It’s really amazing to do what you love for a living because it doesn’t necessarily feel like work. For me, the merging of music and web3 has increased this sentiment tenfold. As an independent artist for the last 7 years, I have been able to build a sustainable career that has allowed me freedom and autonomy over my time, actions and creativity. I’ve been able to connect with an extremely loyal and kind fanbase that continues to support me. However, navigating the brutal reality of an extremely broken music industry to make a good living while continuing to invest in myself, my vision and my art has proven increasingly challenging as culture and technology have continued to evolve. In my exploration of NFTs and their potential use in creating additional value for music, I discovered an escape hatch from the status quo and a completely new landscape for artists looking to build their own ecosystems outside of traditional structures.
Through my experiences, I’ve identified three main pillars of use cases for NFTs in music, each of which caters to a different type of potential fan.
-1/1 music NFTs: A one-of-a-kind, authenticated digital asset. Similar to a limited edition signed vinyl.
-Fractionalized ownership: Using NFTs as a tool to split ownership of an asset. This can be fractionalizing the ownership of a digital asset or having an NFT represent a piece of ownership of a real world asset.