Is NFT music an untapped opportunity?

When people think of non homogenous tokens (NFT) when , The most popular collection , Such as CryptoPunks、Bored Ape Yacht Club and Decentraland It usually comes to mind . People are likely to think of Beeple Sell millions of dollars of digital art , also , The game and metauniverse recently ushered in the Shanzhai season .

However , There is a special type of non homogenous token that has received little attention , That's music NFT.2021 year ,NFT Sales in other areas reach billions of dollars , music NFT Seems to be lagging behind .

according to Cointelegraph Research Recent reports , as time goes on , Global right NFT We have a better understanding of . This can be done from "NFT " The fact that the number of Google searches continues to rise .

However , Two surveys studied in the report show that , Many people still know nothing about these tokens . what's more , Many people who use cryptocurrency for transactions have not used NFT Experience . In one of the surveys ,57% Of respondents said , They've never used... Before NFT, And only 3% People use... Every day NFT. These data show that the market is in its infancy .

music NFT vs. Streaming services

And NFT Like art , music NFT It is considered a revolutionary way for artists to connect with fans and monetize their works . They accept the concept of ownership , This has proven to be the key to building a loyal fan base . Monetizing artists' works also makes them tradable , It provides them and their fans with another way to make money .Kings of Leon Is the first release NFT Music album band , This album produced about 200 Million dollars in revenue , It's more successful music NFT One of the project .

music NFT It also provides artists with a more cost-effective choice . for example , music NFT Allow fans direct access to the artist's music , Instead of streaming giants and record companies , as everyone knows , They slash artists' income . However , For most music lovers , Especially for those who are not in the field of cryptocurrency , Streaming media services provide 9.99 The price of US dollars is still a very understandable price , Especially considering Ethereum's gas Cost time . In the field of music streaming media ,Spotify Is the dominant force , Global presence 32% Of streaming media users chose its platform .Apple Music With 16% The second largest share .

For artists who still rely on these platforms ,NFT Can be used as supplementary income , Some artists through their NFT The series has created considerable sales . One example is 3lau, Its “Ultraviolet Collection” To obtain the 1160 Million dollars in sales . Per person Spotify The audience counts ,3lau Of NFT Is the most profitable .Spotify Yes 250 10000 listeners , Total sales are equivalent to each fan 4.64 dollar . On the other hand ,A$AP Rocky Of ”Rocky Gateway” But did not achieve the same success , The sales volume is only 20 Thousands of dollars .A$AP Rocky stay Spotify Owned on 1700 Ten thousand subscribers , This means that it's time to NFT The sales volume of is equivalent to only 0.01 dollar .

Although the above data shows the singer's NFT Series relative to its Spotify The success of the fan base , But it doesn't show music NFT How low are your sales actually . have a look OpenSea Top 10 music in the world NFT, from 11 month 14 The day is coming 12 month 13 Japan , Sales are only 223 ETH( As of this writing 83.5 Thousands of dollars ), Only occupy OpenSea 30 Days of sales 0.03%. Before music category 10 The total sales volume of the large series is 6396 ETH(2400 Thousands of dollars ), by comparison ,Bored Ape Yacht Club One month's sales are much better , Reached 42956 ETH(1.61 Billion dollars ).

Royalty mode

OpenSea Small sales on the market may mean one of two things ： Either the use case has not been successful , or NFT Not a suitable medium for music . However , A platform that provides royalties for fans can help music NFT Gain more attraction . As early as 8 month ,3lau Announced a new blockchain based music platform Royal. The platform has been developed from Paradigm and Peter Thiel Wait for investors to attract 1600 $10000 seed money .Royal Through its NFT Version allows fragmentation of music ownership , Enabling fans to be part of the success of their favorite artists .

The introduction of royalty sharing mode meets the needs of most users NFT The interest of . according to Cointelegraph Research The investigation reviewed in the report , Many users buy NFT The reason is that it is economically motivated . This is similar to the way that the play and earn model has brought significant growth to the game industry , and Axie Infinity So the game will flourish here . In addition to financial incentives ,Royal It can also pave the way for the emergence of other modes , That is, fans can fully pay for an artist's new album .