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Explaining the Jump in NFT Subscriptions from Musicians

INfographic about Jump in NFT Subscriptions

October 18, 2021 | 

493 Views | 

Tanvir Zafar | 

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Like every other industry, the music space is highly susceptible to change. Artists do a great deal of work to get their work published, and they do even more to promote themselves. Basically, it's a race to be profitable and to get as much visibility as possible.

This year has been incredibly transformative for the music industry. Artists had seen their incomes take hits following the coronavirus, and they've been looking to get back out there.

However, while everyone believed that the industry would simply get back up, things haven't quite been the same. Concerts are still mostly unmanageable to hold, and several issues have plagued artists and their pursuit of profitability.

But, it's not all been bad. This year, there has been an incredible push towards non-fungible tokens (NFTs), with artists adopting them in droves. This year alone, many artists have launched and sold NFTs, and while some do it for the love of art, others have attested to the transformative nature of NFTs.

So, the question remains: Why are artists adopting NFTs? What exactly do they stand to gain from such tokens that their traditional industry can't actually give them? Let's look into the metrics below:

Leveraging on the Power of Blockchain

While NFTs themselves are flashy, they leverage the same technology as cryptocurrencies, which is blockchain. This technology is the most significant advantage of NFTs, as it levels the playing field for everyone who joins.

Blockchain technology became a staple in the business world thanks to cutting out middlemen and optimizing distribution. The same thing happens with NFTs and music. Today, musicians pay a high deal for distribution companies to get their art out to the fans. In turn, these companies take massive pays, but blockchain cuts that out.

By leveraging blockchain and NFTs, artists can sell their music directly to their fans. They can essentially go around music distribution platforms and get their work to their audience.

Blockchain and NFTs also prevent artists from sharing their profits with multiple third parties. Several partners take their share from the artist's revenues, from managers and streaming platforms to handlers and event organizers. With NFTs, artists can bypass many of these processes and keep the bulk of their money.

It is also worth noting that NFTs allow fans to support their favourite artists even better. They can interact and support their favourite artists by purchasing their products. So the process is complete. Artists who desire greater control over their creating processes and the business aspects will surely love NFTs.

To be fair, migration to NFTs might not necessarily be straightforward for everyone alike. However, the process has already begun. Kings of Leon became the first artists to sell their album as an NFT in March, and several others have followed that path as well.

An Opportunity to Collaborate and Engage

The next reason appears to be, so far, an increase in engagement opportunities. For artists, engagements with their fans are as important as can be. These artists understand that fans have the most significant stake in their art, so they seek engagement opportunities.

Currently, NFTs allow fans to directly own something that belongs to their favourite artists. It could be a concert ticket, merchandise, or a collectable. When such items come directly from the artists themselves, they hold an even higher value. NFTs present an opportunity for that connection.

Today, most NFT music platforms recognize this power and are looking to leverage it. One exciting platform is BAND Royalty, a platform that brings fans together with artists.

BAND Royalty has an impressive modus operandi. Instead of just making arbitrary connections, it allows fans and artists to truly work together. Simultaneously, the platform works for the benefit of everyone involved in the music-making process.

With BAND Royalty, users get to purchase and stake BAND NFTs for the opportunity to engage with the works of their favourite artists. The platform already has several A-list players performing songs in the performance rights catalogue, ranging from Rihanna and Jay-Z to Missy Elliott and Justin Timberlake. By staking your BAND NFTs, you will collaborate with other fans to create the first artist/fan music label. 

At the same time, the staking of BAND NFTs allows you to earn more tokens through airdrops and promotions. So, fans who use the tokens will also be able to earn extensively from them.

There is also the benefit of exclusive access and merch drops that come with this platform. The benefits are mainly available to BAND Royalty's Music Mogul Club members. As a member, you can get access to benefits such as :

● Discounts on tickets

● Limited backstage passes to events

● Exclusive merchandise and much more

BAND Royalty aims to improve fan engagement and exposure to their favourite artists. With this platform, you get to earn money and learn the music business. So, instead of just listening to your favourite tracks, you actually get an opportunity to score. It's the optimal benefit of blockchain from music.

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