NFTs, or Non-Fungible Tokens, come in various formats, from pictures to gifs. From the art world to NFT gaming marketplaces, NFTs are the watchword of the day. The ownership they allow makes them very popular with fans. And the music world is no exception. Music NFTs combine visual and audio components and allow fans to own clips and songs of their favorite artists. In fact, Kings of Leon, a band, released a whole album as an NFT. Some music NFTs also come with added utility, whether it’s merchandise or event access.
Artists, especially, benefit greatly from NFTs. For instance, smart contracts can ensure that creators get a cut every time an NFT is resold. Exploitative practices by record labels are also done away with as NFTs allow artists to independently sell their music. All this and more make NFTs a boon in the music industry.
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