Music NFTs: Buy Music, Earn Money, Enjoy Exclusive Rights
Sunanda Sharma, the first Punjabi singer to invest in NFT, considers it a revolutionary technology that has the potential to create a powerful impact on the Indian music industry. She launched her new song 9-9 Mashukan as her debut NFT and received great response. The album had 2370 NFT and was released in two phases. The first phase sold out in less than two days. (Figures by FanTiger.com) “It has been a game-changer for me. It helped me create a unique and valuable digital asset for my fans to collect, cherish and earn royalties,” shares Sunanda.
So, what makes NFTs popular?
Digital ownership
From allowing fans to purchase partial ownership of a song, to an opportunity to interact with the artists, NFTs provide a unique and verifiable digital ownership. “As a fan, this is a way to own a piece of their music. You have access to limited edition merchandise, royalty income and this has created a new market for music memorabilia and has made NFTs highly sought after,” shares Prashan Agarwal, Founder and CEO of FanTiger.com.
Doing away with intermediaries
Today, the most common platform for releasing music is either Spotify or Apple Music. Unfortunately, even if a newly released song is played thousands of times, there is no corresponding increase in revenue. NFTs allow musicians to sell their music directly to fans, bypassing intermediaries such as record labels and distributors.
“This allows artists to retain more control over the distribution of their music and create limited edition digital items, such as special edition albums or merchandise, to increase fan engagement,” shares Prashan.
Increased income
NFTs provide a new revenue stream for artists. “It gives them more ways to monetize their work in a new and innovative way, while giving fans a deeper connection to the music they love. Overall, NFTs help drive innovation and growth in the music industry,” says Prashan.
Tab engagement
Rahul Devang, a digital marketing professional and NFT investor, explains that investing in music NFT works positively for both investors/fans and musicians. “In the case of NFTs, you are a fan and a stakeholder and want to make money from it. So the more people buy, the benefit goes to artists and fans,” says Rahul.
He further adds, “Unreleased music, meet and greet, access to exclusive community are things that money cannot buy, these benefits are only for NFT holders. The artists take extra effort for their NFT holders to increase fan engagement,” Rahul explains.
A boon for musicians!
NFT brings attention to an individual artist: Ritviz
After Grimes made millions, artists like Shawn Mendes, Mike Shinoda, Kings of Leon and Jacques Greene jumped on the NFT bandwagon. Closer to home, in 2021, Tamil singer-composer Kaber Vasuki’s song, Vasanam, was sold as an NFT for 50 Ethereum, a cryptocurrency valued at Rs 1.5 crore then. In the same year, popular Indian independent artists Nucleya and Ritviz announced the launch of their collaborative album called Baraat. The duo was the first to auction the digital token. (According to WazirX, an NFT marketplace where the duo promoted their album, Ritviz and Nucleya generated NFT revenue of Rs 5.5 lakhs through the sale of their 10 NFT drops and were completely sold out.)
“I was hesitant to dive into the NFT world of music, but when I finally did, I created a truly unique digital asset that my fans love.” – The Indian musician Pravin Mani.
Talking about the long-term revenue benefit of NFTs, videos, Ritviz shares, “The NFT world is exciting and artists can earn royalties for the rest of their lives from it. It also brings a lot of attention to the individual artists and their work. . Even if someone resells their NFT, there’s a royalty percentage that goes to the owner. We did a bunch of NFTs and we’d dive into that more in the future.”
What are music NFTs?
Music NFTs can contain a single song, album or music video. It is a unique and tokenized version of their work that can be sold directly to fans and investors.
Things to keep in mind before buying music NFTs
1. The reputation of the artist
2. The community that supports NFT
3. The uniqueness and rarity of NFT
4. Benefits and privileges are given to the NFT holder
Latest artists with music NFTs
Sunanda Sharma: Punjabi female singer
Karan Sehmbi: The voice behind the super hit song, Main Khichu Teri Photo
Akhil Sachdeva: The voice behind super hits like Humsafar from Badrinath ki Dulhaniya
Khesari Lal Yadav: Bhojpuri Superstar
Divine: Rap artist
