NFT Music Will Soon Put Spotify and Apple Music Out of Business

NFT Music Will Soon Put Spotify and Apple Music Out of Business

NFT marketplaces allow artists to easily create NFTs that consist of the music

Marketing models are changing. And the rise of Web3, compounded by the increasing popularity of non-fungible tokens. NFT marketplaces allow artists to easily create NFTs that consist of songs or entire albums. The NFT platforms are especially useful for independent artists since they offer powerful new ways to create community, share music, and even get paid in crypto on the blockchain. Music-related use cases for Web3 technologies are piling up as the industry goes all in on adoption. These technologies help independent artists regain control of their art and their compensation by removing middlemen who currently have all the control, like Spotify and Apple Music.

Web3 is creating a new generation in the music industry:

Web3 or NFT music streaming services function exactly how you think they would: by connecting music listeners to their favorite music via blockchain technology. While Web3 technology can be used to enhance an artist's reach or engage a community, traditional methods still have their place. NFT music consists of digital files of songs, backed by units of unique code that provide a secure record of ownership on a blockchain infrastructure. As music NFTs become more popular, the hype follows. Hundreds of music NFT projects are popping up on Twitter, creating what can be seen as almost a subgenre of NFT music.

Web3 supporters feel that the level of fan engagement enabled through social tokens is an upgrade to how consumers traditionally engage with albums on popular streaming apps like Spotify and Apple Music. Music-specific NFT marketplaces are Catalog and Sound.XYZ, Async Music, Royal, etc. Artists can still complete the Catalog submission form to get their names on the waitlist. Sound.XYZ artists can launch a listening party for new song releases with a series of limited-edition NFTs. Async Music is the music-focused arm of the prominent NFT platform Async Art. Royal is 3LAU's new music NFT marketplace that gives NFT owners the rights to songs sold on the platform. Other music NFT marketplaces are OneOf is hosted on the Tezos blockchain and SoundMint a generative music NFT marketplace.

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