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NFTs have entered the music industry, but what impact will this new technology have on music? While it is easy to feel skeptical of NFTs, these digital collectibles have unique features that can potentially revolutionize the industry. The emergence of NFTs as a way to release music has created endless possibilities for artists to create new and unique music in ways that were not possible before.
Format has long had an impact on the sound of recorded music. With NFTs, this impact can be seen in how technology will change how we experience and consume music. A 45 RPM 7″ single could only hold three to five minutes of music, leading to the creation of pop songs in the 1950s. Music videos had to compete with boredom and the remote control, leading to more extravagant looks in the ’80s. LPs and CDs lent themselves to medium-paced, dozen-song albums, giving rise to “album-oriented rock.” MP3s encouraged lo-fi demos and eclectic tastes. With subscription streaming, every song competes with 70 million other songs, resulting in front-loaded hooks and the need for artists to crank out albums with a ton of songs. The frantic pace of TikTok has led to songwriters cutting even more precious seconds from their would-be hits. NFTs will change the format yet again, giving artists the opportunity to create music with more expansive concepts that might require more time to unfold.
NFTs are unique because they are digital collectibles on a blockchain, making them decentralized and theoretically unique. While music NFTs usually contain links to images, audio, or both, their most important feature is that they can be sold as one-of-one editions or in editions of any size, with the hope that they will sell out. In the future, NFTs could become a normalized way of releasing music, no different from uploading your songs to Spotify or selling a record on Bandcamp.
The emergence of NFTs as a way to release music will impact how music is created and the listener’s experience. For example, a musician could use an NFT to release a song that has never been heard before, making it a unique experience for the buyer. Similarly, musicians could use NFTs to release albums with unique cover art, videos, or other multimedia elements that create a complete and immersive experience for the listener.
One of the most significant benefits of NFTs is that they can provide an alternative source of income for artists. While streaming services like Spotify are convenient, they pay fractions of a penny per song streamed, making it difficult for artists to make a living. With NFTs, artists can sell unique, one-of-a-kind collectibles that can fetch high prices from collectors. This could provide a more sustainable income source for musicians, allowing them to focus on their art instead of worrying about the financial aspect of their career.
In conclusion, NFTs are a new and exciting technology that has the potential to revolutionize the music industry. While it is easy to be skeptical, NFTs can create new opportunities for artists to create unique and immersive experiences for listeners while providing an alternative income source. With NFTs, the future of music is full of possibilities, and it will be exciting to see how the industry adapts and evolves to this new technology.
