The crypto winter seems to be setting upon us as the prices of cryptos and NFTs continue to fall lower off of their all-time highs. This hasn’t had any effect on artists as they continue to license their songs as NFTs in order to get paid directly from their fans. Just over the last couple of weeks, major artists like the estate of the Notorious B.I.G., the British rock band the Muse, and EDM artist R3HAB have all been linked to new NFT collections.
Is this the future of the music industry? Many believe it will be, especially as the Metaverse and Web3 come online. Web3 is often viewed as the next iteration of the internet where creators are able to be paid directly for their work, rather than through a third-party company like a social media site. One example of this would be posting directly on your own website and getting paid compared to posting on Alphabet’s (NASDAQ:GOOGL) YouTube platform.
In fact, there are already several different sites that specialize in selling NFTs. Notable ones include those owned by Coinbase (NASDAQ:COIN) and GameStop (NYSE:GME), as well as more music-specific sites like Spotify (NYSE:SPOT) and ClickStream Corp’s (OTC:CLIS) Nifter NFT Market. Nifter had a very successful beta launch earlier this year and is helping up and coming artists connect directly with their growing fanbases.
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