The music industry has never been a walk in a park for independent artists. The labels take massive chunks of it, streaming is low pay, and tours take a fortune to do. But it appears that, in a surprising twist, artists are financing their careers using cryptocurrency, having more control over their money and music in return. Let’s get in to learn how it’s done.
Using Crypto to Crowdfund
Instead of going to labels to beg for a contract or resort to old-timey crowdfunder platforms, artists begin their cryptocurrency-based campaigns. Fans send Bitcoins, Ether, or other tokens to their artists of choice in support. No intermediaries, no high-platform fees—artists receive money for their work.
Selling Royalties & Music in Terms of Tokens
The application of blockchain allows artists to tokenize their music, or sell fractions of their songs in digital tokens. If a hit breaks, earlier investors in it also receive money when it happens. This provides artists initial capital and fans a chance to invest in their favorite songs.
Receiving Crypto Payments
There are artists that sell merchandise, tickets, and even album downloads in cryptocurrency. This is easy for fans across the world since it avoids money conversion hassle and banking fees. Plus, it’s instant and often lower in price compared to regular payments.
The NFTs: The Merch Table of The Future
Artists sell NFTs (non-fungible tokens) associated with one-off music, paintings, or even a live musical experience. This is a new avenue artists can get money beyond streaming platforms. Top artists such as Kings of Leon and 3LAU already brought in millions of dollars via NFT album releases.
Practical Examples
- Tatiana DeMaria sold a NFT of a guitar solo.
- Snoop Dogg used blockchain to release unique NFT music and merchandise.
- DJ and music producer 3LAU sold over $11 million in NFT albums.
Closing thoughts
Music is offering artists financial freedom never before realized by artists. From NFTs to crowdfunds to straight payments, artists these days have more ways of keeping their careers afloat without having to become entangled in a massive label. The tech is in its infancy, but one thing is certain: blockchain is transforming the music business, and artists that get in early reap the most rewards.
Disclaimer
This article is for informational and educational purposes only. It does not constitute financial, legal, or professional advice. Please consult with a qualified professional before making any decisions based on the information provided here. I do make use of affiliate links. Purchasing or interacting with any third-party company could result in me receiving a commission. In some instances, utilizing an affiliate link can also result in a bonus or discount.
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