Music NFTs: Can you earn a living with Music NFTs | Bernhard Neumann
In this video, I give you three aspects of how music NFTs bring value to artists and their supporters. Most of these ways exist separately already. Combined, however, they make for a great experience and give artists a great tool…
In this video, I give you three aspects of how music NFTs bring value to artists and their supporters. Most of these ways exist separately already. Combined, however, they make for a great experience and give artists a great tool to make a living with their art without having to find a huge audience.
Streaming has broken the theory of 1.000 true fans by Kevin Kely for musicians. NFTs might fix it again 👇
On Spotify, a musician needs 229 streams to earn $1. On YouTube Music, it takes 125 streams. If you are not a very popular artist, you will not make a living “selling” your music via streaming. Hence, artists have sought other revenue streams like live events, merchandise, etc.
Music NFTs: Bold claim 😳
Let me make this bold claim that has some truthiness, at least to me 😅: If NFTs had existed back in 2008 when Kevin Kely wrote his “1.000 true fans” essay, he would have mentioned them.
Why Music NFTs?
NFTs bring back digital scarcity. They are transferable, tradable, and can be tracked on the blockchain for further reference. They are digital collectibles, the pendant to physical collectibles, which have been a big part of music culture.
Timestamps for this video on Music NFTs:
0:00 Introduction Music NFTs
0:37 What are Music NFTs?
1:50 Community with Music NFTs
3:38 Digital Collectibles are a game changer for artists
6:55 Raising capital with Music NFTs
9:30 How to get started with Music NFTs
Here are some of the links mentioned in this video:
Music NFT platform: https://www.sound.xyz
NFT minting platform: https://manifold.xyz/home/
Use cases of Music NFTs:
Avenged Sevenfold: https://www.avengedsevenfold.io/
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If you have further questions, feel free to ask them in the comments 🙂
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