Can NFTs change the music industry?

There is a lot of talk about NFTs in art but theses assets can be very versatile and prove useful in many different types of industries. Let’s take a look at NFTs uses in the music industry.

Kings of Leon, Mike Shinoda (Linkin Park), Grimes: musicians are getting in tune with NFTs. No wonder since NFTs allow for a digital work with a DNA that is theoretically piracy-proof, thanks to blockchain.

The art world is already losing its mind: an entirely digital work by the American artist Beeple was sold on March 11 for $69.3 million by the auction house Christie’s. A week earlier, without causing such a stir, the American rock band Kings of Leon also made itself heard by selling its latest album, « When You See Yourself » in an NFT version, at the same time as it offered on more classic platforms such as Spotify or Apple. Fans could also buy NFTs themed around the band’s visuals and brands are now looking for NFT agencies to create their own NFT.

The auctions were also for concrete/physical items such as collector vinyls or « golden tickets » offering front row seats for life for all the band’s shows in the world.

A new era for music

This demonstrates the appetite of fans for more ways to connect with the musicians they love. The Tennessee rockers are not the first musicians to foray into NFTs. Mike Shinoda, figure of the US rap/metal band Linkin Park, had already sold an NFT-single, with an animated visual created with the English contemporary artist Cain Caser.

There were of course other auctions including one that brought $12 million to the American DJ 3Lau,  or another that went up to $6 million for the Canadian singer Grimes with audiovisual creation/unreleased title packages.

So are NFTs the new promised land? They are at least ushering in a new era for music. We’re starting to see the music industry move towards a decentralized model and artists monetizing content again. Considering the versatility of NFTs, it is not difficult to imagine a future where you can buy NFTs of your favorite band and have it feel more exclusive than the average merchandise.

Only time will tell, but we are very excited for what is coming next for NFTs!