Source | Consequence of Sound
Everything you need to know and more about the latest music industry trend
Last week, rock band Kings of Leon became the first band to release an album as an NFT, expanding the possibilities for crypto and blockchain technology in the music industry. If that first sentence already lost you, you’ve come to the right place. NFTs are undoubtedly the buzziest new topic in music and for good reason. In February 2021 alone, NFTs earned nearly 22 million dollars in the music industry, according to data collected by Water & Music, but it’s much like explaining the Internet to someone in the ’90s who has never seen it before. NFTs are highly conceptual and unprecedented, but it makes sense once you get used to the idea.
Consider this article your true introductory guide to NFTs in the music business, wherein, we will break down the most important characteristics of the technology, its potential impacts on the industry (both positive and negative), and which musicians and companies are leading the space.