Puts the power back in the hands of artists
2020 turned the music industry upside down when it eliminated live concerts — a significant income stream for artists and their labels. As the world remains digital, artists are looking for ways to connect and create for their audiences, and NFTs provide a new outlet for them with several benefits.
Artists have a lot of flexibility over the items they want to auction off. These tokens can be digital, but they can also be physical. Albums, digital art, sound bites, merchandise, and concert tickets are all forms of non-fungible tokens that artists are exchanging. Fans are happy to receive these rare experiences and are willing to pay for the chance to receive them.
NFT’s can potentially eliminate middlemen but it is new and currently complicated.