Crypto art could become a primary source of income for musicians and potentially cut out major labels

Source | Business Insider

NFTs have already generated millions for artists, breaking digital art records

Crypto art could soon upend the music industry.

The sale of digital assets — also known as non-fungible tokens or NFTs — has already generated millions for artists and could change the power structure and profitability of the music industry.

The US music industry generated about $11 billion in 2019 — a number that pales in comparison to other industries, including the US film industry which generated $35.3 billion the same year, according to data from Statista. 

What’s more, a lot of the revenue is controlled from the top-down by three major record labels: Sony, Universal Music Group, and Warner Music Group.

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