What is crypto music? Crypto music simplified
From Michael Jackson to Bob Marley to Fela Anikulapo Kuti, music has served as the easiest means of communication, second only to language.
It is amazing that regardless of age, sex or belief, everyone has a taste in music. And thanks to the many genres that exist, we’re constantly grooving.
Who doesn’t love a good song?
As the crypto space evolves, more solutions keep popping out of the blockchain oven and the latest will definitely strike a chord in your heart.
Introducing crypto music, an easier way to enjoy music either as a fan or creator.
The relatively new concept seeks to make life easier for music consumers. But is it a fad or something to watch out for in the blockchain industry?
First, let us explain what crypto music is.
What is crypto music?
To understand this topic, you must first know the concept of Non-Fungible tokens, also known as NFTs. A ‘’non-fungible’’ item is something that cannot be replicated or replaced. In other words, they are unique or one of a kind.
Examples include London Bridge, the Mona Lisa painting and a ticket for a seat on a plane. These items are unique and any other version is a counterfeit.
This lack of exchangeability makes NFTs adaptable to unique items such as contracts, digital art and in this case — music. With crypto music, musicians can create their music as NFTs and sell it to loyal fans who purchase them using cryptocurrencies.
These NFTs can then be sold to secondary marketplaces for profits and the musicians receive a cut as royalties.
A recent example:
Earlier in January, hip-hop icon and rapper Nas announced plans to auction off two songs from his discography via Royal, a crypto-backed music service he invested in late last year.
The songs, “Ultra Black,” off his 2020 album “King’s Disease,” and “Rare,” from 2021′s album “King’s Disease II’’ will only be available to fans as NFTs. Fans that bought the NFTs will have ownership of the songs.
Nas could also benefit from royalties every time the NFTs change hands. According to Nas, crypto music is the perfect way to connect with fans by giving them exclusive access and benefits from purchasing music NFTs.
How does crypto music work?
As an artist interested in pushing content on crypto music, the process isn’t as complicated as it sounds. First off, you need to pick the right platform to host your content.
A few things to look out for include how much revenue is shared with artists, royalty percentages for streaming and the distribution channels available to promote your songs.
Although not yet mainstream, several crypto music platforms already exist and they offer a host of services.
Each of these platforms has its own unique scope of operation. Take E-Music for example.
All you need to do is upload your music to their platform for a small fee, which starts from $10, and this gives you access to a large audience who pay to listen to music on the platform.
You get paid almost 100% of the revenue from your streams and music sales. Furthermore, E-Music gives artists the freedom to set their prices, engage with fans and even seek support from the music community.
Other applications of crypto music
Crypto music also holds the promise of transforming the music industry. Thanks to the secure nature of the blockchain, it will be harder to pirate other artists’ work.
This is very important for musicians. In 2016, ‘’The Life of Pablo’’, an album by Kanye West, was pirated 500,000 times on its release date. This money from piracy did not go into Kanye’s pocket but had crypto music existed then, it would have effortlessly solved this challenge.
Overall, crypto music offers exactly what the music industry needs — independence and proper remuneration for artists.