Source | Live for Music
The NFT craze has taken the art and music world by storm as artists of all kinds explore the possibilities of emerging blockchain technology. Digital art pieces, GIFs, memes, and other digital collectibles have sold for jaw-dropping prices on the NFT market, and now musicians are beginning to use NFTs as a way to monetize their work and connect with fans. As most of us are still struggling to understand what NFTs are, artists like Grimes, 3lau, and Kings of Leon have stayed ahead of the curve, selling millions of dollars worth of digital art, music, and exclusive fan perks as NFTs in recent weeks.
The ability to create and sell new digital content directly to fans could not have come at a better time, with musicians still largely unable to perform for live audiences due to COVID-19, yet NFTs are just one of the applications of blockchain technology showing promise for the music industry. Innovations like smart contracts and blockchain ticketing protocols have the potential to solve long-standing problems, including ticket scalping, copyright issues, and inefficiencies in how artists receive streaming royalties. So what exactly are NFTs, smart contracts, and blockchain ticketing protocols, and how can they benefit the music industry?