NFT has generated an immeasurable consensus among some people (and these people may also be core groups such as stars, players, artists, etc.).
It is a product that everyone agrees is valuable. Immeasurable means that it may be worth whatever you think it is worth, and it refers to the possibility of value.
Music NFT sales on OpenSea have underperformed compared to digital art, collectibles, and other categories.
Let’s analyze the entrepreneurial opportunities of NFT music:
When people think of non-fungible tokens (NFTs), most popular collectibles like CryptoPunks, Bored Ape Yacht Club, and Decentraland often come to mind. Beeple’s digital artwork sells for millions of dollars and will likely set off alarm bells that the game recently ushered in altcoin season with the Metaverse.
However, one particular type of non-fungible token that receives little attention is music NFTs. With sales of other NFT categories reaching billions of dollars in 2021, music NFTs appear to have lagged behind.
According to a recent report by Cointelegraph Research, global awareness of NFTs continues to increase over time. It turns out that the term “NFT” continues to trend upward in Google search volume.
However, two surveys explored in the report reveal that many people remain in the dark about these coins. What’s more, many people who have previously traded in cryptocurrencies have no previous experience with NFTs. In one of the surveys, 57% of respondents said they had never used NFTs before, while only 3% used NFTs on a daily basis. These data illustrate the new life of the market.
Music NFTs and streaming services
Like NFT artwork, music NFTs are touted as a revolutionary way for artists to connect with fans and monetize their work. They embrace the concept of ownership, which has proven crucial to building a loyal fan base. Tokenizing an artist’s work also makes it tradable, giving them and their fans another way to make money. Kings of Leon were the first band to release an NFT album, which generated approximately $2 million in revenue, marking one of the more successful NFT music projects.
