Are NFTs capable of disrupting the music industry? Well, yes. In fact, they have been tearing it up all year.
NFTs are a game-changer in the music industry. They mean a more direct connection for fans in terms of participation and a much bigger piece of the pie for artists. NFTs exploded into art, collectibles, gaming and sports. And they have also transformed the music industry in its darkest hour.
To highlight some of the big names that have turned to NFTs this year:
3LAU, the world-famous electronic musician, sold almost $12 million in NFTs.
Latin pop star, Ozuna, released an NFT collection that raked in nearly $1 million.
American rock band, Kings of Leon, released an album through NFTs and made $2 million in total sales.
How Did We Get Here?
2020 and the onset of the COVID-19 pandemic was a dark time worldwide and even darker for creatives in the music industry.
Here is the backdrop – the industry is controlled by a small centralized group – record labels, corporations, attorneys, and the like. 88% of record sales go to the institutions and only 12% to the artists and their agents. This was already a bad situation but with the onset of streaming in the 2010s, the sales getting to the artists dropped to their lowest level ever.
Getting past this, the way artists made most of their income was to go on our tour, where the majority of the profits reach the artists. With the onset of COVID-19 and preventative lockdowns, you already know what happened to concert performances. Desperate and facing no career and no income, artists turned to an unlikely hero – NFTs.
What are NFTs?
NFTs are an innovation brought to us by the blockchain – the same technology that powers cryptocurrencies like Bitcoin and Dogecoin. NFTs, or non-fungible tokens, are unique tokens, or digital entities, created on a blockchain. They can represent a single or set of multiple items. Built on a blockchain like Ethereum they are transparent and can show data such as the creation, the owner, and transference of ownership. Like cryptocurrencies, they can be held in a digital wallet.
The value of art and collectibles as NFTs has skyrocketed in value in 2021. There are now billions of dollars in NFT trading every month. In the music industry, an artist can create NFTs that represent ownership of albums or tracks.
They can also grant special rights to the buyer. The artist can even create collector’s editions with limited numbers or more special characteristics like a fan club membership. By listing and selling these on a blockchain-based platform, they can bring these works to market, directly to fans, collectors and investors. This completely changes the game – no more 12% going to the artists and their agents – more like 90% or more.
But How Will This Be Implemented
This technology is innovative and certainly popular with many artists. But across the vast industry there lacks a single platform organized to scale and bring NFTs to the music industry. Until now.
The solution is vital but simple – NFTs for the music industry under one roof to create a platform for creatives, fans, and investors. This ecosystem would need to be built on specific economic principles that would incentivize all participants, whether musicians, fans, or investors.
About The Husl
TheHusl.io has taken on the bold task of fixing the music industry’s broken system. And they are bringing it right, with marquee artists like Busta Rhymes and Yung Bleu advising.
With the application of blockchain technology, the Husl is deconstructing the deep-seated centralized systems of power in the music industry and replacing it with transparency, diversification, and grassroots transactions.
The HUSL NFT platform is powered by a utility token, $HUSL. The $HUSL token is built on Polygon and Ethereum and will allow users to redeem tokens for cool NFTs and experiences. Holders can stake their tokens on the platform to earn “Bags.”
Something new is going to be dropped on a weekly basis, which means loyal users will be rewarded. $HUSL token holders will also be given voting rights on new music drops, enter competitions, and get invites to exclusive events, as well as other benefits that will be announced.
Artists, fans, and investors can contact The Husl.io across the web and their social media pages:
Disclaimer: This is a paid post and should not be treated as news/advice.