Independent Musicians Are Making Big Money From NFTs
Can NFTs replacing record labels and streaming giants?
Who is spending thousands of dollars on records that used to be 99¢ on iTunes? Many of the early buyers of music NFTs are crypto enthusiasts who are financially invested in seeing these spaces succeed; their purchases are both speculative assets and ideological stands. “In the same way that you buy art that want to put in your apartment, I want to listen to this music and enjoy it—and it’s a different feeling to own it,” Brett Shear, an NFT collector who owns 45 songs on Catalog for which he paid more than 40 ETH (currently $177,000) says. “I’m happy spending money on artists that I believe in their vision—and in addition to that, I do believe that music NFTs are going to be significantly more valuable in the future.
In building up community and infrastructure, Allan and others see NFTs as a viable alternative to the current system of major music labels. Labels have long been powerful in the music industry because they provide artists with cash up front, mentorships, mass distribution and strategies to thrive. But in return, they usually assume creative control and the rights to an artist’s masters, allowing them to use the music in perpetuity. (Owning masters was so important to Taylor Swift that she is re-recording all of her old albums from scratch.) NFT MARKETPLACE believe that a new model like the one offered by Catalog might be able to provide financial stability, creative freedom and community all in one go.