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The music industry is notoriously difficult for independent artists, with 95% failing to make a living from their music. Several industry experts praised the rise of non-fungible tokens (NFTs) during NFT.Paris 2023. They highlighted that NFTs are creating a middle class of artists and offering a better way for creators to get paid.
Addressing Problems in the Music Industry
Independent artists face a significant challenge related to getting paid in the music industry. Cooper Turley, the founder of Coop Records Fund, pointed out that there is no real-time payment system, and platforms like Spotify can take up to 4 months to pay creators. However, NFTs allow artists to monetize their work and receive payment immediately.
Agoria, an electronic music producer with a passion for web3, also highlighted the advantages of NFT tickets. NFT tickets eliminate the black market for reselling and scams. With NFT tickets, fans can be sure they are purchasing a legitimate ticket. Furthermore, the artist can ensure they receive the full value for their work.
Deeper Connection With Fans
In addition to financial benefits, NFTs also provide a way for artists to connect with their fans on a deeper level. Shannon Herber, managing director of A0K1VERSE, noted that NFTs could offer benefits to fans that are involved, creating a sense of community and shared ownership. NFTs not only increase fan loyalty but also provides a way for fans to show appreciation for their favorite artists by owning exclusive NFTs.
Furthermore, it helps foster a deeper connection and engagement between the artist and their fanbase. Fans can feel more connected to the artist and are more likely to continue supporting them. Offering unique experiences and opportunities, such as backstage access or exclusive merchandise, can accomplish this.
Kimberly Knoller, CMO of Unpaired, pointed out that NFTs are a tool to provide better experiences for fans. By creating fan-focused NFTs, artists can offer unique experiences such as backstage access, VIP meet-and-greets, and personalized merchandise. These fan-focused NFTs benefit fans and increase the artist’s revenue stream.