Music NFTs Are A Powerful Tool To Transform An Audience Into A Community

With a virtual world in place, Music has come one step closer to living till ‘eternity.’ Music NFT is on air these days. From singers to producers, the demand for an NFT for music has once again brought Blockchain Developers a global opportunity to scale themselves. Let’s look back to discover what led to this transformation in the music business, one of the oldest ‘underdog’ industries.??

The first change that evolved the music industry was the invention of the Internet. The digitization of music became a fashion and gave rise to the quantity and quality of the audience. With some positives came some negatives; the increased availability brought along global reach and thus enhanced the ‘affordability’ of music. However, for creators, it was a loss of authenticity and a financial cut. This was the change of web 2.0 in the music business. On the contrary, Web 3.0 benefits both the audience and the industry. The global reach has become a more intense personal connection between the creator and the ‘community.’?

Community Is The New Audience?

Community is one of the most significant benefits associated with the transformation of web space. Web 3.0, a virtual replica of the real world, has enlightened ‘Stardome’ with a collection of like demands with authenticity in the music. The Owner of any unique music owns the piece, and the audience can also consume it with the help of an autonomous marketplace that functions on blockchain.?

Several blockchain music NFT marketplaces’ leadership, including MetaTokyo and Limewire, believes music to be writing a new chapter in the web 3.0 space. Takayuki Suzuki, the CEO of MetaTokyo, stated, ‘Web3 and existing platforms help us build a new chapter of the music industry.’??

A Change For The Good

Once again, technology is disrupting the traditional barriers by offering creators a space with tech enthusiasts who understand on-chain marketplaces. Apart from music, Non-Fungible tokens are in other arts firms too. People are creating unique digital arts and trading them as NFTs on blockchain-based marketplaces. Among the several advantages of NFTs, community building is the most important for music. It brings together like-minded people from different parts of the world who share the same music taste, eliminating the boundaries and restrictions of Web 2.0. The new monetization opportunities offered by NFTs are a game changer for the music industry and businesses. The current music industry is valued at $ 1.2 billion and projects skyrocketing growth with an impressive 27.50% compound annual growth rate. By 2032, the market is expected to be valued at $ 42 billion.?

The blockchain era will offer a stage for those going with the change, and the rest will be obsolete soon. Creators accept the community of tech enthusiasts worldwide and utilize the music NFT to the fullest.?