How Artists Can Combine NFTs & Music To Grow Their Brands
Music soothes our soul, mind, and body. It is one of the things that take us to an imaginary realm of our emotions and comfort.
Musicians and singers are the ones who produce soulful songs that please our ears. They are the ones who bring to us melodious songs from their creativity and gifted talent. However, it is sad that they seldom get their deserving credit.
Artists sign contracts with record labels, brands and streaming platforms. But they are in shackles of biased and unjust contracts. These contracts never give them enough monetary benefits that they deserve. The majority percentage of the profit goes to shareholders, producers, platforms and brands.
However, things have changed with the entry of NFTs into the scene. NFTs in the music industry have given artists power and control over their creations. Artists can now sell their songs or part of it as NFTs. These music NFTs are a boon for musicians and all artists.
Let us take a look at how NFTs are helping musicians grow their brands.
How Music NFTs Are Helping Artists?
Music NFTs have liberated the artists and given them their due credit. They are no longer dependent on record labels or streaming platforms to sell their songs. Now with NFTs, they market, sell and promote their songs as they like.
Moreover, these NFTs have also brought artists closer to their fans. Thus, they can now engage more and build a stronger and more loyal fan base in the digital world.
Here is how NFT music is giving musicians more control and power over their creations.
Selling Music NFTs
Streaming platforms and record labels are a thing of the past. Moreover, the record label contracts and streaming platforms have never given the artists their due profits. According to Spotify Royalty Calculator, an artist receives only $400 for every 100,000 streams. So, even if their songs are streamed thousands of times, they do not end up with huge benefits.
But with NFTs, artists can earn millions in just a few hours or days. Moreover, you will have the liberty to sell your music, a video clip, song teaser or just the BTS of the upcoming song. This freedom not only helps to promote your songs but also generates multiple incomes from just one song.
Famous artists like Ariana Grande, Travis Scott and Justin Bieber have performed on metaverse. Their concert tickets were sold as NFTs.
Another musician, B. Howard records his hologram performances to sell them on metaverse. The interested parties can buy NFTs of his hologram performance and play it on their space in the metaverse.
3LAU made a whopping $11.7 million with his Ultraviolet NFT album. He is one of the earliest adopters of music NFT. Before NFT, artists could not even imagine making such figures with one album.
The best part with NFTs is that the entire profit from the NFTs goes straight into the hands of the artist. There are no middlemen or unjust contracts.
Only selling NFTs is not the end for artists. NFTs offer artists the chance to create multiple income sources.
They can keep the music copyright to themselves and set a royalty percentage on each sale. Thus, they will get a percentage every time their NFTs are sold in the secondary market.
Moreover, selling songs as NFTs does not mean that they won’t be available online to others. As the copyright is with the artists, they can still collaborate with streaming platforms and brands. Their songs will be available online, as CDs and records.
It is completely the wish of the artist how they want to market and sell their songs.
Direct Fan Engagement
Creating a loyal fan base is the most important factor for artists to grow their brands. With the support of their fans, artists are nothing.
With the help of NFTs, artists can directly engage with their fans. Moreover, they can offer rewards to their loyal fans as well. Fans can even participate in the creation of the songs and receive profits.
Musicians are releasing utility NFTs that reward their owners with free live concert tickets, original record vinyl and even the chance to meet their favourite artists.
The American heavy metal band Avenged Sevenfold has come out with an NFT collection. “Deathbats Club” is what they call it. It is a set of rare 10,000 NFTs that let you join the band’s exclusive fan community.
Fans with rarer Deathbats can win free concert tickets for life, meet-and-greets at shows, limited edition band merchandise, and even the chance to spend a day with their favourite band member.
With the help of metaverse, NFTs and Web 3.0 artists can promote and target a wider audience globally.
For established artists, it is just the chance to reach out to a global audience. But for a newbie, these platforms are a chance to prove their talent.
NFTs will help artists to expand and grow their brand all over the world and not be restricted to just their homeland.
With a wider target audience, their fanbase will increase which will subsequently increase their popularity and brand name.
NFTs have freed the artists from the shackles of unjust contracts. They are a blessing in disguise for artists encouraging their talent.
NFTICALLY presents itself as one of the best music marketplaces that let artists open their white label NFT store in just a few simple steps. They can mint and sell music NFTs under their domain name without any hassle.