June 10, 2021

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The rise of non-fungible tokens is now revolutionizing the works of the music industry

The rise of non fungible tokens is now revolutionizing the works

Grammy-winning musician and producer André Anjos goes by the stage name RAC, albeit as a benchmark in the radical ways in which the music industry is evolving, you might consider changing that to NFT.

Non-fungible tokens, a new type of blockchain technology that uses forced scarcity to make digital goods collectible and valuable, have exploded. Earlier this year, Christie’s made the record $ 69.3 million sale of an NFT from digital artist Beeple. Around the same time, Anjos earned $ 708,000 from an NFT collection related to his latest album, YOU, more than from his combined album sales over the past 10 years. Overall, he has made about $ 1 million from NFTs.

But Anjos’s aspirations with NFTs go beyond money. He wants to use blockchain technology to change the operation of the music industry, specifically the layers of agents, lawyers and studio executives who take a share of what musicians earn, as well as the usurious loan trends of record label financing. .

“If we can recreate the pipes of the music industry, then all those middlemen will have to compete with the code,” Anjos said in an interview. He says that while record labels have many good qualities, they have acted for too long as if musicians don’t deserve fair pay. “I would be very scared if I were a starting player, because they have no idea what is coming.”

Anjos joins Deadmau5, Grimes and Tory Lanez in a growing list of artists who earn millions directly from their fans. In February, artist Justin Blau, calling himself 3lau, sold an NFT collection consisting of 33 tokens that allowed buyers to obtain vinyl records limited edition, unreleased music and access to special experiences, according to Business Insider earned $ 11.6 million.

The shift toward artists can help stop an erosion of the earning power tied to streaming sites like Spotify and Apple Music that pay less than a penny to play.

The first NFT Anjos sold was called Elephant Dreams and it made him $ 26,000. “That would have taken me three years to do on Spotify,” he says. The buyers of the audiovisual collaboration with the designer Andres Reisinger own the only copies created.