NFTs were launched in the year 2015, however, the industry suffered to make sales due to less popularity and acceptance among the investors and crypto community. Initially, no one recognizes the power of NFTs as an asset for investment. The confusing concept of NFTs restricts its growth for a while. Fortunately, when some of the NFTs by popular artists, were sold out at extremely high values, the NFT industry start grabbing the attention of the masses. It is been a couple of years that NFTs have become a new interest for investors. The desirability of NFTs has taken the industry to a place where the unique tokens are being traded at millions of dollars. The unique properties and the privilege of ownership rights are the reasons why NFTs secured an admirable position in the market. The use of blockchain technology for a secured environment adds to uplifting the status of digital tokens. Individuals are willing to spend shocking amounts for ownership rights of a rare asset especially if the token is related to a well-known personality. The NFT industry is growing consistently every year by selling numerous NFTs at sky-scraping prices. Every year, the trading volume of the NFT market encounters significant elevation. According to the industry experts, the NFT industry is likely to uplift its trading volume to an extremely high amount of $80 million in the upcoming five years. The current craze for NFTs is evidence of the NFT industry being capable of exploding again in the future. Most of the youngsters are showing interest in the NFTs merely because they get a chance to connect with their favorite artists. By bidding at their idol’s NFTs, they get a chance to secure ownership rights over the assets (digital form) related to their favorite artists. The bond between celebrities and their fans is being strengthened with the adoption of the NFT sphere. The music industry, being an integral part of our entertainment industry, is a wide sector that provides us with several enjoyable things. Music is admired by people of every age, although their tastes could not be the same. Thus, not only a certain generation but everybody, regardless of age or gender, would happily pay a considerable amount for their favorite musician or music. The issues in the Music industry: Despite the music industry looking lavish, several issues are being faced by the musicians, songwriters, and singers in the industry. The harsh truth of the music industry is no more hidden where the talent is not being appreciated with deserving payments. The fame of artists is not enough to make a living out of it. Apart from the topmost singers in the music sector, most are not able to secure a deserving amount for their efforts and talent. Several artists could not afford to survive in the industry merely because they are compensated unfairly. Some statistics show the injustice being done with the artists when it comes to paying them. According to Spotify, only 0.8% of the musicians earn got the 90% of the royalties offered by the platform. The rest of the artists are paid with smaller amounts. Additionally, the music artists have no right over the original song sung by them as the ownership is held by the recording company itself. Thus, the creators cannot control or restrict the usage of the song, where and how it is going to be played. Artists’ independence is at stake with such a norm of the music industry. Although online platforms such as Instagram, Facebook, Youtube, and others are directing the musicians to gain benefits by being promoting their music among the global audience, several issues are yet to be resolved. How is the NFT industry turning tables? Among several benefits of NFTs, the one most admirable part is that NFTs help the artists connect better with their fan base. The followers of the celebrities can buy the tokenized form of their favorite artists’ music. The commission or funds given to the agents or distributors are eliminated. The collaborations by different celebrities have become a new norm and trend in the industry that is being proved lucrative for the artists. Recently, a popular artist, DJ Steve Aoki collaborated with another artist named Maciej Kuciara to drop an NFT collection in the industry. The investors develop a have made a positive impact with such kind of activities done by the artists. The music industry can utilize the scarcity of these assets as one of the profitable ways to boost earnings. The NFT’s craze is such in today's time that users are opting for NFTs to be used as their profile pictures on various platforms. The artists, using the power of NFTs, can make have better control over their original music or work. The rights such as distribution of the music and other related processes are managed entirely by the creators. Apart from getting the control, the artists get the privilege to broaden their connection with a large audience, maintaining authenticity and originality alongside. After selling the NFTs in the market, the artists remain secured with all the rights to their work. In fact, upon every transaction of the NFT, the artist earns a profit out of it. Many artists, in order to enhance their earnings and get better rights over their work, have started minting their work and dropping in the market. Their followers or the people, who will bid on the NFTs, will be given complete transparency about the originality of the token. All the buyers have different reasons to invest in NFTs. A few buyers consider NFTs as collectibles whereas others may think of the digital assets as a potential token to earn profit. After purchasing the NFTs, the owners can list them at other NFT Marketplaces to sell at better prices afterward. Therefore, the artists in the music industry can guarantee fair compensation for the work they have done. The common people will be able to get in touch with their idols. The fan base of the celebrities will help raise funds by biding on the NFT collections. Several artists have already stepped into the NFT industry with their respective NFT collections. The artists such as 3LAU have his NFT collection of 33 tokens at a price of more than $11 million. The sale was made on the occasion of the third anniversary of the album Ultraviolet. It was the most expensive NFT sold by the music industry till now. Such incredible applications of NFTs are providing the music industry with enormous benefits. The traditional system of the music industry will be updated where the artists will secure the deserving payments for their talent and skills. The artists in the industry, by tokenizing their work into NFTs, can get direct support from their followers to earn considerable profit. Definitely, the artists are availing the benefits of the NFT industry by selling their respective NFT collections at mind-blowing prices. However, the contribution of artists is helping the NFT industry to grow significantly. When the NFT collections by the biggest personalities across the world are launched, the industry gets the attention of the global audience. Thus, with an increasing number of creators and investors, the NFT industry is growing rapidly.
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