs or Non-Fungible Tokens are taking the world of digital collectibles by storm. One such sector that stands to benefit greatly from the popularity of NFTs is the music industry. NFTs have the power to greatly boost the revenue earned by independent artists because they do not have to rely on any record label to market their music anymore. The artists have control over the release and pricing of their music.
In fact, we have already started to see prominent names such as Kings of Leone, Grimes, Mike Shinoda, 3LAU, and Shawn Mendes releasing their songs, albums and artworks via NFTs. Even Elon Musk was tempted to cash in on the NFT craze by producing an electronic track about NFTs and selling it as an NFT.