NFTs Are Taking Off In The Music Industry

NFTs are taking off in the music industry. This seems to rival platforms such as Spotify and Apple Music.

While the NFT trend has been adopted more and more in the cryptocurrency world, fields such as the film and music industry have almost competed with each other to get the maximum benefit from it. After the Irishman producer's plans to fund their projects with NFT, a remarkable analysis came about the music industry.

NFT-Based Music Industry

As in every sector, a great interest was shown in blockchain technologies in the music sector. The Audius platform, supported by Katy Perry, attracted attention by signing important agreements such as TikTok. NFT-based music store Royal, on the other hand, received an investment of $ 55 million. It has long been the subject of debate that platforms such as Spotify and Apple Music cut revenues and artists pay less royalties than they deserve. Blockchain technologies aim to eliminate these intermediaries and allow artists to earn the income they deserve. Saxo Bank stated in an analysis that 2022 will be difficult for platforms such as Spotify and Apple Music. Thinking that artists will show more interest in trends such as NFT sales, the platform states that blockchain technologies will be more preferred with music that reaches the user without an intermediary. But of course, for this to happen, user behavior needs to change. The traditional music content world has more than 500 million users, and how many of them will transition to blockchain technologies is extremely important. At this point, determining the price and managing the costs is another important issue.