Member-only story
NFT music is set to transform the music industry
Most musicians earn only 12% of profits from music’s sales or streams. Where does the 88% go? It is sucked into corporations and by middlemen. The present streaming model works by paying everyone a small fraction per stream. This was a strategy to disincentivize piracy by compromising the price of music. This distribution system can reward big artists adequately, while artists with smaller audiences agonize. However, this is all changing with the introduction of NFTs in the sector.
NFTs have hit the music industry and are now rewarding fans for listening and musicians for their streams. They have come to bridge the gaps created by the common practices of the industry. They are connecting artists to their fans in a meaningful way. So, what exactly will NFTs do for musicians and their fans?
NFTs for musicians
