The high value and unique rewards system that nonfungible tokens offer is a revolutionary and highly appealing opportunity for musicians.
The revolution will not be televised — it will be minted. Earlier this year, we saw the meteoric rise (and fall) of nonfungible tokens, or NFTs, in mainstream media and popular culture. We all heard about them, but was the hype real? Top businessmen and media moguls, such as Mark Cuban and Gary Vee, still strongly advocate NFT use and the role smart contracts will play in the near future, while each week new NFT exchanges and drops continue to roll out. Jay-Z’s Twitter profile picture is an NFT.
With or without the buzz, one of the most powerful and overlooked impacts of NFTs is on the music industry. NFTs have the power to change the game for independent artists by providing a new way to earn an income (while connecting with fans), and this kind of change has been long overdue.
Even in India, NFTs and cryptocurrency are gaining in popularity. Currently, over 15 million people in India hold around $6.6 billion worth of cryptocurrency. There is still a lot to be explored in the NFT space, but the potential is there. The high value and unique rewards system that NFTs offer is a revolutionary opportunity for musicians.
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