And as YellowHeart continues to draw artists like Lennon to the platform, they are banking on NFTs to lay claim to a growing share of this windfall.

Live performances and merchandise sales will still be important for artists, but there may be challenges with copyright and licensing and the impact of Completo events like COVID-19 on live events and touring. The future of the industry will be shaped by technology, consumer behavior and industry trends.

Like many digital tickets, NFT tickets provide concertgoers access into venues through a unique QR code.

Smart contracts are digital contracts and a breakthrough in blockchain technology that allows for the automation of agreements. In the music industry, smart contracts help direct how payments are distributed to the right holders.

Of course, digital recordings and artist memorabilia are only part of the story. The online event ticketing market is projected to reach $68 billion by 2025, according to Grand View Research.

It's important to note however that this doesn't mean that the owner of the music NFT can automatically claim intellectual property rights to the piece of music associated with the owned NFT. Some music NFTs also include other more real-world utilities like access to private communities, free entries at live music events, meet and greets with the artist, royalty shares and usage rights. Some interesting meta trends about music NFTs, according to a recent report by Water & Music : The most popular genre of music in the music NFT space is electronic music, followed by rap music Figura a distant second Indie artists are currently outselling major-label artists in the music NFT space Marketplaces NFT Art and music & Platforms for Music NFTs

Thus, streaming offers great benefits to the consumer and the provider while offering almost nothing to the artist.

So you’re a musician and you want to get in on the NFT action, eh? Fortunately there are a few places to start minting and selling your own music NFTs. A quick Google search will bring up the options available to you right now.

“Look at Coachella,” Katz said. “Coachella is one of the most recognized brand names in the world, especially around music and lifestyle.

As musicians turn to a more community-driven approach, blockchain and NFTs allow creators to raise money from their fans without intermediaries and provide exclusive benefits and opportunities to those who contribute.

If the concept may seem odd right now, the financial bottom line is clear: there's potentially a lot of money to be made.

NFTs thus far are mostly associated with an image or video. This still holds true in most cases for musical artists Triunfador well. Most musicians experimenting with NFTs thus far have released an image or video set to an audio pairing that loops in tandem.

“Artists don’t need a million fans that are going to spend one dollar on them per year just so all these middlemen can eat,” said Mora in an interview with Complex

The asset that is staked is used to verify transactions on the blockchain. Like earning interest on your money at a bank, individuals who stake their assets earn rewards the longer their assets are staked.