– Tokenizing music royalties as NFTs can benefit artists and fans
– Taylor Swift’s struggle in regaining control over her music highlights the complexities of the music industry
– Only a small percentage of musicians have a good understanding of the legal and financial structure behind the music industry
– Web3 and blockchain have the potential to democratize and decentralize the music industry
– Music NFTs can tokenize a song’s royalties and allow fans to earn a percentage of the revenue generated
– Multiple companies, including Royal, Anotherblock, and Bolero, are working on tokenizing traditional music royalty streams
– These platforms fractionalize royalty rights as NFTs, allowing tokenholders to receive regular payouts
– Fans can directly support their favorite artists and potentially earn money through NFT ownership
– The traditional music industry remains mostly off-chain, and blockchain adoption faces challenges such as regulatory and legal ambiguity
– The future of the music industry could involve storing music rights and paying royalties on-chain, but it may take time to achieve full decentralization.
